Despite the economic weakness of its main trading partners, Estonia’s economy has been markedly resilient. After a sharp contraction in 2008 and 2009, real GDP is expected to grow and to regain its pre-crisis level by 2016. Estonia’s unemployment rate had almost quadrupled in the early years of the crisis, but has since fallen back and is forecast to fall even further, partly due to a shrinking working-age population. Public debt is expected to remain low in the coming years and the budget deficit is also low and is projected to increase only slightly in the coming years. Inflation is currently very low, but excise and administrative prices and strong wage growth are set to push it up in 2016.
Read a complete analysis of Estonia's economy in the country report 2015 [583 KB]
2015 recommendations in brief
The Commission has made three country-specific recommendations to Estonia to help it improve its economic performance. These are in the areas of: public finances; labour market; education and research and innovation.