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Estonia's Economic Growth in 2016

Written by: Editor

Estonias-Economic-Growth-in-2016.jpgEstonia recorded a 2.7 percent growth in the last quarter of 2016, an important advancement that remained unpredicted by analysts throughout the year. A significant component to this growth has been the information and technology sector – a business field that offers many opportunities to foreign investors and to those who want to open an Estonian company.
 

Economic growth in 2016

 
Estonia’s 2.7 percent growth during the final quarter of 2016 was largely linked to the positive evolution of the information and communication technology sector (ICT). This business field played an important part in the country’s economic evolution last year and experts believe that it is a sign that the country is entering a new phase of the industrial revolution.
 
The ICT sector made up for roughly 6.5 percent of the GDP in the final quarter of last year and had a 6.3 percent value on a year-on-year basis. This means that the information and communication technology sector is as important as the construction sector in Estonia. on a quarterly basis, ICT had the largest impact on growth: it accounted for 0.8 percent of the total growth value in the fourth quarter last year. 
 
Investors who are interested in company registration in Estonia can look towards the software development sector, a field that, as experts believe, is now a direct contributor to the economic growth of the country. 
 

Investments in the ICT sector

 
Estonia is one of the European countries that encourage development and growth in the ICT sector. The country’s digital public services are recognized in the EU and experts believe that private companies in Estonia could do well by implementing their own digital services. Economists believe that the country should invest more in ICT developments. 
 
The ICT sector is a field in expansion and what Estonia is currently lacking is qualified workforce. Experts suggest that developers are highly needed in the country. The field is a dynamic one and company owners in Estonia are able to easily attract foreign employees.
 
While the ICT sector was the one that recorded the most surprising growth last year, other sectors also had a good development, including commerce, transport, logistics or construction.
 
If you would like to know more about investments in ICT or other business sectors please do not hesitate to contact our Estonian company formation agents
 
 

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