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Economy of Estonia vs France compared: GDP & Debt

Updated on by Georank

Estonia has a GDP of $47B compared to $3.37T for France, ranking 101/197 and 7/197 by economy size, respectively.

Estonia has $11.4B in government debt (24.2% of GDP), compared to $3.9T (116% of GDP) in France.

Estonia vs France GDP by year

Estonia
France
1x
Year GDP, current $
Estonia France
2025 $47,030,833,799 $3,366,315,927,447
2024 $43,130,419,829 $3,160,442,622,465
2023 $41,470,344,395 $3,056,250,648,138
2022 $38,226,641,740 $2,794,788,137,067
2021 $37,201,101,171 $2,966,433,692,008
2020 $31,820,771,494 $2,647,926,055,110
2019 $31,873,748,770 $2,722,793,515,172
2018 $31,222,632,741 $2,781,576,320,884
2017 $27,469,461,919 $2,588,868,323,335
2016 $24,561,027,788 $2,470,407,619,777
2015 $23,311,847,751 $2,442,483,452,643
2014 $27,055,689,003 $2,861,236,112,552
2013 $25,451,032,781 $2,816,077,607,875
2012 $23,237,406,116 $2,683,007,095,787
2011 $23,303,915,795 $2,870,408,553,990
2010 $19,524,355,419 $2,646,230,027,988
2009 $19,633,984,440 $2,700,075,882,519
2008 $24,342,935,404 $2,926,802,941,586
2007 $22,450,264,166 $2,655,816,911,867
2006 $17,025,671,810 $2,317,861,544,691
2005 $14,109,491,357 $2,192,146,403,028
2004 $12,148,595,031 $2,109,792,297,237
2003 $9,876,595,528 $1,835,095,983,049
2002 $7,370,119,619 $1,492,427,756,382
2001 $6,250,218,423 $1,370,376,677,299
2000 $5,686,579,748 $1,360,959,069,477
1999 $5,756,912,266 $1,486,915,879,702
1998 $5,674,080,543 $1,496,906,382,032
1997 $5,154,420,649 $1,449,392,222,971
1996 $4,786,018,988 $1,598,889,216,566
1995 $4,502,970,889 $1,595,219,345,512
1994 $4,123,011,420 $1,385,822,778,828
1993 $4,013,091,682 $1,314,383,368,080
1992 - $1,389,663,073,110
1991 - $1,258,961,748,634
1990 - $1,257,649,439,827
1989 - $1,016,742,237,302
1988 - $1,010,827,662,152
1987 - $926,320,855,615
1986 - $764,946,585,851
1985 - $547,220,981,165
1984 - $525,033,325,828
1983 - $553,356,312,936
1982 - $578,152,310,610
1981 - $609,184,791,792
1980 - $694,529,183,483
1979 - $608,218,624,730
1978 - $501,724,418,605
1977 - $406,401,711,688
1976 - $368,363,152,144
1975 - $357,324,307,786
1974 - $282,739,225,314
1973 - $261,970,536,240
1972 - $201,738,881,664
1971 - $164,694,210,962
1970 - $147,312,861,698
1969 - $140,660,914,841
1968 - $128,710,572,572
1967 - $118,088,635,381
1966 - $109,306,730,313
1965 - $100,927,668,584
1964 - $93,424,179,943
1963 - $84,227,606,650
1962 - $75,196,980,365
1961 - $67,158,050,215
1960 - $61,959,085,885

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/france | CC BY

GDP per capita in Estonia vs France by year

Estonia
GDP per capita

GDP per capita, PPP
France
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia France
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $34,418 - $48,986 -
2024 $31,428 $49,969 $46,103 $62,557
2023 $30,264 $48,637 $44,700 $60,839
2022 $28,340 $48,218 $40,989 $57,043
2021 $27,951 $44,252 $43,725 $52,517
2020 $23,934 $40,672 $39,170 $49,482
2019 $24,021 $40,586 $40,408 $51,130
2018 $23,618 $37,121 $41,418 $46,381
2017 $20,852 $34,507 $38,687 $44,469
2016 $18,666 $31,948 $37,024 $42,880
2015 $17,722 $29,713 $36,702 $40,905
2014 $20,582 $29,404 $43,148 $40,218
2013 $19,310 $27,831 $42,669 $39,583
2012 $17,568 $26,243 $40,864 $37,671
2011 $17,556 $24,652 $43,930 $37,510
2010 $14,664 $21,614 $40,695 $35,908
2009 $14,712 $20,489 $41,728 $34,685
2008 $18,206 $22,804 $45,465 $35,053
2007 $16,745 $22,201 $41,486 $34,066
2006 $12,641 $19,344 $36,432 $32,424
2005 $10,415 $16,638 $34,696 $30,431
2004 $8,916 $14,538 $33,645 $28,921
2003 $7,205 $13,135 $29,480 $28,024
2002 $5,343 $11,667 $24,145 $28,350
2001 $4,503 $10,309 $22,332 $27,347
2000 $4,071 $9,425 $22,341 $26,007
1999 $4,141 $8,412 $24,576 $24,204
1998 $4,093 $8,451 $24,869 $23,263
1997 $3,683 $7,980 $24,169 $22,190
1996 $3,381 $6,892 $26,758 $21,268
1995 $3,134 $6,480 $26,792 $20,701
1994 $2,819 $5,967 $23,360 $19,892
1993 $2,686 $5,814 $22,239 $19,094
1992 - $5,872 $23,615 $18,801
1991 - $7,151 $21,501 $18,198
1990 - $7,481 $21,586 $17,475
1989 - - $17,547 -
1988 - - $17,550 -
1987 - - $16,176 -
1986 - - $13,430 -
1985 - - $9,657 -
1984 - - $9,312 -
1983 - - $9,862 -
1982 - - $10,360 -
1981 - - $10,956 -
1980 - - $12,565 -
1979 - - $11,063 -
1978 - - $9,167 -
1977 - - $7,459 -
1976 - - $6,792 -
1975 - - $6,617 -
1974 - - $5,261 -
1973 - - $4,907 -
1972 - - $3,809 -
1971 - - $3,137 -
1970 - - $2,833 -
1969 - - $2,729 -
1968 - - $2,518 -
1967 - - $2,328 -
1966 - - $2,173 -
1965 - - $2,024 -
1964 - - $1,891 -
1963 - - $1,723 -
1962 - - $1,554 -
1961 - - $1,402 -
1960 - - $1,307 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/france | CC BY

Estonia's GDP per capita is $34,418, ranking 37/197, compared to $48,986 in France, ranking 27/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while France ranks 30th at $62,557.

Economic indicators

Estonia France
Gross domestic product
$47B
2025
$3.37T
2025
GDP rank
101/197
2025
7/197
2025
GDP growth
0.58%
2024-2025
0.84%
2024-2025
GDP per capita
$34,418
2025
$48,986
2025
GDP per capita rank
37/197
2025
27/197
2025
GDP per capita, PPP
$49,969
2024
$62,557
2024
GDP per capita PPP rank
45/197
2024
30/197
2024
Government debt
$11.4B
2025
$3.9T
2025
Debt-to-GDP ratio
24.2%
2025
116%
2025
Government debt per person
$8,325
2025
$56,819
2025
Government debt per person rank
67/185
2025
8/185
2025
Average annual personal income after taxes
$23,647
2026
$35,062
2026
Market capitalization of domestic companies n/a
$2.37T
2018
Number of millionaires n/a
2,388,000
2026
Number of billionaires
2
2026
51
2026
Income share by richest 10%
23.7%
2023
25%
2023
Income share by poorest 10%
3.1%
2023
3%
2023
Government expenditure, % of GDP
45.2%
2025
57.5%
2025
Consumer prices inflation
4.83%
2024-2025
0.94%
2024-2025
Unemployment rate
7.5%
2025
7.7%
2025
Population
1347027
68871753

Spending and national debt comparison by year

Estonia
Spending

Debt
France
Spending

Debt
1x
Year % of GDP
Estonia France
Government spending Government debt Government spending Government debt
2025 45.2% 24.2% 57.5% 116%
2024 43.6% 23.5% 57.3% 113.2%
2023 43.5% 20.2% 56.8% 109.6%
2022 40.1% 19.2% 58.4% 111.4%
2021 42.1% 18.4% 59.5% 112.8%
2020 44.7% 19.1% 61.7% 114.9%
2019 39.1% 9.05% 55.3% 98.2%
2018 38.8% 8.51% 56.4% 98.5%
2017 38.9% 9.43% 57.7% 98.8%
2016 38.9% 10.2% 57.4% 98.1%
2015 39.3% 10.8% 57.6% 97%
2014 37.6% 11.6% 58.4% 96.2%
2013 38.3% 11.4% 58.6% 94.6%
2012 39.4% 11.1% 57.9% 91.7%
2011 37.6% 7.6% 57% 88.7%
2010 40.7% 7.99% 57.7% 86.3%
2009 46.1% 7.98% 58% 84.1%
2008 39.5% 4.67% 54.3% 69.8%
2007 33.8% 3.91% 53.6% 65.5%
2006 33.5% 4.72% 53.7% 65.4%
2005 33.7% 4.73% 54.3% 68.2%
2004 34.1% 5.16% 54% 66.9%
2003 35% 5.6% 54.4% 65.4%
2002 35.9% 5.66% 53.9% 61.3%
2001 35.3% 4.93% 52.8% 59.3%
2000 36.4% 5.11% 52.6% 59.7%
1999 40.7% 5.93% 53.7% 61.4%
1998 38.9% 5.4% 54% 62.1%
1997 35.8% 6.03% 55.6% 62%
1996 38.6% 7.3% 56% 60.6%
1995 39.5% 8.66% 56% 57.8%
1994 - - 55.9% 51.6%
1993 - - 56.5% 48.2%
1992 - - 54% 41.7%
1991 - - 52.7% 37.8%
1990 - - 51.6% 36.8%
1989 - - 48.9% 34%
1988 - - 50.1% 33.3%
1987 - - 50.7% 33.4%
1986 - - 51.3% 31.1%
1985 - - 51.9% 30.6%
1984 - - 51.2% 29%
1983 - - 50.2% 26.6%
1982 - - 49.9% 25.3%
1981 - - 48.5% 22%
1980 - - 46% 20.7%
1979 - - 44.9% 21.1%
1978 - - 44.7% 21.2%
1977 - - 21.4% 15%
1976 - - 21.7% 15.1%
1975 - - 22% 16.1%
1974 - - 19.9% 15.4%
1973 - - 19.7% 15.8%
1972 - - 19.8% 17.7%
1971 - - 20% 20.1%
1970 - - 20.5% 21%
1969 - - 21.5% 14.4%
1968 - - 22.7% 15.8%
1967 - - 21.4% 16.1%
1966 - - 21.4% 15.3%
1965 - - 21.1% 17.6%
1964 - - 21% 19.6%
1963 - - 22.6% 22.2%
1962 - - 21.7% 23.6%
1961 - - 21.9% 26.3%
1960 - - 22.2% 28.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-07-08).

GeoRank.org/economy/estonia/france | CC BY

In 2025, Estonia's government spending was $21.3B, accounting for 45.2% of its GDP, while France spent $1.93T, or 57.5% of GDP.

Debt-to-GDP ratio is 24.2% in Estonia and 116% in France, ranking 168/185 and 13/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

France
1x
Year Deficit/surplus, % of GDP
Estonia France
2025 -1.33% -5.11%
2024 -1.54% -5.79%
2023 -3.07% -5.44%
2022 -1.08% -4.74%
2021 -2.57% -6.58%
2020 -5.42% -8.93%
2019 -0.11% -2.39%
2018 -1.15% -2.32%
2017 -1.07% -3.36%
2016 -0.62% -3.76%
2015 -0.24% -3.89%
2014 0.42% -4.57%
2013 -0.66% -4.94%
2012 -0.86% -5.17%
2011 0.09% -5.3%
2010 -1.09% -7.16%
2009 -3.43% -7.38%
2008 -2.92% -3.5%
2007 2.5% -2.99%
2006 2.71% -2.66%
2005 1.07% -3.5%
2004 2.29% -3.55%
2003 1.67% -4.09%
2002 0.29% -3.18%
2001 0.4% -1.42%
2000 -0.11% -1.32%
1999 -3.42% -1.55%
1998 0.65% -2.39%
1997 2.98% -3.71%
1996 -0.93% -3.89%
1995 -0.26% -5.11%
1994 - -5.46%
1993 - -6.4%
1992 - -4.64%
1991 - -2.89%
1990 - -2.45%
1989 - -1.9%
1988 - -2.7%
1987 - -2.13%
1986 - -3.3%
1985 - -3.08%
1984 - -2.8%
1983 - -2.58%
1982 - -2.91%
1981 - -2.39%
1980 - -0.27%
1979 - -0.36%
1978 - -1.73%
1977 - 0.9%
1976 - 1.01%
1975 - -0.28%
1974 - 3.05%
1973 - 1.97%
1972 - 1.94%
1971 - -0.13%
1970 - 0.02%
1969 - -0.49%
1968 - -2.54%
1967 - -0.8%
1966 - -0.57%
1965 - -0.07%
1964 - -0.25%
1963 - -2.24%
1962 - -1.53%
1961 - -1.36%
1960 - -1.95%
1959 - 0.56%
1958 - 0.08%
1957 - -1.99%
1956 - -2.62%
1955 - -1.04%
1954 - -0.78%
1953 - -4.79%
1952 - -6.82%
1951 - -4.42%
1950 - -5.56%
1949 - -7.31%
1948 - -9.11%
1947 - -7.6%
1946 - -8.1%
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - -
1939 - -
1938 - -
1937 - -6.89%
1936 - -4.76%
1935 - -4.22%
1934 - -4.31%
1933 - -4.96%
1932 - -1.86%
1931 - -2.06%
1930 - -1.65%
1929 - 1.48%
1928 - 1.13%
1927 - -0.04%
1926 - -0.02%
1925 - -0.87%
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - 0.05%
1912 - 0.23%
1911 - 0.31%
1910 - -0.12%
1909 - -0.11%
1908 - -0.15%
1907 - 0.23%
1906 - -0.04%
1905 - 0.18%
1904 - 0.3%
1903 - 0.21%
1902 - -0.37%
1901 - -0.39%
1900 - 0.21%
1899 - 0.21%
1898 - 0.29%
1897 - 0.01%
1896 - -0.03%
1895 - -0.07%
1894 - -0.08%
1893 - -0.3%
1892 - -0.03%
1891 - 0.36%
1890 - 0.31%
1889 - 0.09%
1888 - 0.18%
1887 - -0.07%
1886 - -0.5%
1885 - -0.59%
1884 - -0.35%
1883 - -0.23%
1882 - -0.15%
1881 - 0.64%
1880 - 0.65%

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1880–1989, retrieved 2026-07-08); International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/france | CC BY

In 2025, Estonia's government deficit, the difference between spending and revenue, was $626M, equivalent to 1.33% of GDP. This compares to France's deficit of $172B, or 5.11% of GDP.

Over the past 31 years, Estonia recorded a fiscal deficit in 20 of those years, while France ran a deficit in 31 years. On average, Estonia posted an annual deficit equal to 0.54% of GDP, compared to deficit of 4.18% of GDP for France.

Inflation comparison by year

Inflation
Estonia

France
1x
Year Consumer prices inflation
Estonia France
2025 4.83% 0.94%
2024 3.52% 2%
2023 9.16% 4.88%
2022 19.4% 5.22%
2021 4.65% 1.64%
2020 -0.44% 0.48%
2019 2.28% 1.11%
2018 3.44% 1.85%
2017 3.42% 1.03%
2016 0.15% 0.18%
2015 -0.49% 0.04%
2014 -0.11% 0.51%
2013 2.78% 0.86%
2012 3.93% 1.95%
2011 4.98% 2.11%
2010 2.97% 1.53%
2009 -0.08% 0.09%
2008 10.4% 2.81%
2007 6.6% 1.49%
2006 4.44% 1.68%
2005 4.08% 1.75%
2004 3.05% 2.14%
2003 1.33% 2.1%
2002 3.57% 1.92%
2001 5.75% 1.63%
2000 4.02% 1.68%
1999 3.3% 0.54%
1998 8.21% 0.65%
1997 10.6% 1.2%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/france | CC BY

Over the past 29 years, Estonia has recorded an average annual inflation rate of 4.47%, compared with 1.59% in France. In 2025, inflation was 4.83% in Estonia and 0.94% in France.

Top exports between countries

Estonia
Export category Export value
Machinery & equipment $219M
Business & finance services $194M
Wood & paper products $89.5M
IT & IP services $82.4M
Transport & tourism services $65.9M
Textiles & consumer goods $61.7M
Chemicals & pharma $60.3M
Processed food, beverages & tobacco $23.1M
Manufacturing & construction services $20.7M
Metals $17.4M
France
Export category Export value
Machinery & equipment $191M
Transport & tourism services $81.2M
Chemicals & pharma $75.4M
Processed food, beverages & tobacco $73.9M
Metals $72.1M
Textiles & consumer goods $39.9M
Business & finance services $33.6M
Raw materials & minerals $14.1M
IT & IP services $14.1M
Wood & paper products $9.48M

Balance of trade

Estonia France
Current account balance
-$70M
2025
-$9.24B
2025
Current account balance ranking
79/190
2025
173/190
2025
Current account balance, % of GDP
-0.15%
2025
-0.27%
2025
Goods imports
$24.4B
2025
$770B
2025
Goods exports
$21.2B
2025
$704B
2025
Service imports
$12B
2025
$370B
2025
Service exports
$15.6B
2025
$429B
2025
Imports of goods and services, % of GDP
77.4%
2025
33.8%
2025
Exports of goods and services, % of GDP
78.4%
2025
33.4%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Estonia France
Economic freedom 78.7 64.6
Economic freedom ranking 10/197 72/197
Property rights 93.6 91.2
Government integrity 86.3 73.4
Judicial effectiveness 92.4 84.7
Tax burden 77.9 54.6
Government spending 46 0.9
Fiscal health 93.1 34.8
Business freedom 82.8 78.4
Labor freedom 59 59.1
Monetary freedom 73.9 73.2
Trade freedom 79.4 79.4
Investment freedom 90 75
Financial freedom 70 70

Economic freedom comparison by year

Estonia
France
1x
Year Economic freedom index
Estonia France
2026 78.7 64.6
2025 78.9 64.4
2024 77.8 62.5
2023 78.6 63.6
2022 80 65.9
2021 78.2 65.7
2020 77.7 66
2019 76.6 63.8
2018 78.8 63.9
2017 79.1 63.3
2016 77.2 62.3
2015 76.8 62.5
2014 75.9 63.5
2013 75.3 64.1
2012 73.2 63.2
2011 75.2 64.6
2010 74.7 64.2
2009 76.4 63.3
2008 77.9 64.7
2007 78 62.1
2006 74.9 61.1
2005 75.2 60.5
2004 77.4 60.9
2003 77.7 59.2
2002 77.6 58
2001 76.1 58
2000 69.9 57.4
1999 73.8 59.1
1998 72.5 58.9
1997 69.1 59.1
1996 65.4 63.7
1995 65.2 64.4

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/estonia/france | CC BY

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 64.6 for France, ranking 72/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia France
Services, % of GDP
65.8%
2025
70.9%
2025
Industry, % of GDP
19.7%
2025
16.8%
2025
Agriculture, forestry, and fishing, % of GDP
1.65%
2025
1.4%
2025
GNI, Atlas method
$44.2B
2025
$3.34T
2025
GNI per capita, PPP
$51,370
2025
$65,110
2025
Total reserves including gold
$2.44B
2025
$428B
2025
Total reserves ranking
124/177
2025
12/177
2025
Net foreign direct investment
$814M
2025
$7.24B
2025
Net inflows of foreign direct investment
-$3.44B
2024
$52.1B
2024
Net outflows of foreign direct investment
-$3.72B
2024
$41.7B
2024
Poverty at national poverty lines
22.5%
2022
15.6%
2021
Gross capital formation, % of GDP
24.8%
2025
21.9%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/france | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1880–1989, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2024–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.