National accounts

Publications and articles

Säästva arengu näitajad. Indicators of Sustainable Development

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What progress has been made towards the four main targets of the Estonian National Strategy on Sustainable Development “Sustainable Estonia 21” (SE21) – growth of welfare, coherent society, viability of the Estonian cultural space and ecological balance? The publication includes 69 indicators of sustainable development that reflect the progress in key domains in Estonia. Under each indicator, there is an analysis of the current situation, an assessment of relevance in the SE21 context, and an overview of the measures defined in current development and action plans. The publication is prepared in cooperation with the Strategy Unit of the Government Office. While the main focus is on sustainable development, the publication provides a good overview of general trends in Estonia.
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General economic trends and knowledge-based economy

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Robert Müürsepp
– Muutuv majandus ja tööturg. Changes in the Economy and Labour Market (p. 25)

When we look at the Estonian economy in this century, the first thing that stands out is rapid economic growth, accompanied by high volatility due to a few crises (Figure 1, p. 13). The growth has been driven by convergence with wealthier countries, which has been greatly supported by various grants from the European Union (EU), especially from the Structural Funds. However, a much more significant role has been played by the smallness of the Estonian economy and its openness to foreign markets, which has exposed the Estonian economy to external shocks.

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National accounts

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Annika Laarmaa
– Eesti statistika aastaraamat. 2014. Statistical Yearbook of Estonia (p. 181)

In 2013 Estonia’s gross domestic product (GDP) grew faster than the European Union average. At the same time, our close neighbours Latvia and Lithuania reported a much faster economic growth. In Estonia, the real growth of the GDP decelerated to 0.8% last year while the GDP of the European Union (EU) as a whole increased 0.1%.

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Methodological changes in national accounts

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Annika Laarmaa
– Eesti Statistika Kvartalikiri. 2/14. Quarterly Bulletin of Statistics Estonia (p. 13)

Several improvements have been made to the European System of Accounts, which is in force since 1995. In September 2014, all European Union (EU) Member States will publish their time series of national accounts according to the new methodology.

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Gross domestic product

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Minifacts about Estonia 2014 (p. 24)

2013 is characterised by the deceleration of the Estonian economy, although the economy grew faster than the average of the Member States of the European Union – 0.8%.

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Estimation of regional gross domestic product

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Maria Ausmees
– Eesti piirkondlik areng. 2013. Regional Development in Estonia (p. 154)

Regional gross domestic product (regional GDP or RGDP) is a breakdown of the national GDP by geographic regions. This indicator is used for monitoring the economic development of regions, making comparisons between regions, identifying regional policy targets and reviewing the results.

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National accounts

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Annika Laarmaa
– Eesti statistika aastaraamat. 2013. Statistical Yearbook of Estonia (p. 182)

In 2012, Estonia’s gross domestic product still grew much faster than the European Union average, although the growth slowed down compared to the previous year. In Estonia, the real growth of the gross domestic product (GDP) was 3.2% last year, while the GDP of the European Union (EU) as a whole declined 0.3%.

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Gross domestic product

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Minifacts about Estonia 2013 (p. 24)

In 2012, the Baltic States had the fastest growth of the gross domestic product (GDP) among the European Union Member States. Estonian economic growth was compared to other countries after Latvia and Lithuania on the third position, being 3.2% bigger than in 2011. In 2012, the GDP at current prices was17.0 billion euros.

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Unit labour cost as an indicator of the competitiveness of the economy

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Tõnu Mertsina, Tamara Jänes
– Eesti Statistika Kvartalikiri. 4/12. Quarterly Bulletin of Statistics Estonia (p. 48)

Unit labour cost can be considered an indicator describing competitiveness. In order to maintain a high level of competitiveness, labour costs should not increase faster than labour productivity on a permanent basis. In the context of domestic prices, unit labour cost can also influence inflation. As Estonia’s economy depends greatly on the foreign market, our domestic market prices are influenced not only by unit labour cost, but also by the price of imported goods and services.

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