background preloader

Economy of Estonia

Facebook Twitter

As a member of the European Union, Estonia is considered a high-income economy by the World Bank.

The GDP (PPP) per capita of the country, a good indicator of wealth, was in 2012 21,714 $ according to the IMF,[136] between that of Portugal and Lithuania, but below that of long-time EU members such as Greece or Spain. The country is ranked 16th in the 2012 Index of Economic Freedom, with the freest economy in Eastern Europe and the former Soviet Union.[137] Because of its rapid growth, Estonia has often been described as a Baltic Tiger. Beginning 1 January 2011, Estonia adopted the euro and became the 17th eurozone member state.[138]
According to Eurostat, Estonia had the lowest ratio of government debt to GDP among EU countries at 6.7% at the end of 2010.[139] The world media has lately started to describe Estonia as a Nordic country, emphasising the economic, political and cultural differences between Estonia and its less successful Baltic neighbours.[140]
A balanced budget, almost non-existent public debt, flat-rate income tax, free trade regime, competitive commercial banking sector, innovative e-Services and even mobile-based services are all hallmarks of Estonia's market economy.
Estonia produces about 75% of its consumed electricity.[141] In 2011 about 85% of it was generated with locally mined oil shale.[142] Alternative energy sources such as wood, peat, and biomass make up approximately 9% of primary energy production. Renewable wind energy was about 6% of total consumption in 2009.[143] Estonia imports petroleum products from western Europe and Russia. Oil shale energy, telecommunications, textiles, chemical products, banking, services, food and fishing, timber, shipbuilding, electronics, and transportation are key sectors of the economy.[144] The ice-free port of Muuga, near Tallinn, is a modern facility featuring good transshipment capability, a high-capacity grain elevator, chill/frozen storage, and new oil tanker off-loading capabilities.[citation needed] The railroad serves as a conduit between the West, Russia, and other points to the East.[citation needed]


Business quarter in Tartu
Estonia today is mainly influenced by developments in Finland, Sweden and Germany, its three largest trade partners.[citation needed] The government recently increased its spending on innovation by a considerable amount.[citation needed] The prime minister of Estonian Reform Party has aimed to raise Estonian GDP per capita to one of the EU's highest by 2022, even though today it is still below EU average.

Economy of Estonia. Historic developement. Resources. Industries. Narva Power Plants. The Narva Power Plants (Estonian: Narva Elektrijaamad) are a power generation complex in and near Narva in Estonia, near the border with Leningrad Oblast, Russia.

Narva Power Plants

The complex consists of the world's two largest oil shale-fired thermal power plants, Eesti Power Plant (Eesti Elektrijaam) and Balti Power Plant (Balti Elektrijaam).[1] In 2007, Narva Power Plants generated about 95% of total power production in Estonia.[2] The complex is owned and operated by AS Narva Elektrijaamad, a subsidiary of Eesti Energia. Balti Power Plant[edit] The Balti Power Plant was built between 1959 and 1965. It is located 5 kilometres (3 mi) south-west of Narva. As of the end of 2005, Balti Power Plant had installed capacity of 765 MW. The Balti Power Plant is divided into an old and a new part.

Balti Power Plant has four flue gas stacks, which are 149 metres (489 ft), 150.6 metres (494 ft), 153 metres (502 ft) and 182.6 metres (599 ft) tall. Oil shale in Estonia. Outcrop of Ordovician kukersite oil shale, northern Estonia Oil shale in Estonia is an important resource for the national economy.

Oil shale in Estonia

In the national oil shale development plan it is defined as the national strategic energy resource.[1] There are two kinds of oil shale in Estonia – graptolitic argillite (claystone), which is larger resource with a poor energetic value and therefore it is not in industrial use, and kukersite, which has been mined almost one hundred year.

Its deposits in Estonia account for 1.1% of global oil-shale deposits. The first attempt to establish an open-pit oil shale mine and to start shale-oil production was undertaken in 1838.[2] Modern utilization of oil shale commenced in 1916. Wind power in Estonia. Wind power in Estonia amounts to an installed capacity of 269.4 MW,[2] whilst roughly 1466.5 MW[3] worth of projects are currently being developed.

Wind power in Estonia

All wind farms as of now are on land, offshore farms are planned on Lake Peipus[4] and in the Baltic Sea near the island of Hiiumaa.[5] Pakri wind farm is located in Paldiski at the tip of the Pakri peninsula near the old light house. It consists of eight wind turbines and has a capacity of 18.4 MWs.[6] Trade. File:Tree map exports 2010 Estonia.svg. Cancel Edit Delete Preview revert Text of the note (may include Wiki markup) Could not save your note (edit conflict or other problem).

File:Tree map exports 2010 Estonia.svg

Please copy the text in the edit box below and insert it manually by editing this page. Upon submitting the note will be published multi-licensed under the terms of the CC-BY-SA-3.0 license and of the GFDL, versions 1.2, 1.3, or any later version. See our terms of use for more details. Add a note Draw a rectangle onto the image above (press the left mouse button, then drag and release).

Save To modify annotations, your browser needs to have the XMLHttpRequest object. [[MediaWiki talk:Gadget-ImageAnnotator.js|Adding image note]]$1 [[MediaWiki talk:Gadget-ImageAnnotator.js|Changing image note]]$1 [[MediaWiki talk:Gadget-ImageAnnotator.js|Removing image note]]$1. Tallinn Stock Exchange. The NASDAQ OMX Tallinn Stock Exchange is a stock exchange operating in Tallinn, Estonia.

Tallinn Stock Exchange

NASDAQ OMX Tallinn is the only regulated secondary securities market in Estonia. The major stock market index is OMX Tallinn, formerly known as TALSE.