Strong investment growth will fuel the recovery
LOW RISK for entreprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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GDP | USD31.0bn (World ranking 100, World Bank 2020) |
Population | 1.3mn (World ranking 154, World Bank 2020) |
Form of state | Parliamentary Republic |
Head of government | Kaja Kallas (Prime Minister) |
Next elections | 2021, presidential |

- Low systemic political risk
- Good regional and international relations (except with Russia), EU membership
- One of the most open and liberal economies in the world
- Eurozone membership provides for low transfer and convertibility risk
- Healthy public finances
- Strong business environment, supported by stable institutions and an independent judiciary

- High gross external debt
- Trade and energy dependence on Russia
Trade structure by destination/origin
(% of total, 2020)
Exports | Rank | Imports |
---|---|---|
Finland
15.1%
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1 |
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Sweden
10.0%
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2 |
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Latvia
8.7%
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3 |
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Russian Federation
8.4%
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4 |
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United States of America
7.7%
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5 |
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Trade structure by product
(% of total, 2020)
Exports | Rank | Imports |
---|---|---|
Petroleum, petroleum products and related materials
8.9%
|
1 |
9.1%
Petroleum, petroleum products and related materials
|
Telecommunication and sound recording apparatus
8.0%
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2 |
8.4%
Electrical machinery, apparatus and appliances, n.e.s.
|
Electrical machinery, apparatus and appliances, n.e.s.
7.6%
|
3 |
8.2%
Road vehicles
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Road vehicles
5.6%
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4 |
3.6%
Miscellaneous manufactured articles, n.e.s.
|
Cork and wood
5.3%
|
5 |
3.3%
Other industrial machinery and parts
|
LATEST NEWS ABOUT ESTONIA
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Global trade: Battling out of demand and price shocks
25 March
The invasion of Ukraine and renewed Covid-19 outbreaks in China are hitting global trade with a double whammy in 2022: lower volumes and higher prices.
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Russian dolls: unwrapping corporate (commodity) dependencies
22 March
If oil and energy prices, as well as non-energy commodity prices, remain high, the metals and power sectors are most at risk of a profitability shock.
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Economic Outlook: Energy, trade and financial shockwaves
18 March
Allianz Research now expects global GDP growth of +3.3% in 2022 and +2.8% in 2023 as the Russian invasion of Ukraine raises geopolitical risks.
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