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Economy of Estonia vs Malaysia compared: GDP & Debt

Updated on by Georank team

Estonia has a GDP of $43.1B compared to $422B for Malaysia, ranking 100/197 and 38/197 by economy size, respectively.

Estonia has $10.1B in government debt (23.4% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Estonia vs Malaysia GDP by year

Estonia
Malaysia
1x
Year GDP, current $
Estonia Malaysia
2024 $43,130,419,829 $422,227,005,429
2023 $41,470,344,395 $399,949,418,753
2022 $38,226,641,740 $407,830,525,990
2021 $37,201,101,171 $373,784,553,030
2020 $31,820,771,494 $337,456,163,961
2019 $31,873,748,770 $365,177,721,022
2018 $31,222,632,741 $358,788,845,713
2017 $27,469,461,919 $319,109,094,160
2016 $24,561,027,788 $301,256,033,870
2015 $23,311,847,751 $301,355,266,965
2014 $27,055,689,003 $338,066,095,097
2013 $25,451,032,781 $323,276,235,524
2012 $23,237,406,116 $314,443,047,642
2011 $23,303,915,795 $297,951,668,675
2010 $19,524,355,419 $255,017,638,456
2009 $19,633,984,440 $202,257,453,037
2008 $24,342,935,404 $230,811,614,370
2007 $22,450,264,166 $193,549,569,478
2006 $17,025,671,810 $162,692,258,307
2005 $14,109,491,357 $143,534,405,819
2004 $12,148,595,031 $124,749,473,684
2003 $9,876,595,528 $110,202,368,421
2002 $7,370,119,619 $100,845,526,316
2001 $6,250,218,423 $92,783,947,368
2000 $5,686,579,748 $93,789,736,842
1999 $5,756,912,266 $79,148,421,053
1998 $5,674,080,543 $72,167,498,981
1997 $5,154,420,649 $100,005,323,302
1996 $4,786,018,988 $100,855,393,910
1995 $4,502,970,889 $88,705,342,903
1994 $4,123,011,420 $74,478,356,958
1993 $4,013,091,682 $66,894,966,969
1992 - $59,167,550,163
1991 - $49,143,148,094
1990 - $44,024,585,240
1989 - $38,847,965,293
1988 - $35,272,109,220
1987 - $32,181,210,158
1986 - $27,734,111,400
1985 - $31,199,633,353
1984 - $33,942,897,422
1983 - $30,347,442,111
1982 - $26,804,493,635
1981 - $25,004,285,792
1980 - $24,488,224,677
1979 - $21,213,264,962
1978 - $16,358,079,862
1977 - $13,139,488,633
1976 - $11,050,234,599
1975 - $9,298,800,799
1974 - $9,496,204,302
1973 - $7,662,902,678
1972 - $5,043,347,250
1971 - $4,244,395,956
1970 - $3,864,145,667
1969 - $3,664,552,041
1968 - $3,330,371,551
1967 - $3,188,924,677
1966 - $3,143,517,944
1965 - $2,956,337,669
1964 - $2,674,423,922
1963 - $2,510,110,348
1962 - $2,001,489,602
1961 - $1,901,856,123
1960 - $1,916,229,477

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Estonia vs Malaysia by year

Estonia
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $31,428 $49,969 $11,874 $38,779
2023 $30,264 $48,637 $11,386 $36,467
2022 $28,340 $48,218 $11,755 $34,420
2021 $27,951 $44,252 $10,903 $29,823
2020 $23,934 $40,672 $9,958 $27,475
2019 $24,021 $40,586 $10,920 $28,934
2018 $23,618 $37,121 $10,902 $27,794
2017 $20,852 $34,507 $9,863 $26,416
2016 $18,666 $31,948 $9,477 $25,286
2015 $17,722 $29,713 $9,649 $24,526
2014 $20,582 $29,404 $11,013 $24,307
2013 $19,310 $27,831 $10,714 $23,161
2012 $17,568 $26,243 $10,601 $22,639
2011 $17,556 $24,652 $10,217 $21,324
2010 $14,664 $21,614 $8,899 $20,193
2009 $14,712 $20,489 $7,191 $18,923
2008 $18,206 $22,804 $8,372 $19,480
2007 $16,745 $22,201 $7,169 $18,617
2006 $12,641 $19,344 $6,158 $17,426
2005 $10,415 $16,638 $5,556 $16,371
2004 $8,916 $14,538 $4,939 $15,416
2003 $7,205 $13,135 $4,465 $14,387
2002 $5,343 $11,667 $4,184 $13,656
2001 $4,503 $10,309 $3,944 $13,072
2000 $4,071 $9,425 $4,084 $13,027
1999 $4,141 $8,412 $3,528 $11,980
1998 $4,093 $8,451 $3,294 $11,398
1997 $3,683 $7,980 $4,679 $12,469
1996 $3,381 $6,892 $4,837 $11,709
1995 $3,134 $6,480 $4,363 $10,720
1994 $2,819 $5,967 $3,758 $9,806
1993 $2,686 $5,814 $3,462 $9,018
1992 - $5,872 $3,141 $8,224
1991 - $7,151 $2,679 $7,583
1990 - $7,481 $2,469 $6,887
1989 - - $2,244 -
1988 - - $2,100 -
1987 - - $1,977 -
1986 - - $1,760 -
1985 - - $2,046 -
1984 - - $2,300 -
1983 - - $2,124 -
1982 - - $1,938 -
1981 - - $1,866 -
1980 - - $1,886 -
1979 - - $1,680 -
1978 - - $1,327 -
1977 - - $1,092 -
1976 - - $940 -
1975 - - $811 -
1974 - - $848 -
1973 - - $701 -
1972 - - $472 -
1971 - - $407 -
1970 - - $380 -
1969 - - $368 -
1968 - - $342 -
1967 - - $335 -
1966 - - $339 -
1965 - - $326 -
1964 - - $303 -
1963 - - $291.8 -
1962 - - $238.8 -
1961 - - $232.9 -
1960 - - $240.8 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Estonia's GDP per capita is $31,428, ranking 40/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while Malaysia ranks 60th at $38,779.

Economic indicators

Estonia Malaysia
Gross domestic product
$43.1B
2024
$422B
2024
GDP rank
100/197
2024
38/197
2024
GDP growth
-0.09%
2023-2024
5.11%
2023-2024
GDP per capita
$31,428
2024
$11,874
2024
GDP per capita rank
40/197
2024
79/197
2024
GDP per capita, PPP
$49,969
2024
$38,779
2024
GDP per capita PPP rank
45/197
2024
60/197
2024
Government debt
$10.1B
2024
$296B
2024
Debt-to-GDP ratio
23.4%
2024
70.1%
2024
Government debt per person
$7,356
2024
$8,322
2024
Government debt per person rank
65/185
2024
62/185
2024
Average annual personal income after taxes
$23,740
2026
$11,005
2026
Market capitalization of domestic companies n/a
$449B
2024
Number of billionaires
2
2025
19
2025
Income share by richest 10%
23.7%
2023
30.9%
2021
Income share by poorest 10%
3.1%
2023
2.3%
2021
Government expenditure, % of GDP
43.6%
2024
23.9%
2024
Consumer prices inflation
3.52%
2023-2024
1.83%
2023-2024
Central bank interest rate n/a
2.75%
2025
Unemployment rate
7.5%
2024
3.93%
2022
Population
1339590
36512221

Spending and national debt comparison by year

Estonia
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Estonia Malaysia
Government spending Government debt Government spending Government debt
2024 43.6% 23.4% 23.9% 70.1%
2023 43.5% 20.1% 24.9% 69.7%
2022 40.1% 19.2% 24.6% 65.5%
2021 42.1% 18.4% 24.5% 69.2%
2020 44.7% 19.1% 25% 67.7%
2019 39.1% 9.05% 23.6% 57.1%
2018 38.8% 8.51% 22.8% 55.6%
2017 38.9% 9.43% 22% 54.4%
2016 38.9% 10.2% 22.9% 55.8%
2015 39.3% 10.8% 24.7% 57%
2014 37.6% 11.6% 26% 55.4%
2013 38.3% 11.4% 27.8% 55.7%
2012 39.4% 11.1% 28.5% 53.8%
2011 37.6% 7.6% 27.1% 51.9%
2010 40.7% 7.99% 26.6% 51.2%
2009 46.1% 7.98% 30.9% 50.4%
2008 39.5% 4.67% 26.9% 39.4%
2007 33.8% 3.91% 25.9% 39.3%
2006 33.5% 4.72% 25.6% 39.7%
2005 33.7% 4.73% 24.5% 40.8%
2004 34.1% 5.16% 25.9% 42%
2003 35% 5.6% 28.1% 41.4%
2002 35.9% 5.66% 27.1% 39.5%
2001 35.3% 4.93% 28.2% 38.1%
2000 36.4% 5.11% 25.6% 32.5%
1999 40.7% 5.93% 24.6% 34.4%
1998 38.9% 5.4% 23.1% 33.6%
1997 35.8% 6.03% 21.2% 29.6%
1996 38.6% 7.3% 22.4% 32.8%
1995 39.5% 8.66% 22.6% 38.2%
1994 - - 23.3% 43.7%
1993 - - 24.6% 51.1%
1992 - - 28.2% 59.1%
1991 - - 27.4% 67.3%
1990 - - 30.5% 74.1%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Estonia's government spending was $18.8B, accounting for 43.6% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 23.4% in Estonia and 70.1% in Malaysia, ranking 171/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Malaysia
1x
Year Deficit/surplus, % of GDP
Estonia Malaysia
2024 -1.51% -3.95%
2023 -3.13% -3.97%
2022 -1.08% -4.56%
2021 -2.57% -6.03%
2020 -5.42% -4.9%
2019 -0.11% -2.01%
2018 -1.15% -2.64%
2017 -1.07% -2.41%
2016 -0.62% -2.6%
2015 -0.24% -2.55%
2014 0.42% -2.63%
2013 -0.66% -3.48%
2012 -0.86% -3.1%
2011 0.09% -3.57%
2010 -1.09% -4.32%
2009 -3.43% -5.88%
2008 -2.92% -3.4%
2007 2.5% -2.57%
2006 2.71% -2.6%
2005 1.07% -2.83%
2004 2.29% -3.35%
2003 1.67% -4.6%
2002 0.29% -3.96%
2001 0.4% -4.36%
2000 -0.11% -6.05%
1999 -3.42% -3%
1998 0.65% -0.63%
1997 2.98% 4.84%
1996 -0.93% 3.27%
1995 -0.26% 3.1%
1994 - 5.45%
1993 - 3.44%
1992 - 1.81%
1991 - 1.6%
1990 - 0.15%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/estonia/malaysia | 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 Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 30 years, Estonia recorded a fiscal deficit in 19 of those years, while Malaysia ran a deficit in 27 years. On average, Estonia posted an annual deficit equal to 0.52% of GDP, compared to deficit of 2.83% of GDP for Malaysia.

Inflation comparison by year

Inflation
Estonia

Malaysia
1x
Year Consumer prices inflation
Estonia Malaysia
2024 3.52% 1.83%
2023 9.16% 2.49%
2022 19.4% 3.38%
2021 4.65% 2.48%
2020 -0.44% -1.14%
2019 2.28% 0.66%
2018 3.44% 0.88%
2017 3.42% 3.87%
2016 0.15% 2.09%
2015 -0.49% 2.1%
2014 -0.11% 3.14%
2013 2.78% 2.11%
2012 3.93% 1.66%
2011 4.98% 3.17%
2010 2.97% 1.62%
2009 -0.08% 0.58%
2008 10.4% 5.44%
2007 6.6% 2.03%
2006 4.44% 3.61%
2005 4.08% 2.98%
2004 3.05% 1.42%
2003 1.33% 1.09%
2002 3.57% 1.81%
2001 5.75% 1.42%
2000 4.02% 1.53%
1999 3.3% 2.74%
1998 8.21% 5.27%
1997 10.6% 2.66%

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

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

Over the past 28 years, Estonia has recorded an average annual inflation rate of 4.46%, compared with 2.25% in Malaysia. In 2024, inflation was 3.52% in Estonia and 1.83% in Malaysia.

Top exports between countries

Estonia
Export category Export value
IT & IP services $63.1M
Machinery & equipment $10.3M
Metals $4.88M
Transport & tourism services $1.37M
Wood & paper products $1.06M
Raw materials & minerals $1.06M
Business & finance services $737K
Textiles & consumer goods $591K
Animal & marine products $407K
Chemicals & pharma $337K
Malaysia
Export category Export value
Processed food, beverages & tobacco $156M
Raw materials & minerals $8.7M
Machinery & equipment $3.76M
Chemicals & pharma $3.1M
Textiles & consumer goods $1.7M
Metals $651K
Wood & paper products $81K
Miscellaneous $23K
Precious metals & jewellery $3K

Balance of trade

Estonia Malaysia
Current account balance
-$543M
2024
$7.15B
2024
Current account balance ranking
107/190
2024
26/190
2024
Current account balance, % of GDP
-1.26%
2024
+1.69%
2024
Goods imports
$22.1B
2024
$223B
2024
Goods exports
$19B
2024
$248B
2024
Service imports
$10.4B
2024
$56.4B
2024
Service exports
$13.6B
2024
$53.4B
2024
Imports of goods and services, % of GDP
75.4%
2024
66%
2024
Exports of goods and services, % of GDP
75.7%
2024
71.3%
2024

Economic freedom indices

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

Estonia Malaysia
Economic freedom 78.7 68
Economic freedom ranking 10/197 51/197
Property rights 93.6 62.7
Government integrity 86.3 52.9
Judicial effectiveness 92.4 63.4
Tax burden 77.9 83.5
Government spending 46 82
Fiscal health 93.1 62.5
Business freedom 82.8 79.6
Labor freedom 59 55.4
Monetary freedom 73.9 80.8
Trade freedom 79.4 83
Investment freedom 90 60
Financial freedom 70 50

Economic freedom comparison by year

Estonia
Malaysia
1x
Year Economic freedom index
Estonia Malaysia
2026 78.7 68
2025 78.9 67.1
2024 77.8 65.7
2023 78.6 67.3
2022 80 68.1
2021 78.2 74.4
2020 77.7 74.7
2019 76.6 74
2018 78.8 74.5
2017 79.1 73.8
2016 77.2 71.5
2015 76.8 70.8
2014 75.9 69.6
2013 75.3 66.1
2012 73.2 66.4
2011 75.2 66.3
2010 74.7 64.8
2009 76.4 64.6
2008 77.9 63.9
2007 78 63.8
2006 74.9 61.6
2005 75.2 61.9
2004 77.4 59.9
2003 77.7 61.1
2002 77.6 60.1
2001 76.1 60.2
2000 69.9 66
1999 73.8 68.9
1998 72.5 68.2
1997 69.1 66.8
1996 65.4 69.9
1995 65.2 71.9

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

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

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia Malaysia
Services, % of GDP
65.7%
2024
53.7%
2024
Industry, % of GDP
20.1%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
1.77%
2024
8.13%
2024
GNI, Atlas method
$39.6B
2024
$414B
2024
GNI per capita, PPP
$48,880
2024
$37,450
2024
Total reserves including gold
$2.07B
2024
$116B
2024
Total reserves ranking
125/177
2024
24/177
2024
Net foreign direct investment
-$285M
2024
-$2.55B
2024
Net inflows of foreign direct investment
-$3.44B
2024
$15.6B
2024
Net outflows of foreign direct investment
-$3.72B
2024
$13B
2024
Poverty at national poverty lines
22.5%
2022
5.8%
2023
Gross capital formation, % of GDP
24.6%
2024
22%
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/malaysia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2022–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.

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.