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Estonia Economy
Gross National Product (GNP): Estimated at US$4.7 billion in 1993; per capita income US$3,040. Gross domestic product (GDP) declined from 8,681 million Russian rubles (as expressed in 1990 Russian rubles) in 1989 to 5,320 million Russian rubles in 1993. Annual rate of inflation, which had averaged 3.3 percent in 1980s, jumped to 1,000 percent in 1992. By 1993 government's radical budgetary and monetary reform program had reduced rate of inflation substantially to an average of 2 to 3 percent per month. Rate of inflation averaged 3.5 percent per month in 1994. Annual decline in output, recorded in all sectors in 1991-92, slowed in 1993 and reversed in 1994. Real GDP grew by an estimated 5.0 percent in 1994.
Agriculture: Sector small but largely self-sufficient; in 1991 contributed 15.4 percent of GDP and 12 percent of employment. Fishing and animal husbandry among main activities. About 30 percent of land cultivable; principal crops grains, potatoes, and vegetables. Agricultural production declined by an estimated 19 percent in 1992 and by 22 percent in 1993.
Industry: 42.5 percent of GDP in 1992; main products elec-tricity, oil shale, chemical products, electric motors, textiles, furniture, cellulose and paper products, building materials, ships, and processed foods. Industrial production estimated to have declined by 39 percent from 1991 to 1992, and by 27 percent in 1993. Overall output increased by an estimated 7 percent in 1994.
Energy: Produces roughly 23 million tons of oil shale per year; exports electrical energy but depends heavily on imports of oil and natural gas.
Exports: US$827 million (1993 estimate). Major commodities foodstuffs and animal products, textiles and footwear, base metals and jewelry, minerals, glassware, wood products, furniture, and machinery.
Imports: US$902 million (1993 estimate). Major commodities machinery and transport equipment, mineral products, tex-tiles, food products, and fuel.
Major Trading Partners: Finland, Russia, Germany, Latvia, Lithuania, Netherlands, Denmark, Ukraine, Japan, and United States.
Currency and Exchange Rate: 1 kroon (EKR) = 100 cents; pegged to German deutsche mark (DM) within 3 percent of EKR8 = DM1. In March 1996, EKR11.83 = US$1.
Fiscal Year: Calendar year.
Data as of January 1995
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