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Economy and Banking Sector of Estonia

Northern Europe
EU Status
member since 2004

Located in Northern Europe, Estonia is one of the Baltic States and a member of the European Union since 2004.


EUR (Euro)
Population  (2019)
1,324,820  (0.00%)
Nominal GDP (2019)
28.0 bln EUR  (+0.08%)
Credit Ratings (as of Nov 2020)

Estonia is a developed country with high-income economy. Main industries of Estonian economy are engineering, electronics, wood and wood products, textiles, information technology and telecommunications.


Withholding tax rates in Estonia are 0.0-20.0 %. Estonia signed 57 double taxation agreements.
Estonia signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Estonia has FATCA agreement with the U.S. in effect since 11 April 2014 (Intergovernmental Agreement Model 1).

Banking Sector

Number of Banks
Consolidated Banking Assets (2019)
37,605.96 mln EUR  (+41.60%)
Deposit Guarantee
100,000 EUR

Estonian banking and financial system has been developing rapidly since 1991 when Estonia declared its independence from the Soviet Union. Estonian banking sector is relatively small, highly concentrated, with high share of foreign capital. Large banks in Estonia operate as universal banks, covering a wide range of market segments, while smaller banks concentrate on a specific range of services.

Major Banks

See Also

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