Estonia: Country and Foreign Investment
Economy and Currency
As with many economies throughout the world, Estonia has been affected by the global financial crisis, and in mid-2008 the economy fell into recession, with previously strong GDP growth declining; this decline continued in 2009 and GDP was estimated at USD24bn, down from an estimated USD27.41bn in 2008 and down from USD28.99bn in 2007. GDP per head in 2009 was estimated at USD18,500, a steep decline on 2008 figures of USD21,400. Unemployment in 2009 more than doubled to 13.8% up from 5.7% in 2008. GDP growth of 7.6% was recorded in 2011, declining to an estimated 2.4% in 2012.
By sector, agriculture represented (in 2009) 2.8% of GDP, industry 23%, and services 74.5%. Key sectors include engineering, electronics, wood products, textiles, information technology and telecommunications.
Estonia adopted the Euro on 1, January 2011. Prior to this date, the currency was the Kroon (EEK), which was pegged to the Euro at EUR1 = EEK15.64664.