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Economy of Estonia vs Kuwait compared: GDP & Debt

Updated on by Georank

Estonia has a GDP of $47B compared to $157B for Kuwait, ranking 101/197 and 59/197 by economy size, respectively.

Estonia has $11.4B in government debt (24.2% of GDP), compared to $22.9B (14.6% of GDP) in Kuwait.

Estonia vs Kuwait GDP by year

Estonia
Kuwait
1x
Year GDP, current $
Estonia Kuwait
2025 $47,030,833,799 $157,209,026,926
2024 $43,130,419,829 $160,903,106,639
2023 $41,470,344,395 $165,462,656,227
2022 $38,226,641,740 $183,502,046,694
2021 $37,201,101,171 $148,350,671,489
2020 $31,820,771,494 $111,045,470,606
2019 $31,873,748,770 $140,856,394,861
2018 $31,222,632,741 $138,646,316,351
2017 $27,469,461,919 $120,687,539,806
2016 $24,561,027,788 $109,406,674,125
2015 $23,311,847,751 $114,585,555,689
2014 $27,055,689,003 $162,650,450,685
2013 $25,451,032,781 $174,168,116,535
2012 $23,237,406,116 $174,047,662,680
2011 $23,303,915,795 $154,039,231,246
2010 $19,524,355,419 $115,416,245,242
2009 $19,633,984,440 $105,968,691,905
2008 $24,342,935,404 $147,379,737,230
2007 $22,450,264,166 $114,634,043,362
2006 $17,025,671,810 $101,557,330,723
2005 $14,109,491,357 $80,798,630,137
2004 $12,148,595,031 $59,439,090,601
2003 $9,876,595,528 $47,874,582,232
2002 $7,370,119,619 $38,135,788,414
2001 $6,250,218,423 $34,889,559,870
2000 $5,686,579,748 $37,718,743,480
1999 $5,756,912,266 $30,122,365,849
1998 $5,674,080,543 $25,943,705,784
1997 $5,154,420,649 $30,350,190,704
1996 $4,786,018,988 $31,492,373,309
1995 $4,502,970,889 $27,186,980,647
1994 $4,123,011,420 $24,848,483,838
1993 $4,013,091,682 $23,941,391,391
1992 - $19,858,555,215
1991 - $11,009,993,703
1990 - $18,427,777,778
1989 - $24,313,855,653
1988 - $20,690,322,153
1987 - $22,368,704,134
1986 - $17,903,989,745
1985 - $21,445,970,614
1984 - $21,700,082,753
1983 - $20,871,081,080
1982 - $21,577,153,356
1981 - $25,058,020,338
1980 - $28,638,868,356
1979 - $24,749,063,922
1978 - $15,503,557,496
1977 - $14,137,406,741
1976 - $13,132,252,802
1975 - $12,022,811,621
1974 - $13,006,948,296
1973 - $5,408,804,607
1972 - $4,450,537,925
1971 - $3,880,392,195
1970 - $2,873,638,851
1969 - $2,769,198,892
1968 - $2,662,798,935
1967 - $2,441,599,023
1966 - $2,391,199,044
1965 - $2,097,199,161
1964 - $2,071,668,533
1963 - $1,900,895,857
1962 - $1,828,107,503

Data sources: World Bank | Economy & Growth (1962–2025, retrieved 2026-07-08).

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

GDP per capita in Estonia vs Kuwait by year

Estonia
GDP per capita

GDP per capita, PPP
Kuwait
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Kuwait
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $34,418 - $32,312 -
2024 $31,428 $49,969 $32,856 $52,444
2023 $30,264 $48,637 $34,092 $53,025
2022 $28,340 $48,218 $39,982 $55,043
2021 $27,951 $44,252 $34,019 $50,652
2020 $23,934 $40,672 $25,236 $41,462
2019 $24,021 $40,586 $31,708 $50,703
2018 $23,618 $37,121 $32,068 $51,371
2017 $20,852 $34,507 $29,048 $46,566
2016 $18,666 $31,948 $27,324 $41,862
2015 $17,722 $29,713 $29,882 $45,267
2014 $20,582 $29,404 $44,369 $68,337
2013 $19,310 $27,831 $49,651 $76,813
2012 $17,568 $26,243 $52,155 $82,090
2011 $17,556 $24,652 $49,170 $79,037
2010 $14,664 $21,614 $39,212 $75,184
2009 $14,712 $20,489 $37,907 $80,110
2008 $18,206 $22,804 $55,585 $90,337
2007 $16,745 $22,201 $45,709 $91,435
2006 $12,641 $19,344 $42,947 $89,075
2005 $10,415 $16,638 $36,123 $84,968
2004 $8,916 $14,538 $27,552 $77,227
2003 $7,205 $13,135 $22,691 $69,752
2002 $5,343 $11,667 $18,513 $59,713
2001 $4,503 $10,309 $17,374 $58,553
2000 $4,071 $9,425 $19,296 $58,703
1999 $4,141 $8,412 $15,854 $56,406
1998 $4,093 $8,451 $14,067 $58,344
1997 $3,683 $7,980 $16,977 $57,420
1996 $3,381 $6,892 $18,201 $56,913
1995 $3,134 $6,480 $16,168 $57,163
1994 $2,819 $5,967 $14,930 $53,946
1993 $2,686 $5,814 $14,318 $48,482
1992 - $5,872 $12,146 $36,149
1991 - $7,151 $8,147 $23,390
1990 - $7,481 $10,938 $30,763
1989 - - $10,965 -
1988 - - $9,692 -
1987 - - $10,896 -
1986 - - $9,077 -
1985 - - $11,322 -
1984 - - $11,919 -
1983 - - $11,965 -
1982 - - $12,979 -
1981 - - $15,825 -
1980 - - $19,032 -
1979 - - $17,386 -
1978 - - $11,567 -
1977 - - $11,238 -
1976 - - $11,141 -
1975 - - $10,882 -
1974 - - $12,527 -
1973 - - $5,532 -
1972 - - $4,836 -
1971 - - $4,486 -
1970 - - $3,552 -
1969 - - $3,695 -
1968 - - $3,872 -
1967 - - $3,887 -
1966 - - $4,176 -
1965 - - $4,024 -
1964 - - $4,379 -
1963 - - $4,445 -
1962 - - $4,748 -

Data sources: World Bank | Economy & Growth (1962–2025, retrieved 2026-07-08).

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

Estonia's GDP per capita is $34,418, ranking 37/197, compared to $32,312 in Kuwait, ranking 41/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while Kuwait ranks 40th at $52,444.

Economic indicators

Estonia Kuwait
Gross domestic product
$47B
2025
$157B
2025
GDP rank
101/197
2025
59/197
2025
GDP growth
0.58%
2024-2025
2.73%
2024-2025
GDP per capita
$34,418
2025
$32,312
2025
GDP per capita rank
37/197
2025
41/197
2025
GDP per capita, PPP
$49,969
2024
$52,444
2024
GDP per capita PPP rank
45/197
2024
40/197
2024
Government debt
$11.4B
2025
$22.9B
2025
Debt-to-GDP ratio
24.2%
2025
14.6%
2025
Government debt per person
$8,325
2025
$4,714
2025
Government debt per person rank
67/185
2025
87/185
2025
Average annual personal income after taxes
$23,647
2026
$24,940
2026
Market capitalization of domestic companies n/a
$172B
2025
Number of billionaires
2
2026
n/a
Income share by richest 10%
23.7%
2023
n/a
Income share by poorest 10%
3.1%
2023
n/a
Government expenditure, % of GDP
45.2%
2025
50.1%
2025
Consumer prices inflation
4.83%
2024-2025
2.36%
2024-2025
Central bank interest rate n/a
3.5%
2025
Unemployment rate
7.5%
2025
2.16%
2016
Population
1347027
4981316

Spending and national debt comparison by year

Estonia
Spending

Debt
Kuwait
Spending

Debt
1x
Year % of GDP
Estonia Kuwait
Government spending Government debt Government spending Government debt
2025 45.2% 24.2% 50.1% 14.6%
2024 43.6% 23.5% 48% 2.91%
2023 43.5% 20.2% 48.3% 3.13%
2022 40.1% 19.2% 39.6% 2.95%
2021 42.1% 18.4% 48.3% 7.2%
2020 44.7% 19.1% 62.9% 10.2%
2019 39.1% 9.05% 50.2% 10.5%
2018 38.8% 8.51% 51% 14.3%
2017 38.9% 9.43% 51.9% 19.6%
2016 38.9% 10.2% 54% 9.88%
2015 39.3% 10.8% 55.3% 4.6%
2014 37.6% 11.6% 45% 3.43%
2013 38.3% 11.4% 38.4% 3.09%
2012 39.4% 11.1% 38.1% 3.6%
2011 37.6% 7.6% 39.6% 4.64%
2010 40.7% 7.99% 45.4% 6.16%
2009 46.1% 7.98% 42.8% 6.65%
2008 39.5% 4.67% 40.8% 5.38%
2007 33.8% 3.91% 30.4% 7.05%
2006 33.5% 4.72% 32.2% 7.79%
2005 33.7% 4.73% 28.7% 10.2%
2004 34.1% 5.16% 35.2% 13.9%
2003 35% 5.6% 38% 17.2%
2002 35.9% 5.66% 42.5% 21.3%
2001 35.3% 4.93% 41.2% 23%
2000 36.4% 5.11% 29.7% 21.4%
1999 40.7% 5.93% 44.3% 25.5%
1998 38.9% 5.4% 51.4% 25.6%
1997 35.8% 6.03% 43.5% 24.3%
1996 38.6% 7.3% 42.5% 26.5%
1995 39.5% 8.66% 51.7% 34.9%
1994 - - 57.5% 37.7%
1993 - - 58% 28.8%
1992 - - 77.4% 27.9%
1991 - - 208.1% 45.3%
1990 - - 122.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Estonia's government spending was $21.3B, accounting for 45.2% of its GDP, while Kuwait spent $78.8B, or 50.1% of GDP.

Debt-to-GDP ratio is 24.2% in Estonia and 14.6% in Kuwait, ranking 168/185 and 177/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Kuwait
1x
Year Deficit/surplus, % of GDP
Estonia Kuwait
2025 -1.33% 28.4%
2024 -1.54% 26%
2023 -3.07% 28.2%
2022 -1.08% 30%
2021 -2.57% 9.99%
2020 -5.42% 0.16%
2019 -0.11% 13%
2018 -1.15% 17.6%
2017 -1.07% 15.3%
2016 -0.62% 12.8%
2015 -0.24% 16.3%
2014 0.42% 29.8%
2013 -0.66% 40.4%
2012 -0.86% 40.5%
2011 0.09% 38.6%
2010 -1.09% 31.7%
2009 -3.43% 31.1%
2008 -2.92% 21.2%
2007 2.5% 36.9%
2006 2.71% 27.8%
2005 1.07% 38.8%
2004 2.29% 32.3%
2003 1.67% 27%
2002 0.29% 30.9%
2001 0.4% 44.9%
2000 -0.11% 52.3%
1999 -3.42% 28%
1998 0.65% 19.4%
1997 2.98% 29.4%
1996 -0.93% 24.2%
1995 -0.26% 11.7%
1994 - 1.71%
1993 - -3.2%
1992 - -28%
1991 - -144.5%
1990 - -49.9%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/kuwait | 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 Kuwait's surplus of $44.6B, or 28.4% of GDP.

Over the past 31 years, Estonia recorded a fiscal deficit in 20 of those years, while Kuwait ran a deficit in 0 years. On average, Estonia posted an annual deficit equal to 0.54% of GDP, compared to surplus of 26.9% of GDP for Kuwait.

Inflation comparison by year

Inflation
Estonia

Kuwait
1x
Year Consumer prices inflation
Estonia Kuwait
2025 4.83% 2.36%
2024 3.52% 2.9%
2023 9.16% 3.64%
2022 19.4% 3.98%
2021 4.65% 3.42%
2020 -0.44% 2.1%
2019 2.28% 1.09%
2018 3.44% 0.54%
2017 3.42% 2.17%
2016 0.15% 3.2%
2015 -0.49% 3.27%
2014 -0.11% 2.91%
2013 2.78% 2.68%
2012 3.93% 3.26%
2011 4.98% 4.84%
2010 2.97% 4.5%
2009 -0.08% 4.61%
2008 10.4% 10.6%
2007 6.6% 5.48%
2006 4.44% 3.06%
2005 4.08% 4.14%
2004 3.05% 1.25%
2003 1.33% 0.96%
2002 3.57% 0.89%
2001 5.75% 1.3%
2000 4.02% 1.81%
1999 3.3% 2.99%
1998 8.21% 0.13%
1997 10.6% 0.68%

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

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

Over the past 29 years, Estonia has recorded an average annual inflation rate of 4.47%, compared with 2.92% in Kuwait. In 2025, inflation was 4.83% in Estonia and 2.36% in Kuwait.

Top exports between countries

Estonia
Export category Export value
Processed food, beverages & tobacco $1.67M
Raw materials & minerals $760K
Machinery & equipment $322K
Textiles & consumer goods $287K
Animal & marine products $254K
Wood & paper products $162K
Raw agricultural goods $91K
Chemicals & pharma $26K
Metals $5K
Precious metals & jewellery $5K
Kuwait
Export category Export value
Metals $187K
Machinery & equipment $10K
Miscellaneous $1K

Balance of trade

Estonia Kuwait
Current account balance
-$70M
2025
$35.7B
2025
Current account balance ranking
79/190
2025
16/190
2025
Current account balance, % of GDP
-0.15%
2025
+22.7%
2025
Goods imports
$24.4B
2025
$37.5B
2025
Goods exports
$21.2B
2025
$70.7B
2025
Service imports
$12B
2025
$29.6B
2025
Service exports
$15.6B
2025
$12.7B
2025
Imports of goods and services, % of GDP
77.4%
2025
38.2%
2024
Exports of goods and services, % of GDP
78.4%
2025
55.8%
2024

Economic freedom indices

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

Estonia Kuwait
Economic freedom 78.7 59.9
Economic freedom ranking 10/197 100/197
Property rights 93.6 42
Government integrity 86.3 47.9
Judicial effectiveness 92.4 43.4
Tax burden 77.9 97.7
Government spending 46 36.2
Fiscal health 93.1 99.9
Business freedom 82.8 57.4
Labor freedom 59 49.2
Monetary freedom 73.9 68.7
Trade freedom 79.4 75.8
Investment freedom 90 50
Financial freedom 70 50

Economic freedom comparison by year

Estonia
Kuwait
1x
Year Economic freedom index
Estonia Kuwait
2026 78.7 59.9
2025 78.9 59.9
2024 77.8 58.5
2023 78.6 56.7
2022 80 58.3
2021 78.2 64.1
2020 77.7 63.2
2019 76.6 60.8
2018 78.8 62.2
2017 79.1 65.1
2016 77.2 62.7
2015 76.8 62.5
2014 75.9 62.3
2013 75.3 63.1
2012 73.2 62.5
2011 75.2 64.9
2010 74.7 67.7
2009 76.4 65.6
2008 77.9 68.1
2007 78 66.4
2006 74.9 66.5
2005 75.2 64.6
2004 77.4 63.6
2003 77.7 66.7
2002 77.6 65.4
2001 76.1 68.2
2000 69.9 69.7
1999 73.8 69.5
1998 72.5 66.3
1997 69.1 64.8
1996 65.4 66.1
1995 65.2 -

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

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

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 59.9 for Kuwait, ranking 100/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia Kuwait
Services, % of GDP
65.8%
2025
59.6%
2025
Industry, % of GDP
19.7%
2025
54.1%
2025
Agriculture, forestry, and fishing, % of GDP
1.65%
2025
0.53%
2025
GNI, Atlas method
$44.2B
2025
$201B
2024
GNI per capita, PPP
$51,370
2025
$64,040
2024
Total reserves including gold
$2.44B
2025
$51.7B
2025
Total reserves ranking
124/177
2025
47/177
2025
Net foreign direct investment
$814M
2025
$2.58B
2025
Net inflows of foreign direct investment
-$3.44B
2024
$615M
2024
Net outflows of foreign direct investment
-$3.72B
2024
$10.3B
2024
Poverty at national poverty lines
22.5%
2022
n/a
Gross capital formation, % of GDP
24.8%
2025
15.1%
2024

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/kuwait | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1962–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2020–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

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.

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.