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Economy of Estonia vs Nigeria compared: GDP & Debt

Updated on by Georank team

Estonia has a GDP of $43.1B compared to $252B for Nigeria, ranking 100/197 and 54/197 by economy size, respectively.

Estonia has $10.1B in government debt (23.4% of GDP), compared to $99.2B (39.3% of GDP) in Nigeria.

Estonia vs Nigeria GDP by year

Estonia
Nigeria
1x
Year GDP, current $
Estonia Nigeria
2024 $43,130,419,829 $252,261,880,141
2023 $41,470,344,395 $487,387,801,881
2022 $38,226,641,740 $646,950,257,578
2021 $37,201,101,171 $609,147,716,973
2020 $31,820,771,494 $598,586,817,819
2019 $31,873,748,770 $668,219,992,691
2018 $31,222,632,741 $421,739,251,509
2017 $27,469,461,919 $375,745,731,053
2016 $24,561,027,788 $404,649,125,252
2015 $23,311,847,751 $493,026,682,801
2014 $27,055,689,003 $574,183,763,412
2013 $25,451,032,781 $520,117,180,314
2012 $23,237,406,116 $463,971,018,239
2011 $23,303,915,795 $414,466,676,831
2010 $19,524,355,419 $366,990,417,129
2009 $19,633,984,440 $295,008,835,381
2008 $24,342,935,404 $339,476,276,258
2007 $22,450,264,166 $278,260,846,800
2006 $17,025,671,810 $238,454,997,161
2005 $14,109,491,357 $175,670,569,969
2004 $12,148,595,031 $135,764,731,646
2003 $9,876,595,528 $104,738,954,264
2002 $7,370,119,619 $95,054,059,303
2001 $6,250,218,423 $73,557,840,064
2000 $5,686,579,748 $69,171,451,627
1999 $5,756,912,266 $59,145,077,039
1998 $5,674,080,543 $218,416,200,673
1997 $5,154,420,649 $200,850,397,618
1996 $4,786,018,988 $185,730,236,700
1995 $4,502,970,889 $140,919,776,986
1994 $4,123,011,420 $80,399,613,064
1993 $4,013,091,682 $56,721,051,402
1992 - $52,058,181,854
1991 - $59,526,833,412
1990 - $54,035,795,388
1989 - $44,003,061,108
1988 - $49,648,470,440
1987 - $52,676,041,931
1986 - $54,805,852,581
1985 - $73,745,821,158
1984 - $73,484,359,521
1983 - $97,094,911,792
1982 - $142,769,363,314
1981 - $164,475,209,516
1980 - $64,201,788,123
1979 - $47,259,911,894
1978 - $36,527,862,209
1977 - $36,035,407,725
1976 - $36,308,883,249
1975 - $27,778,934,625
1974 - $24,846,641,318
1973 - $15,162,871,287
1972 - $12,274,416,018
1971 - $9,181,769,912
1970 - $12,546,094,982
1969 - $6,634,317,346
1968 - $5,200,997,920
1967 - $5,203,237,919
1966 - $6,366,917,453
1965 - $5,874,537,650
1964 - $5,552,931,319
1963 - $5,165,590,254
1962 - $4,909,399,176
1961 - $4,467,287,893
1960 - $4,196,174,502

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

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

GDP per capita in Estonia vs Nigeria by year

Estonia
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $31,428 $49,969 $1,084 $9,087
2023 $30,264 $48,637 $2,139 $8,705
2022 $28,340 $48,218 $2,899 $8,305
2021 $27,951 $44,252 $2,787 $7,588
2020 $23,934 $40,672 $2,797 $7,415
2019 $24,021 $40,586 $3,190 $7,551
2018 $23,618 $37,121 $2,058 $7,158
2017 $20,852 $34,507 $1,876 $7,037
2016 $18,666 $31,948 $2,070 $7,072
2015 $17,722 $29,713 $2,586 $7,308
2014 $20,582 $29,404 $3,089 $7,396
2013 $19,310 $27,831 $2,873 $7,004
2012 $17,568 $26,243 $2,633 $6,671
2011 $17,556 $24,652 $2,418 $6,585
2010 $14,664 $21,614 $2,202 $6,301
2009 $14,712 $20,489 $1,820 $5,927
2008 $18,206 $22,804 $2,154 $5,607
2007 $16,745 $22,201 $1,816 $5,298
2006 $12,641 $19,344 $1,600 $4,975
2005 $10,415 $16,638 $1,211 $4,678
2004 $8,916 $14,538 $962 $4,381
2003 $7,205 $13,135 $763 $4,015
2002 $5,343 $11,667 $712 $3,770
2001 $4,503 $10,309 $566 $3,309
2000 $4,071 $9,425 $547 $3,139
1999 $4,141 $8,412 $481 $3,002
1998 $4,093 $8,451 $1,822 $3,022
1997 $3,683 $7,980 $1,720 $2,990
1996 $3,381 $6,892 $1,633 $2,931
1995 $3,134 $6,480 $1,272 $2,835
1994 $2,819 $5,967 $745 $2,853
1993 $2,686 $5,814 $540 $2,921
1992 - $5,872 $509 $2,991
1991 - $7,151 $597 $2,870
1990 - $7,481 $556 $2,840
1989 - - $465 -
1988 - - $540 -
1987 - - $588 -
1986 - - $628 -
1985 - - $869 -
1984 - - $890 -
1983 - - $1,207 -
1982 - - $1,822 -
1981 - - $2,162 -
1980 - - $870 -
1979 - - $661 -
1978 - - $527 -
1977 - - $536 -
1976 - - $556 -
1975 - - $438 -
1974 - - $403 -
1973 - - $252.4 -
1972 - - $209.5 -
1971 - - $160.5 -
1970 - - $224.5 -
1969 - - $121.4 -
1968 - - $97.3 -
1967 - - $99.5 -
1966 - - $124.4 -
1965 - - $117.3 -
1964 - - $113.3 -
1963 - - $107.7 -
1962 - - $104.5 -
1961 - - $97.1 -
1960 - - $93.1 -

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

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

Estonia's GDP per capita is $31,428, ranking 40/197, compared to $1,084 in Nigeria, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while Nigeria ranks 136th at $9,087.

Economic indicators

Estonia Nigeria
Gross domestic product
$43.1B
2024
$252B
2024
GDP rank
100/197
2024
54/197
2024
GDP growth
-0.09%
2023-2024
4.06%
2023-2024
GDP per capita
$31,428
2024
$1,084
2024
GDP per capita rank
40/197
2024
174/197
2024
GDP per capita, PPP
$49,969
2024
$9,087
2024
GDP per capita PPP rank
45/197
2024
136/197
2024
Government debt
$10.1B
2024
$99.2B
2024
Debt-to-GDP ratio
23.4%
2024
39.3%
2024
Government debt per person
$7,356
2024
$426
2024
Government debt per person rank
65/185
2024
170/185
2024
Average annual personal income after taxes
$23,740
2026
$1,104
2026
Market capitalization of domestic companies n/a
$54.4B
2024
Number of billionaires
2
2025
4
2025
Income share by richest 10%
23.7%
2023
26.3%
2022
Income share by poorest 10%
3.1%
2023
3%
2022
Government expenditure, % of GDP
43.6%
2024
12.3%
2024
Consumer prices inflation
3.52%
2023-2024
33.2%
2023-2024
Central bank interest rate n/a
27%
2025
Unemployment rate
7.5%
2024
3.45%
2024
Population
1339590
243824469

Spending and national debt comparison by year

Estonia
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Estonia Nigeria
Government spending Government debt Government spending Government debt
2024 43.6% 23.4% 12.3% 39.3%
2023 43.5% 20.1% 10.4% 36.3%
2022 40.1% 19.2% 10.6% 29.8%
2021 42.1% 18.4% 9.09% 26.6%
2020 44.7% 19.1% 8.73% 25.7%
2019 39.1% 9.05% 8.87% 21.4%
2018 38.8% 8.51% 9.1% 20.4%
2017 38.9% 9.43% 8.51% 18%
2016 38.9% 10.2% 6.93% 17.4%
2015 39.3% 10.8% 7.85% 14.9%
2014 37.6% 11.6% 9.49% 12.9%
2013 38.3% 11.4% 10% 13%
2012 39.4% 11.1% 10.5% 12.5%
2011 37.6% 7.6% 12.3% 12.4%
2010 40.7% 7.99% 11.8% 6.67%
2009 46.1% 7.98% 11% 6.12%
2008 39.5% 4.67% 10.2% 5.17%
2007 33.8% 3.91% 12.9% 5.76%
2006 33.5% 4.72% 8.75% 6.68%
2005 33.7% 4.73% 12.6% 13.4%
2004 34.1% 5.16% 13% 25.2%
2003 35% 5.6% 16.5% 29.9%
2002 35.9% 5.66% 13.8% 30.7%
2001 35.3% 4.93% 21.9% 37.7%
2000 36.4% 5.11% 17.6% 40.9%
1999 40.7% 5.93% 14.9% 46.1%
1998 38.9% 5.4% 11.2% 15.8%
1997 35.8% 6.03% 9.68% 17.1%
1996 38.6% 7.3% 7.87% 17.9%
1995 39.5% 8.66% 8.87% 24.2%
1994 - - 12.1% 39.7%
1993 - - 20% 50.4%
1992 - - 15.9% 49.8%
1991 - - 13.6% 53.2%
1990 - - 14.2% 50.9%

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

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

In 2024, Estonia's government spending was $18.8B, accounting for 43.6% of its GDP, while Nigeria spent $31.1B, or 12.3% of GDP.

Debt-to-GDP ratio is 23.4% in Estonia and 39.3% in Nigeria, ranking 171/185 and 135/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Nigeria
1x
Year Deficit/surplus, % of GDP
Estonia Nigeria
2024 -1.51% -1.57%
2023 -3.13% -3.12%
2022 -1.08% -4%
2021 -2.57% -3.97%
2020 -5.42% -4.03%
2019 -0.11% -3.31%
2018 -1.15% -3.06%
2017 -1.07% -3.85%
2016 -0.62% -3.3%
2015 -0.24% -2.7%
2014 0.42% -1.72%
2013 -0.66% -1.89%
2012 -0.86% -0.09%
2011 0.09% 0.31%
2010 -1.09% -2.96%
2009 -3.43% -3.78%
2008 -2.92% 4.05%
2007 2.5% -0.79%
2006 2.71% 6.22%
2005 1.07% 3.49%
2004 2.29% 3.9%
2003 1.67% -1.56%
2002 0.29% 0.95%
2001 0.4% -2.29%
2000 -0.11% 2.89%
1999 -3.42% -1.39%
1998 0.65% -3.47%
1997 2.98% 1.14%
1996 -0.93% 3.37%
1995 -0.26% 2.52%
1994 - -2.96%
1993 - -6.07%
1992 - 0.94%
1991 - -1.18%
1990 - -0.48%

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

GeoRank.org/economy/estonia/nigeria | 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 Nigeria's deficit of $3.95B, or 1.57% of GDP.

Over the past 30 years, Estonia recorded a fiscal deficit in 19 of those years, while Nigeria ran a deficit in 20 years. On average, Estonia posted an annual deficit equal to 0.52% of GDP, compared to deficit of 0.8% of GDP for Nigeria.

Inflation comparison by year

Inflation
Estonia

Nigeria
1x
Year Consumer prices inflation
Estonia Nigeria
2024 3.52% 33.2%
2023 9.16% 24.7%
2022 19.4% 18.8%
2021 4.65% 17%
2020 -0.44% 13.2%
2019 2.28% 11.4%
2018 3.44% 12.1%
2017 3.42% 16.5%
2016 0.15% 15.7%
2015 -0.49% 9.01%
2014 -0.11% 8.05%
2013 2.78% 8.5%
2012 3.93% 12.2%
2011 4.98% 10.8%
2010 2.97% 13.7%
2009 -0.08% 12.5%
2008 10.4% 11.6%
2007 6.6% 5.39%
2006 4.44% 8.23%
2005 4.08% 17.9%
2004 3.05% 15%
2003 1.33% 14%
2002 3.57% 12.9%
2001 5.75% 18.9%
2000 4.02% 6.93%
1999 3.3% 6.62%
1998 8.21% 10%
1997 10.6% 8.53%

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

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

Over the past 28 years, Estonia has recorded an average annual inflation rate of 4.46%, compared with 13.3% in Nigeria. In 2024, inflation was 3.52% in Estonia and 33.2% in Nigeria.

Top exports between countries

Estonia
Export category Export value
Business & finance services $66M
Raw agricultural goods $25.5M
Machinery & equipment $4.57M
Transport & tourism services $3.9M
IT & IP services $1.79M
Textiles & consumer goods $508K
Processed food, beverages & tobacco $290K
Raw materials & minerals $172K
Metals $38K
Chemicals & pharma $27K
Nigeria
Export category Export value
Processed food, beverages & tobacco $20.6M
Raw agricultural goods $704K
Chemicals & pharma $34K

Balance of trade

Estonia Nigeria
Current account balance
-$543M
2024
$17.2B
2024
Current account balance ranking
107/190
2024
20/190
2024
Current account balance, % of GDP
-1.26%
2024
+6.82%
2024
Goods imports
$22.1B
2024
$39.8B
2024
Goods exports
$19B
2024
$53B
2024
Service imports
$10.4B
2024
$17.9B
2024
Service exports
$13.6B
2024
$4.57B
2024
Imports of goods and services, % of GDP
75.4%
2024
16.9%
1960
Exports of goods and services, % of GDP
75.7%
2024
9.24%
1960

Economic freedom indices

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

Estonia Nigeria
Economic freedom 78.7 54.8
Economic freedom ranking 10/197 132/197
Property rights 93.6 29.7
Government integrity 86.3 23.5
Judicial effectiveness 92.4 34.4
Tax burden 77.9 84.6
Government spending 46 96.3
Fiscal health 93.1 83.5
Business freedom 82.8 50.3
Labor freedom 59 75.4
Monetary freedom 73.9 56.1
Trade freedom 79.4 64.4
Investment freedom 90 30
Financial freedom 70 30

Economic freedom comparison by year

Estonia
Nigeria
1x
Year Economic freedom index
Estonia Nigeria
2026 78.7 54.8
2025 78.9 53.4
2024 77.8 53.1
2023 78.6 53.9
2022 80 54.4
2021 78.2 58.7
2020 77.7 57.2
2019 76.6 57.3
2018 78.8 58.5
2017 79.1 57.1
2016 77.2 57.5
2015 76.8 55.6
2014 75.9 54.3
2013 75.3 55.1
2012 73.2 56.3
2011 75.2 56.7
2010 74.7 56.8
2009 76.4 55.1
2008 77.9 55.1
2007 78 55.6
2006 74.9 48.7
2005 75.2 48.4
2004 77.4 49.2
2003 77.7 49.5
2002 77.6 50.9
2001 76.1 49.6
2000 69.9 53.1
1999 73.8 55.7
1998 72.5 52.3
1997 69.1 52.8
1996 65.4 47.4
1995 65.2 47.3

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

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

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 54.8 for Nigeria, ranking 132/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia Nigeria
Services, % of GDP
65.7%
2024
53.7%
2024
Industry, % of GDP
20.1%
2024
18.2%
2024
Agriculture, forestry, and fishing, % of GDP
1.77%
2024
25.9%
2024
GNI, Atlas method
$39.6B
2024
$396B
2024
GNI per capita, PPP
$48,880
2024
$8,850
2024
Total reserves including gold
$2.07B
2024
$38.6B
2024
Total reserves ranking
125/177
2024
51/177
2024
Net foreign direct investment
-$285M
2024
-$672M
2024
Net inflows of foreign direct investment
-$3.44B
2024
$1.08B
2024
Net outflows of foreign direct investment
-$3.72B
2024
$408M
2024
Servicing debt to the IMF, % of GNI n/a
5.48%
2024
Poverty at national poverty lines
22.5%
2022
56.2%
2023
Gross capital formation, % of GDP
24.6%
2024
n/a

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/nigeria | 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 (2021–2024, 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.

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.