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The Estonian Economy Increased by 0.7%

Written by: Bridgewest

The-Estonian-Economy-Increased-by-0.7%.jpgForeign investors who are interested in the Estonian business environment should know that the local economy increased by 0.7% in the last quarter of 2015, compared to the same period of 2014. Entrepreneurs who want to set up a company in Estonia can receive professional assistance on this matter from our local company formation specialists

 

Estonian economy  

 
The economic increase experienced by the Estonian market at the end of 2015 was calculated taken into account the internal production, by assessing the VAT return information filed at the Estonian Tax and Customs Board
 
The Gross Domestic Product (GDP) per capita had a total value of 11,035 EUR in 2010; at the level of 2014, the GDP per capita increased to 14,804 EUR. The value of GDP in 2010 was situated at EUR 14.7 billion and in 2014 the value further increased, to EUR 19.5 billion. In the fourth quarter of 2015, the GDP increased by 1.2% compared to the previous year. 
 
A forecast released in November 2015 by the Organization for Economic Cooperation and Development (OECD) showed that the economic growth in Estonia will strengthen in 2016 and 2017, as an effect of foreign investments and export activities. 
 
Businessmen interested in opening a company here should know that Estonia is the OECD member with the lowest value of public debt. An important aspect related to the OECD projections is that the unemployment level will continue to drop, reaching an unemployment rate of 5%. At the same time, the employees in Estonian companies will benefit of a higher level of salaries; our Estonian company formation agents can offer your further details on this subject.  
 

Main industries in Estonia

 
The economy in Estonia is comprised of several main industries. The most important business sectors are the following: 
 
manufacturing (contributing to 16% of the country’s GDP in 2014);
real estate (10.5% of the GDP);
wholesale and retail (12.7%);
construction (7.1%);
transportation (8%);
public administration and defence (7%);
information and communication (5%). 
 
If you need further information on the Estonian economy, please contact our team of company formation consultants in Estonia, who can provide you with assistance on the local business market. 
 

Comments

  • Artturi 2016-02-17

    This is indeed a positive information about Estonia!It looks like in the last years Estonian market reported financial growth.

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