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Estonia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
1,244,288 (July 2018 est.)GDP (PPP)
$41.65 billion (2017 est.)The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Germany, and Russia, but its reliance on foreign trade makes it vulnerable to global shocks.
GDP growth rate
4.9% (2017 est.)One of the fastest-growing economies in Europe.
GDP (PPP) per capita
$31,700 (2017 est.)Estonia has one of the higher per capita income levels in Central Europe and the Baltic region.
Local currency
Euro (EUR)Estonia is a member of the euro zone since 2011.
Financial stability (Public debt)
9% of GDP (2017 est.)The lowest debt-to-GDP ratio in the EU.
Inflation
3.7% (2017 est.)Medium; steep acceleration vs 2016 levels (0.8%) due to the rising cost of imports.
Language
Estonian (official) 68.5%, Russian 29.6%High English proficiency (28/100)
Corruption perception index (Source: Transparency International)
18/180Low level of corruption.
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
20%A reduced rate of 9% is applied to books, periodicals, hotel accommodation services, and listed pharmaceuticals. The VAT rate on the export of goods and certain services is 0%. Some services, such as health care, insurance, certain financial, and transactions with securities, are exempt.
Corporate Tax
20%All undistributed corporate profits are tax exempt (deferred taxation). A lower CIT at the rate of 14% applies to those companies making regular profit distributions.
Duties
N/ATrade between Estonia and other EU countries is customs-free Imports from non-EU countries are subject to EU customs tariffs, and Numerous free trade agreements concluded between EU and non-EU countries apply to Estonia.
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