Estonia - Market OverviewEstonia - Market Overview
Estonia has been a member of the European Union since 2004 and adopted the euro as its official currency on January 1, 2011. Estonia formally joined the OECD in December 2010.
It takes only 18 minutes to establish a company on the Internet in Estonia and companies registered in Estonia do not have to pay income tax for re-invested profits. Foreign and domestic investments in Estonia are treated equally under the law. 99 percent of banking transactions in Estonia are conducted electronically.
GDP growth in 2017 was at 4.9 percent and the prognosis for 2018 is estimated at 4.5 percent. The tightening labor market has put upward pressure on salaries.
According to the U.S. Census Bureau’s Foreign Trade Division, in 2017, the principal exports from the United States were computer and electronic products, machinery and agricultural products. U.S. exports to Estonia were 274 million USD and Estonian exports to US 604 million USD.
Estonian membership in the EU has not had major bilateral trade implications for the United States. Estonia’s main trading partners are Finland, Sweden, Germany and Russia, while the U.S. share in trade is approximately 1 percent. Estonia has well-developed ports and transit infrastructure that would serve European trade with Eastern partners, including Russia.
Estonia Trade Development and Promotion