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Economy of Estonia vs Indonesia compared: GDP & Debt

Updated on by Georank team

Estonia has a GDP of $43.1B compared to $1.4T for Indonesia, ranking 100/197 and 16/197 by economy size, respectively.

Estonia has $10.1B in government debt (23.4% of GDP), compared to $561B (40.2% of GDP) in Indonesia.

Estonia vs Indonesia GDP by year

Estonia
Indonesia
1x
Year GDP, current $
Estonia Indonesia
2024 $43,130,419,829 $1,396,300,098,191
2023 $41,470,344,395 $1,371,169,301,564
2022 $38,226,641,740 $1,319,101,183,380
2021 $37,201,101,171 $1,186,509,691,087
2020 $31,820,771,494 $1,059,054,842,698
2019 $31,873,748,770 $1,119,099,871,350
2018 $31,222,632,741 $1,042,271,532,989
2017 $27,469,461,919 $1,015,618,744,160
2016 $24,561,027,788 $931,877,364,038
2015 $23,311,847,751 $860,854,232,686
2014 $27,055,689,003 $890,814,755,534
2013 $25,451,032,781 $912,524,136,718
2012 $23,237,406,116 $917,869,913,333
2011 $23,303,915,795 $892,969,104,563
2010 $19,524,355,419 $755,094,157,622
2009 $19,633,984,440 $539,580,085,612
2008 $24,342,935,404 $510,228,634,992
2007 $22,450,264,166 $432,216,737,775
2006 $17,025,671,810 $364,570,515,618
2005 $14,109,491,357 $285,868,619,196
2004 $12,148,595,031 $256,836,875,295
2003 $9,876,595,528 $234,772,463,824
2002 $7,370,119,619 $195,660,611,165
2001 $6,250,218,423 $160,446,947,785
2000 $5,686,579,748 $165,021,012,078
1999 $5,756,912,266 $140,001,351,215
1998 $5,674,080,543 $95,445,547,873
1997 $5,154,420,649 $215,748,998,610
1996 $4,786,018,988 $227,369,679,375
1995 $4,502,970,889 $202,132,028,723
1994 $4,123,011,420 $176,892,143,932
1993 $4,013,091,682 $158,006,700,302
1992 - $128,026,966,580
1991 - $116,621,996,217
1990 - $106,140,727,334
1989 - $94,451,427,877
1988 - $84,300,174,486
1987 - $75,929,617,558
1986 - $79,954,072,545
1985 - $85,289,488,375
1984 - $84,853,700,028
1983 - $81,052,283,384
1982 - $90,158,449,295
1981 - $85,518,233,419
1980 - $72,482,337,397
1979 - $51,400,186,343
1978 - $51,455,719,076
1977 - $45,808,915,663
1976 - $37,269,156,627
1975 - $30,463,855,422
1974 - $25,802,409,639
1973 - $16,273,253,012
1972 - $10,997,590,361
1971 - $9,333,536,370
1970 - $9,150,684,932
1969 - $8,337,423,313
1968 - $7,076,465,300
1967 - $5,667,756,628

Data sources: World Bank | Economy & Growth (1967–2024, retrieved 2026-04-06).

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

GDP per capita in Estonia vs Indonesia by year

Estonia
GDP per capita

GDP per capita, PPP
Indonesia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Indonesia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $31,428 $49,969 $4,925 $16,448
2023 $30,264 $48,637 $4,876 $15,416
2022 $28,340 $48,218 $4,731 $14,285
2021 $27,951 $44,252 $4,287 $12,757
2020 $23,934 $40,672 $3,854 $11,729
2019 $24,021 $40,586 $4,107 $11,986
2018 $23,618 $37,121 $3,861 $11,372
2017 $20,852 $34,507 $3,799 $10,688
2016 $18,666 $31,948 $3,521 $10,263
2015 $17,722 $29,713 $3,288 $10,028
2014 $20,582 $29,404 $3,441 $10,065
2013 $19,310 $27,831 $3,567 $9,866
2012 $17,568 $26,243 $3,632 $9,530
2011 $17,556 $24,652 $3,579 $8,937
2010 $14,664 $21,614 $3,066 $8,353
2009 $14,712 $20,489 $2,218 $7,868
2008 $18,206 $22,804 $2,125 $7,569
2007 $16,745 $22,201 $1,823 $7,096
2006 $12,641 $19,344 $1,558 $6,583
2005 $10,415 $16,638 $1,238 $6,134
2004 $8,916 $14,538 $1,127 $5,700
2003 $7,205 $13,135 $1,043 $5,353
2002 $5,343 $11,667 $881 $5,076
2001 $4,503 $10,309 $732 $4,849
2000 $4,071 $9,425 $764 $4,639
1999 $4,141 $8,412 $657 $4,386
1998 $4,093 $8,451 $455 $4,356
1997 $3,683 $7,980 $1,045 $5,037
1996 $3,381 $6,892 $1,119 $4,807
1995 $3,134 $6,480 $1,011 $4,451
1994 $2,819 $5,967 $900 $4,096
1993 $2,686 $5,814 $817 $3,793
1992 - $5,872 $674 $3,538
1991 - $7,151 $624 $3,305
1990 - $7,481 $578 $3,044
1989 - - $524 -
1988 - - $477 -
1987 - - $438 -
1986 - - $470 -
1985 - - $511 -
1984 - - $520 -
1983 - - $508 -
1982 - - $578 -
1981 - - $561 -
1980 - - $487 -
1979 - - $353 -
1978 - - $362 -
1977 - - $331 -
1976 - - $275.7 -
1975 - - $231.1 -
1974 - - $200.7 -
1973 - - $129.9 -
1972 - - $90.1 -
1971 - - $78.5 -
1970 - - $79.1 -
1969 - - $74.1 -
1968 - - $64.7 -
1967 - - $53.2 -

Data sources: World Bank | Economy & Growth (1967–2024, retrieved 2026-04-06).

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

Estonia's GDP per capita is $31,428, ranking 40/197, compared to $4,925 in Indonesia, ranking 121/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while Indonesia ranks 107th at $16,448.

Economic indicators

Estonia Indonesia
Gross domestic product
$43.1B
2024
$1.4T
2024
GDP rank
100/197
2024
16/197
2024
GDP growth
-0.09%
2023-2024
5.03%
2023-2024
GDP per capita
$31,428
2024
$4,925
2024
GDP per capita rank
40/197
2024
121/197
2024
GDP per capita, PPP
$49,969
2024
$16,448
2024
GDP per capita PPP rank
45/197
2024
107/197
2024
Government debt
$10.1B
2024
$561B
2024
Debt-to-GDP ratio
23.4%
2024
40.2%
2024
Government debt per person
$7,356
2024
$1,978
2024
Government debt per person rank
65/185
2024
120/185
2024
Average annual personal income after taxes
$23,740
2026
$3,371
2026
Market capitalization of domestic companies n/a
$758B
2023
Number of millionaires n/a
178,605
2025
Number of billionaires
2
2025
33
2025
Income share by richest 10%
23.7%
2023
28.8%
2024
Income share by poorest 10%
3.1%
2023
3.5%
2024
Government expenditure, % of GDP
43.6%
2024
16.8%
2024
Consumer prices inflation
3.52%
2023-2024
2.18%
2023-2024
Central bank interest rate n/a
4.75%
2025
Unemployment rate
7.5%
2024
3.31%
2023
Population
1339590
288551776

Spending and national debt comparison by year

Estonia
Spending

Debt
Indonesia
Spending

Debt
1x
Year % of GDP
Estonia Indonesia
Government spending Government debt Government spending Government debt
2024 43.6% 23.4% 16.8% 40.2%
2023 43.5% 20.1% 16.6% 39.6%
2022 40.1% 19.2% 17.3% 40.1%
2021 42.1% 18.4% 18.1% 41.1%
2020 44.7% 19.1% 18.4% 39.7%
2019 39.1% 9.05% 16.4% 30.6%
2018 38.8% 8.51% 16.6% 30.4%
2017 38.9% 9.43% 16.4% 29.4%
2016 38.9% 10.2% 16.9% 28%
2015 39.3% 10.8% 17.6% 27%
2014 37.6% 11.6% 18.4% 24.6%
2013 38.3% 11.4% 18.8% 24.9%
2012 39.4% 11.1% 18.8% 23%
2011 37.6% 7.6% 17.7% 23.1%
2010 40.7% 7.99% 16.9% 26.4%
2009 46.1% 7.98% 17% 26.5%
2008 39.5% 4.67% 19.4% 30.3%
2007 33.8% 3.91% 18.7% 38.1%
2006 33.5% 4.72% 18.4% 35.8%
2005 33.7% 4.73% 17.4% 42.6%
2004 34.1% 5.16% 17.8% 51.3%
2003 35% 5.6% 18.2% 55.6%
2002 35.9% 5.66% 16.9% 62.3%
2001 35.3% 4.93% 19.5% 73.7%
2000 36.4% 5.11% 15.3% 87.4%
1999 40.7% 5.93% 15.1% 95.9%
1998 38.9% 5.4% 15.1% 72.5%
1997 35.8% 6.03% 15.2% 26.4%
1996 38.6% 7.3% 11.5% 27.5%
1995 39.5% 8.66% 11.9% 32%
1994 - - 13.5% 37%
1993 - - 14.1% 40.4%
1992 - - 16.8% 42.6%
1991 - - 15% 39.2%
1990 - - 15.8% 40.8%
1989 - - 16.5% 42.5%
1988 - - 17.3% 45.6%
1987 - - 18% 49.7%
1986 - - 20.9% 38.3%
1985 - - 18.5% 28%
1984 - - 16.1% 23.5%
1983 - - 18.2% 23.1%
1982 - - 18.8% 18.6%
1981 - - 24.4% 16.4%
1980 - - 22.1% 17.3%
1979 - - 20.9% 22%
1978 - - 20.1% 30.3%
1977 - - 19.5% 27.7%
1976 - - 21.8% 38.1%
1975 - - 20.5% 36.7%
1974 - - 17.3% 34.4%
1973 - - 16.3% 43.1%
1972 - - 15.7% 51.2%
1971 - - 14.5% 50.5%
1970 - - 13.8% 46.7%
1969 - - 12.8% -
1968 - - 8.82% -
1967 - - 10.4% -
1966 - - 9.18% -
1965 - - 10.7% -
1964 - - 9.55% -
1963 - - 10.3% -
1962 - - 7.89% -
1961 - - 15.1% -
1960 - - 14.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1993–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1999, retrieved 2026-02-20).

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

In 2024, Estonia's government spending was $18.8B, accounting for 43.6% of its GDP, while Indonesia spent $235B, or 16.8% of GDP.

Debt-to-GDP ratio is 23.4% in Estonia and 40.2% in Indonesia, ranking 171/185 and 132/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Indonesia
1x
Year Deficit/surplus, % of GDP
Estonia Indonesia
2024 -1.51% -2.3%
2023 -3.13% -1.64%
2022 -1.08% -2.31%
2021 -2.57% -4.4%
2020 -5.42% -6.07%
2019 -0.11% -2.09%
2018 -1.15% -1.69%
2017 -1.07% -2.26%
2016 -0.62% -2.56%
2015 -0.24% -2.72%
2014 0.42% -1.8%
2013 -0.66% -1.96%
2012 -0.86% -1.59%
2011 0.09% -0.7%
2010 -1.09% -1.24%
2009 -3.43% -1.64%
2008 -2.92% 0.05%
2007 2.5% -0.95%
2006 2.71% 0.45%
2005 1.07% 0.46%
2004 2.29% -0.26%
2003 1.67% -1.08%
2002 0.29% -0.58%
2001 0.4% -1.76%
2000 -0.11% -1.87%
1999 -3.42% -0.96%
1998 0.65% -1.89%
1997 2.98% -1.03%
1996 -0.93% 0.96%
1995 -0.26% 0.64%
1994 - 0.005%
1993 - -0.59%
1992 - -2.95%
1991 - -0.87%
1990 - -0.55%
1989 - -1.72%
1988 - -2.68%
1987 - -0.9%
1986 - -2.94%
1985 - -0.45%
1984 - 1.83%
1983 - -1%
1982 - -1.11%
1981 - -0.69%
1980 - -0.82%
1979 - -0.67%
1978 - -2.03%
1977 - -0.38%
1976 - -2.63%
1975 - -2.33%
1974 - -0.35%
1973 - -1.33%
1972 - -1.82%
1971 - -2.51%
1970 - -3.02%
1969 - -2.8%
1968 - 0%
1967 - -0.35%
1966 - -5.06%
1965 - -6.62%
1964 - -5.58%
1963 - -5.24%
1962 - -3.1%
1961 - -4.57%
1960 - -1.65%
1959 - -4.06%
1958 - -6.67%
1957 - -2.92%
1956 - -1.38%
1955 - -1.6%
1954 - -3.16%
1953 - -2.33%
1952 - -3.66%
1951 - 1.52%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1951–1992, retrieved 2026-02-20).

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

In 2024, Estonia's government deficit, the difference between spending and revenue, was $651M, equivalent to 1.51% of GDP. This compares to Indonesia's deficit of $32.1B, or 2.3% of GDP.

Over the past 30 years, Estonia recorded a fiscal deficit in 19 of those years, while Indonesia ran a deficit in 25 years. On average, Estonia posted an annual deficit equal to 0.52% of GDP, compared to deficit of 1.49% of GDP for Indonesia.

Inflation comparison by year

Inflation
Estonia

Indonesia
1x
Year Consumer prices inflation
Estonia Indonesia
2024 3.52% 2.18%
2023 9.16% 3.67%
2022 19.4% 4.21%
2021 4.65% 1.56%
2020 -0.44% 1.92%
2019 2.28% 3.03%
2018 3.44% 3.2%
2017 3.42% 3.81%
2016 0.15% 3.53%
2015 -0.49% 6.36%
2014 -0.11% 6.39%
2013 2.78% 6.41%
2012 3.93% 4.28%
2011 4.98% 5.36%
2010 2.97% 5.13%
2009 -0.08% 4.39%
2008 10.4% 10.2%
2007 6.6% 6.41%
2006 4.44% 13.1%
2005 4.08% 10.5%
2004 3.05% 6.06%
2003 1.33% 6.76%
2002 3.57% 11.9%
2001 5.75% 11.5%
2000 4.02% 3.69%
1999 3.3% 20.5%
1998 8.21% 58.5%
1997 10.6% 6.23%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Estonia has recorded an average annual inflation rate of 4.46%, compared with 8.24% in Indonesia. In 2024, inflation was 3.52% in Estonia and 2.18% in Indonesia.

Top exports between countries

Estonia
Export category Export value
Transport & tourism services $18.4M
Machinery & equipment $11.4M
IT & IP services $3.35M
Business & finance services $1.41M
Chemicals & pharma $700K
Raw materials & minerals $477K
Metals $347K
Processed food, beverages & tobacco $151K
Textiles & consumer goods $146K
Wood & paper products $142K
Indonesia
Export category Export value
Processed food, beverages & tobacco $485M
Metals $29M
Chemicals & pharma $3.18M
Textiles & consumer goods $2.94M
Raw materials & minerals $1.36M
Raw agricultural goods $1.13M
Machinery & equipment $1.01M
Wood & paper products $243K
Animal & marine products $139K
Miscellaneous $6K

Balance of trade

Estonia Indonesia
Current account balance
-$543M
2024
-$8.72B
2024
Current account balance ranking
107/190
2024
174/190
2024
Current account balance, % of GDP
-1.26%
2024
-0.62%
2024
Goods imports
$22.1B
2024
$223B
2024
Goods exports
$19B
2024
$263B
2024
Service imports
$10.4B
2024
$57.6B
2024
Service exports
$13.6B
2024
$39B
2024
Imports of goods and services, % of GDP
75.4%
2024
20.4%
2024
Exports of goods and services, % of GDP
75.7%
2024
22.2%
2024

Economic freedom indices

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

Estonia Indonesia
Economic freedom 78.7 65.1
Economic freedom ranking 10/197 67/197
Property rights 93.6 39.7
Government integrity 86.3 42
Judicial effectiveness 92.4 43.1
Tax burden 77.9 81.5
Government spending 46 91.4
Fiscal health 93.1 89.8
Business freedom 82.8 69.2
Labor freedom 59 56.8
Monetary freedom 73.9 79.4
Trade freedom 79.4 78.6
Investment freedom 90 50
Financial freedom 70 60

Economic freedom comparison by year

Estonia
Indonesia
1x
Year Economic freedom index
Estonia Indonesia
2026 78.7 65.1
2025 78.9 65.2
2024 77.8 63.5
2023 78.6 63.5
2022 80 64.4
2021 78.2 66.9
2020 77.7 67.2
2019 76.6 65.8
2018 78.8 64.2
2017 79.1 61.9
2016 77.2 59.4
2015 76.8 58.1
2014 75.9 58.5
2013 75.3 56.9
2012 73.2 56.4
2011 75.2 56
2010 74.7 55.5
2009 76.4 53.4
2008 77.9 53.2
2007 78 53.2
2006 74.9 51.9
2005 75.2 52.9
2004 77.4 52.1
2003 77.7 55.8
2002 77.6 54.8
2001 76.1 52.5
2000 69.9 55.2
1999 73.8 61.5
1998 72.5 63.4
1997 69.1 62
1996 65.4 61
1995 65.2 54.9

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 65.1 for Indonesia, ranking 67/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia Indonesia
Services, % of GDP
65.7%
2024
43.8%
2024
Industry, % of GDP
20.1%
2024
39.3%
2024
Agriculture, forestry, and fishing, % of GDP
1.77%
2024
12.6%
2024
GNI, Atlas method
$39.6B
2024
$1.39T
2024
GNI per capita, PPP
$48,880
2024
$16,010
2024
Total reserves including gold
$2.07B
2024
$156B
2024
Total reserves ranking
125/177
2024
20/177
2024
Net foreign direct investment
-$285M
2024
-$15.9B
2024
Net inflows of foreign direct investment
-$3.44B
2024
$24.2B
2024
Net outflows of foreign direct investment
-$3.72B
2024
$8.39B
2024
Servicing debt to the IMF, % of GNI n/a
5.65%
2024
Poverty at national poverty lines
22.5%
2022
9%
2024
Gross capital formation, % of GDP
24.6%
2024
31.4%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

Compare countries by 7 more topics

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Data sources:

  1. World Bank | Economy & Growth (1967–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1951–1999, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2023–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.