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Economy of Estonia vs Romania compared: GDP & Debt

Updated on by Georank

Estonia has a GDP of $47B compared to $429B for Romania, ranking 101/197 and 39/197 by economy size, respectively.

Estonia has $11.4B in government debt (24.2% of GDP), compared to $260B (60.6% of GDP) in Romania.

Estonia vs Romania GDP by year

Estonia
Romania
1x
Year GDP, current $
Estonia Romania
2025 $47,030,833,799 $428,677,977,855
2024 $43,130,419,829 $382,564,217,989
2023 $41,470,344,395 $347,757,995,759
2022 $38,226,641,740 $295,317,862,856
2021 $37,201,101,171 $285,072,444,957
2020 $31,820,771,494 $250,624,575,872
2019 $31,873,748,770 $250,080,428,512
2018 $31,222,632,741 $241,791,427,224
2017 $27,469,461,919 $210,147,385,855
2016 $24,561,027,788 $185,290,759,249
2015 $23,311,847,751 $177,885,131,240
2014 $27,055,689,003 $199,722,319,676
2013 $25,451,032,781 $189,798,603,751
2012 $23,237,406,116 $179,117,323,107
2011 $23,303,915,795 $192,623,977,894
2010 $19,524,355,419 $170,064,350,672
2009 $19,633,984,440 $174,110,532,659
2008 $24,342,935,404 $214,315,932,061
2007 $22,450,264,166 $174,588,782,939
2006 $17,025,671,810 $122,023,735,993
2005 $14,109,491,357 $98,454,380,120
2004 $12,148,595,031 $74,973,656,852
2003 $9,876,595,528 $57,806,384,143
2002 $7,370,119,619 $46,065,502,703
2001 $6,250,218,423 $40,395,116,581
2000 $5,686,579,748 $37,253,739,511
1999 $5,756,912,266 $35,953,156,754
1998 $5,674,080,543 $41,696,091,974
1997 $5,154,420,649 $35,575,214,078
1996 $4,786,018,988 $36,937,074,278
1995 $4,502,970,889 $37,430,162,103
1994 $4,123,011,420 $30,072,805,104
1993 $4,013,091,682 $26,361,160,450
1992 - $25,121,666,667
1991 - $28,850,634,900
1990 - $38,247,882,300
1989 - $41,450,777,202
1988 - $40,424,528,302
1987 - $38,067,567,568

Data sources: World Bank | Economy & Growth (1987–2025, retrieved 2026-07-08).

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

GDP per capita in Estonia vs Romania by year

Estonia
GDP per capita

GDP per capita, PPP
Romania
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Romania
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $34,418 - $22,538 -
2024 $31,428 $49,969 $20,080 $49,077
2023 $30,264 $48,637 $18,244 $45,982
2022 $28,340 $48,218 $15,503 $41,979
2021 $27,951 $44,252 $14,908 $37,534
2020 $23,934 $40,672 $13,009 $34,194
2019 $24,021 $40,586 $12,910 $33,425
2018 $23,618 $37,121 $12,416 $29,383
2017 $20,852 $34,507 $10,728 $26,943
2016 $18,666 $31,948 $9,405 $23,905
2015 $17,722 $29,713 $8,977 $21,625
2014 $20,582 $29,404 $10,032 $20,633
2013 $19,310 $27,831 $9,498 $19,678
2012 $17,568 $26,243 $8,930 $19,808
2011 $17,556 $24,652 $9,561 $18,804
2010 $14,664 $21,614 $8,400 $17,355
2009 $14,712 $20,489 $8,548 $16,641
2008 $18,206 $22,804 $10,435 $16,782
2007 $16,745 $22,201 $8,360 $13,703
2006 $12,641 $19,344 $5,758 $11,554
2005 $10,415 $16,638 $4,618 $9,602
2004 $8,916 $14,538 $3,495 $8,989
2003 $7,205 $13,135 $2,679 $7,559
2002 $5,343 $11,667 $2,120 $7,162
2001 $4,503 $10,309 $1,825 $6,520
2000 $4,071 $9,425 $1,660 $5,850
1999 $4,141 $8,412 $1,600 $5,596
1998 $4,093 $8,451 $1,853 $5,545
1997 $3,683 $7,980 $1,577 $5,564
1996 $3,381 $6,892 $1,633 $5,746
1995 $3,134 $6,480 $1,650 $5,429
1994 $2,819 $5,967 $1,323 $4,995
1993 $2,686 $5,814 $1,158 $4,699
1992 - $5,872 $1,102 $4,515
1991 - $7,151 $1,254 $4,795
1990 - $7,481 $1,648 $5,280
1989 - - $1,790 -
1988 - - $1,753 -
1987 - - $1,659 -

Data sources: World Bank | Economy & Growth (1987–2025, retrieved 2026-07-08).

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

Estonia's GDP per capita is $34,418, ranking 37/197, compared to $22,538 in Romania, ranking 57/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while Romania ranks 47th at $49,077.

Economic indicators

Estonia Romania
Gross domestic product
$47B
2025
$429B
2025
GDP rank
101/197
2025
39/197
2025
GDP growth
0.58%
2024-2025
0.68%
2024-2025
GDP per capita
$34,418
2025
$22,538
2025
GDP per capita rank
37/197
2025
57/197
2025
GDP per capita, PPP
$49,969
2024
$49,077
2024
GDP per capita PPP rank
45/197
2024
47/197
2024
Government debt
$11.4B
2025
$260B
2025
Debt-to-GDP ratio
24.2%
2025
60.6%
2025
Government debt per person
$8,325
2025
$13,650
2025
Government debt per person rank
67/185
2025
48/185
2025
Average annual personal income after taxes
$23,647
2026
$13,510
2026
Market capitalization of domestic companies n/a
$70.9B
2025
Number of billionaires
2
2026
6
2026
Income share by richest 10%
23.7%
2023
21.8%
2023
Income share by poorest 10%
3.1%
2023
2.4%
2023
Government expenditure, % of GDP
45.2%
2025
40.5%
2025
Consumer prices inflation
4.83%
2024-2025
7.3%
2024-2025
Central bank interest rate n/a
6.5%
2024
Unemployment rate
7.5%
2025
6.1%
2025
Population
1347027
18912567

Spending and national debt comparison by year

Estonia
Spending

Debt
Romania
Spending

Debt
1x
Year % of GDP
Estonia Romania
Government spending Government debt Government spending Government debt
2025 45.2% 24.2% 40.5% 60.6%
2024 43.6% 23.5% 40% 57.5%
2023 43.5% 20.2% 37% 52.6%
2022 40.1% 19.2% 37.5% 51.9%
2021 42.1% 18.4% 37.2% 51.8%
2020 44.7% 19.1% 38.3% 49.5%
2019 39.1% 9.05% 33.4% 36.8%
2018 38.8% 8.51% 31.9% 36.4%
2017 38.9% 9.43% 31% 37.1%
2016 38.9% 10.2% 31.8% 39.5%
2015 39.3% 10.8% 34.2% 39.4%
2014 37.6% 11.6% 33.8% 40.5%
2013 38.3% 11.4% 34.2% 39.3%
2012 39.4% 11.1% 33.5% 36.2%
2011 37.6% 7.6% 35% 32.6%
2010 40.7% 7.99% 37.4% 30.2%
2009 46.1% 7.98% 36.3% 22.5%
2008 39.5% 4.67% 35.3% 13%
2007 33.8% 3.91% 34.6% 12.4%
2006 33.5% 4.72% 33.9% 12.7%
2005 33.7% 4.73% 32.3% 17.8%
2004 34.1% 5.16% 33.7% 21.3%
2003 35% 5.6% 31.8% 24.9%
2002 35.9% 5.66% 32.1% 27.4%
2001 35.3% 4.93% 33.2% 27.4%
2000 36.4% 5.11% 35% 29.6%
1999 40.7% 5.93% 35.1% 21.7%
1998 38.9% 5.4% 34.7% 16.5%
1997 35.8% 6.03% 33.5% 15%
1996 38.6% 7.3% 33.5% 11%
1995 39.5% 8.66% 34.4% 6.91%
1994 - - 33.1% -
1993 - - 33.5% -
1992 - - 41.5% -
1991 - - 38.3% -
1990 - - 38.4% -
1989 - - 40.1% -
1988 - - 36.6% -
1987 - - 40.7% -
1986 - - 42.5% -
1985 - - 41.6% -
1984 - - 28.6% -
1983 - - 25.8% -
1982 - - 28.5% -
1981 - - 30.4% -
1980 - - 33.6% -
1979 - - 42% -
1978 - - 42.1% -
1977 - - 39.9% -
1976 - - 37.5% -
1975 - - 40.6% -
1974 - - 37.6% -
1973 - - 32.6% -
1972 - - 29.9% -
1971 - - 27.2% -
1970 - - 28.1% -
1969 - - 32.1% -
1968 - - 31.8% -
1967 - - 30.6% -
1966 - - 27.3% -
1965 - - 25.6% -
1964 - - 25.1% -
1963 - - 23.1% -
1962 - - 43.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1999, retrieved 2026-07-08).

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

In 2025, Estonia's government spending was $21.3B, accounting for 45.2% of its GDP, while Romania spent $173B, or 40.5% of GDP.

Debt-to-GDP ratio is 24.2% in Estonia and 60.6% in Romania, ranking 168/185 and 76/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Romania
1x
Year Deficit/surplus, % of GDP
Estonia Romania
2025 -1.33% -7.64%
2024 -1.54% -8.68%
2023 -3.07% -5.66%
2022 -1.08% -5.85%
2021 -2.57% -6.74%
2020 -5.42% -9.6%
2019 -0.11% -4.58%
2018 -1.15% -2.76%
2017 -1.07% -2.86%
2016 -0.62% -2.5%
2015 -0.24% -1.35%
2014 0.42% -1.76%
2013 -0.66% -2.44%
2012 -0.86% -2.39%
2011 0.09% -4.14%
2010 -1.09% -6.22%
2009 -3.43% -6.86%
2008 -2.92% -4.6%
2007 2.5% -3.05%
2006 2.71% -1.36%
2005 1.07% -0.69%
2004 2.29% -3.39%
2003 1.67% -2.29%
2002 0.29% -2.59%
2001 0.4% -3.2%
2000 -0.11% -3.99%
1999 -3.42% -3.58%
1998 0.65% -5.33%
1997 2.98% -5.19%
1996 -0.93% -4.74%
1995 -0.26% -3.32%
1994 - -2.2%
1993 - -0.35%
1992 - -4.55%
1991 - 3.23%
1990 - 1.03%
1989 - -2.87%
1988 - 8.4%
1987 - 2.37%
1986 - 5.72%
1985 - 6.36%
1984 - 15.2%
1983 - 9.35%
1982 - 0.36%
1981 - 0.61%
1980 - -1.95%
1979 - 0%
1978 - 0%
1977 - 0.23%
1976 - 0.66%
1975 - 0.41%
1974 - 0.51%
1973 - 1.53%
1972 - 1.21%
1971 - 0.89%
1970 - 0.52%
1969 - 0.93%
1968 - 1.65%
1967 - 1.23%
1966 - 0.91%
1965 - -1.29%
1964 - -3.11%
1963 - -1.61%
1962 - -4.86%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-07-08).

GeoRank.org/economy/estonia/romania | 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 Romania's deficit of $32.8B, or 7.64% of GDP.

Over the past 31 years, Estonia recorded a fiscal deficit in 20 of those years, while Romania ran a deficit in 31 years. On average, Estonia posted an annual deficit equal to 0.54% of GDP, compared to deficit of 4.17% of GDP for Romania.

Inflation comparison by year

Inflation
Estonia

Romania
1x
Year Consumer prices inflation
Estonia Romania
2025 4.83% 7.3%
2024 3.52% 5.6%
2023 9.16% 10.4%
2022 19.4% 13.8%
2021 4.65% 5%
2020 -0.44% 2.6%
2019 2.28% 3.8%
2018 3.44% 4.6%
2017 3.42% 1.3%
2016 0.15% -1.6%
2015 -0.49% -0.6%
2014 -0.11% 1.1%
2013 2.78% 4%
2012 3.93% 3.3%
2011 4.98% 5.8%
2010 2.97% 6.1%
2009 -0.08% 5.6%
2008 10.4% 7.8%
2007 6.6% 4.8%
2006 4.44% 6.6%
2005 4.08% 9%
2004 3.05% 11.9%
2003 1.33% 15.4%
2002 3.57% 22.5%
2001 5.75% 34.5%
2000 4.02% 45.7%
1999 3.3% 45.8%
1998 8.21% 59.1%
1997 10.6% 154.8%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Estonia has recorded an average annual inflation rate of 4.47%, compared with 17.1% in Romania. In 2025, inflation was 4.83% in Estonia and 7.3% in Romania.

Top exports between countries

Estonia
Export category Export value
Business & finance services $113M
Machinery & equipment $44M
IT & IP services $18.1M
Precious metals & jewellery $14.4M
Transport & tourism services $12.4M
Chemicals & pharma $11.9M
Metals $9.76M
Wood & paper products $8.17M
Raw agricultural goods $7.73M
Raw materials & minerals $6.07M
Romania
Export category Export value
Machinery & equipment $61.1M
Transport & tourism services $34.6M
Weapons & explosives $33.7M
IT & IP services $28.9M
Textiles & consumer goods $16.8M
Chemicals & pharma $8.7M
Metals $7.47M
Processed food, beverages & tobacco $6.85M
Business & finance services $4.98M
Raw materials & minerals $1.9M

Balance of trade

Estonia Romania
Current account balance
-$70M
2025
-$33.9B
2025
Current account balance ranking
79/190
2025
186/190
2025
Current account balance, % of GDP
-0.15%
2025
-7.9%
2025
Goods imports
$24.4B
2025
$139B
2025
Goods exports
$21.2B
2025
$102B
2025
Service imports
$12B
2025
$35.9B
2025
Service exports
$15.6B
2025
$50.1B
2025
Imports of goods and services, % of GDP
77.4%
2025
40.7%
2025
Exports of goods and services, % of GDP
78.4%
2025
35.5%
2025

Economic freedom indices

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

Estonia Romania
Economic freedom 78.7 65.4
Economic freedom ranking 10/197 64/197
Property rights 93.6 81
Government integrity 86.3 50
Judicial effectiveness 92.4 67
Tax burden 77.9 89.1
Government spending 46 56.7
Fiscal health 93.1 21.4
Business freedom 82.8 74.4
Labor freedom 59 63.6
Monetary freedom 73.9 72.7
Trade freedom 79.4 79.4
Investment freedom 90 70
Financial freedom 70 60

Economic freedom comparison by year

Estonia
Romania
1x
Year Economic freedom index
Estonia Romania
2026 78.7 65.4
2025 78.9 66.5
2024 77.8 64.4
2023 78.6 64.5
2022 80 67.1
2021 78.2 69.5
2020 77.7 69.7
2019 76.6 68.6
2018 78.8 69.4
2017 79.1 69.7
2016 77.2 65.6
2015 76.8 66.6
2014 75.9 65.5
2013 75.3 65.1
2012 73.2 64.4
2011 75.2 64.7
2010 74.7 64.2
2009 76.4 63.2
2008 77.9 61.7
2007 78 61.2
2006 74.9 58.2
2005 75.2 52.1
2004 77.4 50
2003 77.7 50.6
2002 77.6 48.7
2001 76.1 50
2000 69.9 52.1
1999 73.8 50.1
1998 72.5 54.4
1997 69.1 50.8
1996 65.4 46.2
1995 65.2 42.9

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

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

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 65.4 for Romania, ranking 64/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia Romania
Services, % of GDP
65.8%
2025
61.7%
2025
Industry, % of GDP
19.7%
2025
25.3%
2025
Agriculture, forestry, and fishing, % of GDP
1.65%
2025
3%
2025
GNI, Atlas method
$44.2B
2025
$384B
2025
GNI per capita, PPP
$51,370
2025
$49,550
2025
Total reserves including gold
$2.44B
2025
$90.6B
2025
Total reserves ranking
124/177
2025
31/177
2025
Net foreign direct investment
$814M
2025
-$8.57B
2025
Net inflows of foreign direct investment
-$3.44B
2024
$7.16B
2024
Net outflows of foreign direct investment
-$3.72B
2024
$1.99B
2024
Poverty at national poverty lines
22.5%
2022
19%
2023
Gross capital formation, % of GDP
24.8%
2025
25.9%
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/romania | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1985–2025, 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 (1962–1999, 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)

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.