Working Life Barometer in the Baltic Countries 2002 (pdf) - mol.fi

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Industries: Food, textile, wearing apparel, wood and paper, chemical,
pharmaceutical, electronics, rubber and plastics, building materials
Agriculture -
products:
Cereals, potatoes, vegetables, pork, beef, poultry, milk, eggs, (fish)
Exports -
partners:
Finland 34%, Sweden 14%, Germany 7%, Latvia 7%, UK 4%
Imports -
partners:
Finland 18%, Germany 11%, Sweden 9%, China 9%, Russia 8%
Currency: Estonian kroon (EEK)
Exchange rates: Fixed , 1 EURO = 15,6466 EEK (01.01.1999)
Fiscal year: calendar year
ECONOMY
Through the whole period of regained independence Estonia has been
continuously pursuing liberal and open economic policy. In addition to the fact
that the Estonian kroon is pegged to euro the characteristic features of this
policy are balanced state budget and proportional income tax. Since 1995 the
Estonian economy has been growing. Both in 1995 and in 1996 GDP
increased by 4% and in 1997 even by 10%. Rapid economic growth (7%)
continued also in the first half of 1998. The Russian economic crisis that
began in summer 1998 brought about important changes in the economic
climate. In the second half of 1998 the growth of GDP was only 1–2% (in the
fourth quarter already minus 1%), and the growth for the total year was 4.6%.
The economic decline continued, and in 1999 GDP fell by 0.6%. This new
economic decline was caused primarily by the Russian economic crisis and its
effect on the enterprises that exported mainly to the Eastern market (especially
the food and chemical industries) and on the financial sector (three more banks
disappeared from the Estonian banking sector). In addition, the toughening of
the general global economic environment resulted in rising interest rates,
which curbed the growth in domestic demand. Economic growth was revived
in 2000, when GDP increased by 7.1%, and continued also in 2001, when the
growth of GDP was according to preliminary estimates 5.4%. The decline in
the growth rate was caused by lower foreign demand. The main driving force
in the growth of domestic demand has been investments.