Economy

After the economic boom in 2006 and 2007 and the crisis in 2008-2009, the Estonian economy is currently moving upwards again. The year 2010 showed a 3.1% GDP growth, which is largely the result of growing exports. Still, the unemployment rate remains high, remaining 13.3% of the workforce in the second quarter of 2011.

More than 67% of the Estonian GDP is derived from the service sectors, industrial sectors yield over 28% and primary branches (including agriculture) approximately 5.5% of the overall output.

The most important branch among processing industries in Estonia is timber, paper and furniture industry. Second comes the food processing industry, mostly in the form of meat and milk producing, but the production of drinks, bread and confectioneries is also substantial.

Provision of different kinds of services — from personal services (hairdressers, beauticians, dentists, etc) to sports and entertainment — is developing very quickly. Tourism has fostered the development of catering and hotels, internal tourism is also gaining popularity. In the rural areas farm tourism and eco-tourism are developing fast.

Nowadays only about 4% of the workforce is engaged in agriculture and the sector yields just slightly less than 3% of the overall production. Milk cattle, also pigs and poultry are the main farm animals raised in Estonia. Field crops include cereal crops, potatoes and vegetables. Plant products are mostly for internal use, a considerable amount of meat is imported. Some dairy products and some specific products – e.g. cultivated and wild berries, mushrooms, ecologically pure produce etc -are for export.

The Estonian Chamber of Commerce and Industry. Estonian Export Directory 2010

Ministry of Economic Affairs and Communications

Estonia.eu Economy in numbers

source: Estonica

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