EstoniaChapitres
Estonia boasts a diversified economy with strengths in digital and technology sectors, especially ICT, and benefits from a growing share of renewable energy. The country has the lowest public debt ratio in the EU and enjoys a business-friendly environment with strong EU and eurozone membership. However, it remains vulnerable to external shocks, particularly from Russia-related disruptions and demographic challenges such as an ageing population. Despite these challenges, Estonia’s economy is expected to return to growth in 2025, driven by private consumption and demand from Nordic and German markets. Investment in infrastructure and renewable energy continues to rise, with advanced digital infrastructure bolstering long-term economic prospects.
Source: Coface
Indicateurs clés
- Surface
- 45,228 sq km
- Population
- 1,372,341 (2024)
- Type de gouvernement
- parliamentary republic
- Langues
- Estonian (official) 67.2%, Russian28.5%, other 3.7%, unspecified 0.6% (2021est.)
- PIB
- $43.13 billion (2024)
- Taux de croissance
- -0.1% (2024)
- HDI
- 36
- Capitale
- Tallinn
Indicateurs macroéconomiques
After three difficult years, the Estonian economy is showing signs of recovery, and inflation is set to calm down. Public consumption expanded, while private consumption is expected to gradually increase. Investment is benefitting from lower borrowing costs, but high geopolitical uncertainty weighs down growth. In 2026 and 2027, investment will rise due to higher defence spending, while higher real disposable incomes are set to push consumption. Export performance is expected to improve with the recovery of the Nordic economies. Real GDP is projected to increase by 2.1% in 2026 and 2.0% in 2027. HICP inflation is projected at 4.8% in 2025, driven by services and food inflation and tax hikes, but is forecast to ease to 2.2% in 2027. The government deficit is projected to increase over the forecast horizon, driven by a personal income tax reform and increased defence spending.
Source: European Commission
IMF Statistics:
| Subject descriptor | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|
|
All Items, Consumer price index (CPI), Period average, percent change Percent (Units) |
9.116 |
3.733 |
5.074 |
4.293 |
3.28 |
|
Current account balance (credit less debit), Percent of GDP Percent (Units) |
-1.247 |
-1.246 |
-0.924 |
-2.201 |
-2.074 |
|
Current account balance (credit less debit), US dollar US dollar (Billions) |
-0.517 |
-0.537 |
-0.432 |
-1.124 |
-1.112 |
|
Exports of goods and services, Volume, Free on board (FOB), Percent change Percent (Units) |
-9.141 |
-1.501 |
3.083 |
1.741 |
3.1 |
|
Gross domestic product (GDP), Constant prices, Percent change Percent (Units) |
-2.744 |
-0.09 |
0.475 |
1.459 |
1.841 |
|
Gross domestic product (GDP), Current prices, Per capita, US dollar US dollar (Units) |
30272.75 |
31418.897 |
34041.287 |
37194.835 |
39128.954 |
|
Gross domestic product (GDP), Current prices, US dollar US dollar (Billions) |
41.482 |
43.117 |
46.763 |
51.036 |
53.619 |
|
Imports of goods and services, Volume, Cost insurance freight (CIF), Percent change Percent (Units) |
-7.314 |
0.374 |
2.476 |
3.482 |
2.786 |
|
Unemployment rate |
6.376 |
7.501 |
7.919 |
7.411 |
7.074 |
Estimates
Source: IMF Statistics - Estonia
Le Luxembourg et le pays
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 23.05.2006 (Memorial 2006, A no.229, p.4075)
- Effective as of 01.01.2008 (Memorial 2006, A no.229, p.4075)
New Convention from 07.07.2014 (Memorial 2015, A no.232, p.5060)
Air Services agreement
None
Informations supplémentaires
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Estonia
Embassy of the Grand Duchy of Luxembourg in Prague
Ambassador with residence in Prague: Mr Ronald DOFING
9 Apolinarska Street
CZ - 128 00 PRAHA 2
Czechia
Tel.: +420 257 18 18 00
E-Mail: prague.amb@mae.etat.lu
Site web: www.prague.mae.lu
Honorary Consul
Tallinn
Honorary Consul with jurisdiction over Estonia:
Mr Nils Per Anders HEDMAN
Pikk 9
EE-10123 Tallinn
Estonia
Tel.: (+37) 26 44 69 00
E-Mail: consul.lux.tallinn@gmail.com
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for Estonia
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office – Country Risk for Estonia