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Economy of Estonia vs Russia compared: GDP & Debt

Updated on by Georank

Estonia has a GDP of $47B compared to $2.56T for Russia, ranking 101/197 and 8/197 by economy size, respectively.

Estonia has $11.4B in government debt (24.2% of GDP), compared to $440B (17.2% of GDP) in Russia.

Estonia vs Russia GDP by year

Estonia
Russia
1x
Year GDP, current $
Estonia Russia
2025 $47,030,833,799 $2,561,310,169,359
2024 $43,130,419,829 $2,186,462,268,813
2023 $41,470,344,395 $2,046,284,838,151
2022 $38,226,641,740 $2,292,495,097,681
2021 $37,201,101,171 $1,829,186,719,575
2020 $31,820,771,494 $1,493,075,894,362
2019 $31,873,748,770 $1,693,115,002,708
2018 $31,222,632,741 $1,657,328,773,461
2017 $27,469,461,919 $1,574,199,360,089
2016 $24,561,027,788 $1,276,786,350,881
2015 $23,311,847,751 $1,363,482,182,198
2014 $27,055,689,003 $2,059,241,589,895
2013 $25,451,032,781 $2,292,470,078,346
2012 $23,237,406,116 $2,208,293,553,878
2011 $23,303,915,795 $2,045,922,753,398
2010 $19,524,355,419 $1,524,916,715,224
2009 $19,633,984,440 $1,222,645,900,056
2008 $24,342,935,404 $1,660,848,058,303
2007 $22,450,264,166 $1,299,703,478,482
2006 $17,025,671,810 $989,932,071,353
2005 $14,109,491,357 $764,015,973,481
2004 $12,148,595,031 $591,016,690,732
2003 $9,876,595,528 $430,347,420,185
2002 $7,370,119,619 $345,470,494,418
2001 $6,250,218,423 $306,602,070,621
2000 $5,686,579,748 $259,710,142,197
1999 $5,756,912,266 $195,907,128,351
1998 $5,674,080,543 $270,955,486,862
1997 $5,154,420,649 $404,928,954,192
1996 $4,786,018,988 $391,724,890,744
1995 $4,502,970,889 $395,537,185,735
1994 $4,123,011,420 $395,077,301,248
1993 $4,013,091,682 $435,083,713,851
1992 - $460,290,556,901
1991 - $517,962,962,963
1990 - $517,014,446,228
1989 - $506,631,299,735
1988 - $554,828,660,436

Data sources: World Bank | Economy & Growth (1988–2025, retrieved 2026-07-08).

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

GDP per capita in Estonia vs Russia by year

Estonia
GDP per capita

GDP per capita, PPP
Russia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Russia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $34,418 - $17,847 -
2024 $31,428 $49,969 $15,219 $47,362
2023 $30,264 $48,637 $14,227 $44,269
2022 $28,340 $48,218 $15,894 $40,939
2021 $27,951 $44,252 $12,637 $38,638
2020 $23,934 $40,672 $10,280 $31,491
2019 $24,021 $40,586 $11,640 $30,964
2018 $23,618 $37,121 $11,399 $28,629
2017 $20,852 $34,507 $10,835 $25,778
2016 $18,666 $31,948 $8,804 $24,012
2015 $17,722 $29,713 $9,427 $23,994
2014 $20,582 $29,404 $14,277 $25,688
2013 $19,310 $27,831 $15,941 $26,020
2012 $17,568 $26,243 $15,402 $24,274
2011 $17,556 $24,652 $14,305 $22,790
2010 $14,664 $21,614 $10,675 $20,490
2009 $14,712 $20,489 $8,563 $19,390
2008 $18,206 $22,804 $11,635 $20,164
2007 $16,745 $22,201 $9,101 $16,648
2006 $12,641 $19,344 $6,920 $14,912
2005 $10,415 $16,638 $5,323 $11,822
2004 $8,916 $14,538 $4,102 $10,227
2003 $7,205 $13,135 $2,975 $9,255
2002 $5,343 $11,667 $2,378 $8,037
2001 $4,503 $10,309 $2,100 $7,361
2000 $4,071 $9,425 $1,772 $6,825
1999 $4,141 $8,412 $1,331 $5,914
1998 $4,093 $8,451 $1,835 $5,465
1997 $3,683 $7,980 $2,738 $5,700
1996 $3,381 $6,892 $2,644 $5,518
1995 $3,134 $6,480 $2,666 $5,613
1994 $2,819 $5,967 $2,662 $5,734
1993 $2,686 $5,814 $2,931 $6,420
1992 - $5,872 $3,099 $6,862
1991 - $7,151 $3,490 $7,858
1990 - $7,481 $3,494 $8,028
1989 - - $3,430 -
1988 - - $3,778 -

Data sources: World Bank | Economy & Growth (1988–2025, retrieved 2026-07-08).

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

Estonia's GDP per capita is $34,418, ranking 37/197, compared to $17,847 in Russia, ranking 68/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while Russia ranks 50th at $47,362.

Economic indicators

Estonia Russia
Gross domestic product
$47B
2025
$2.56T
2025
GDP rank
101/197
2025
8/197
2025
GDP growth
0.58%
2024-2025
1%
2024-2025
GDP per capita
$34,418
2025
$17,847
2025
GDP per capita rank
37/197
2025
68/197
2025
GDP per capita, PPP
$49,969
2024
$47,362
2024
GDP per capita PPP rank
45/197
2024
50/197
2024
Government debt
$11.4B
2025
$440B
2025
Debt-to-GDP ratio
24.2%
2025
17.2%
2025
Government debt per person
$8,325
2025
$3,068
2025
Government debt per person rank
67/185
2025
105/185
2025
Average annual personal income after taxes
$23,647
2026
$11,183
2026
Market capitalization of domestic companies n/a
$650B
2023
Number of millionaires n/a
447,000
2026
Number of billionaires
2
2026
147
2026
Income share by richest 10%
23.7%
2023
25.1%
2023
Income share by poorest 10%
3.1%
2023
3.1%
2023
Government expenditure, % of GDP
45.2%
2025
39.1%
2025
Consumer prices inflation
4.83%
2024-2025
8.7%
2024-2025
Central bank interest rate n/a
14.5%
2026
Unemployment rate
7.5%
2025
2.13%
2025
Population
1347027
142643173

Spending and national debt comparison by year

Estonia
Spending

Debt
Russia
Spending

Debt
1x
Year % of GDP
Estonia Russia
Government spending Government debt Government spending Government debt
2025 45.2% 24.2% 39.1% 17.2%
2024 43.6% 23.5% 36.7% 14.8%
2023 43.5% 20.2% 36.1% 15.2%
2022 40.1% 19.2% 35.1% 15.1%
2021 42.1% 18.4% 34.9% 16.5%
2020 44.7% 19.1% 39.2% 19.2%
2019 39.1% 9.05% 33.8% 13.7%
2018 38.8% 8.51% 32.6% 13.6%
2017 38.9% 9.43% 34.8% 14.3%
2016 38.9% 10.2% 36.6% 14.8%
2015 39.3% 10.8% 35.3% 15.3%
2014 37.6% 11.6% 34.9% 15.1%
2013 38.3% 11.4% 34.7% 12.3%
2012 39.4% 11.1% 34% 11.2%
2011 37.6% 7.6% 33.3% 10.3%
2010 40.7% 7.99% 35.5% 10.1%
2009 46.1% 7.98% 38.6% 9.92%
2008 39.5% 4.67% 32% 7.45%
2007 33.8% 3.91% 31.9% 8.03%
2006 33.5% 4.72% 29% 9.8%
2005 33.7% 4.73% 29.5% 14.9%
2004 34.1% 5.16% 29.6% 20.8%
2003 35% 5.6% 32.6% 28.3%
2002 35.9% 5.66% 33.8% 37.6%
2001 35.3% 4.93% 31.5% 44.4%
2000 36.4% 5.11% 30.7% 55.9%
1999 40.7% 5.93% 34.3% 92.4%
1998 38.9% 5.4% 39.7% 135.2%
1997 35.8% 6.03% - 51.5%
1996 38.6% 7.3% - 51.9%
1995 39.5% 8.66% - 53.7%
1994 - - - 63.5%
1993 - - - 92.4%
1992 - - - 116%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1992–1996, retrieved 2026-07-08).

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

In 2025, Estonia's government spending was $21.3B, accounting for 45.2% of its GDP, while Russia spent $1T, or 39.1% of GDP.

Debt-to-GDP ratio is 24.2% in Estonia and 17.2% in Russia, ranking 168/185 and 175/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Russia
1x
Year Deficit/surplus, % of GDP
Estonia Russia
2025 -1.33% -3.9%
2024 -1.54% -1.59%
2023 -3.07% -2.24%
2022 -1.08% -1.34%
2021 -2.57% 0.78%
2020 -5.42% -3.99%
2019 -0.11% 1.93%
2018 -1.15% 2.92%
2017 -1.07% -1.47%
2016 -0.62% -3.67%
2015 -0.24% -3.39%
2014 0.42% -1.07%
2013 -0.66% -1.16%
2012 -0.86% 0.38%
2011 0.09% 1.43%
2010 -1.09% -3.19%
2009 -3.43% -5.89%
2008 -2.92% 4.55%
2007 2.5% 5.59%
2006 2.71% 7.8%
2005 1.07% 7.6%
2004 2.29% 4.57%
2003 1.67% 1.35%
2002 0.29% 0.67%
2001 0.4% 2.99%
2000 -0.11% 3.11%
1999 -3.42% -3.59%
1998 0.65% -7.42%
1997 2.98% -
1996 -0.93% -
1995 -0.26% -
1994 - -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - 0.15%
1939 - 0.12%
1938 - 0.16%
1937 - 0.12%
1936 - 0.1%
1935 - 0.07%
1934 - 0.25%
1933 - 0.58%
1932 - 0.06%
1931 - -1.12%
1930 - -1.62%
1929 - -0.4%
1928 - -0.4%
1927 - -
1926 - -
1925 - -
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - -
1912 - 0.69%
1911 - 1.26%
1910 - 1.52%
1909 - -0.15%
1908 - -0.83%
1907 - -0.86%
1906 - -3.19%
1905 - -7.72%
1904 - -5.13%
1903 - 1.04%
1902 - -1.57%
1901 - 0.14%
1900 - -0.36%
1899 - 0.66%
1898 - 0.03%
1897 - 0.34%
1896 - 1.3%
1895 - 0.7%
1894 - 1.43%
1893 - 0.63%
1892 - -1.16%
1891 - -0.97%
1890 - 0.01%
1889 - 1.34%
1888 - 0.88%
1887 - 0.14%
1886 - -0.84%
1885 - -0.75%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1885–1940, retrieved 2026-07-08).

GeoRank.org/economy/estonia/russia | 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 Russia's deficit of $100B, or 3.9% of GDP.

Over the past 28 years, Estonia recorded a fiscal deficit in 18 of those years, while Russia ran a deficit in 14 years. On average, Estonia posted an annual deficit equal to 0.66% of GDP, compared to surplus of 0.06% of GDP for Russia.

Inflation comparison by year

Inflation
Estonia

Russia
1x
Year Consumer prices inflation
Estonia Russia
2025 4.83% 8.7%
2024 3.52% 8.4%
2023 9.16% 5.9%
2022 19.4% 13.7%
2021 4.65% 6.7%
2020 -0.44% 3.4%
2019 2.28% 4.5%
2018 3.44% 2.9%
2017 3.42% 3.7%
2016 0.15% 7%
2015 -0.49% 15.5%
2014 -0.11% 7.8%
2013 2.78% 6.8%
2012 3.93% 5.1%
2011 4.98% 8.4%
2010 2.97% 6.8%
2009 -0.08% 11.6%
2008 10.4% 14.1%
2007 6.6% 9%
2006 4.44% 9.7%
2005 4.08% 12.7%
2004 3.05% 10.9%
2003 1.33% 13.7%
2002 3.57% 15.8%
2001 5.75% 21.5%
2000 4.02% 20.8%
1999 3.3% 85.7%
1998 8.21% 27.7%
1997 10.6% 14.8%

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/russia | CC BY

Over the past 29 years, Estonia has recorded an average annual inflation rate of 4.47%, compared with 13.2% in Russia. In 2025, inflation was 4.83% in Estonia and 8.7% in Russia.

Top exports between countries

Estonia
Export category Export value
Processed food, beverages & tobacco $455M
Machinery & equipment $137M
Transport & tourism services $75.7M
Chemicals & pharma $36.4M
Raw agricultural goods $24.4M
Textiles & consumer goods $19.8M
Manufacturing & construction services $7.42M
Raw materials & minerals $7.13M
Metals $7M
Business & finance services $4.37M
Russia
Export category Export value
Raw materials & minerals $2.86B
Wood & paper products $415M
Miscellaneous $332M
Metals $260M
Transport & tourism services $158M
Machinery & equipment $124M
IT & IP services $69.3M
Chemicals & pharma $58.3M
Business & finance services $47.7M
Textiles & consumer goods $43.9M

Balance of trade

Estonia Russia
Current account balance
-$70M
2025
$43.1B
2025
Current account balance ranking
79/190
2025
14/190
2025
Current account balance, % of GDP
-0.15%
2025
+1.68%
2025
Goods imports
$24.4B
2025
$305B
2025
Goods exports
$21.2B
2025
$422B
2025
Service imports
$12B
2025
$94.8B
2025
Service exports
$15.6B
2025
$46.3B
2025
Imports of goods and services, % of GDP
77.4%
2025
15.5%
2025
Exports of goods and services, % of GDP
78.4%
2025
18.2%
2025

Economic freedom indices

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

Estonia Russia
Economic freedom 78.7 50.3
Economic freedom ranking 10/197 161/197
Property rights 93.6 18.6
Government integrity 86.3 22.8
Judicial effectiveness 92.4 22.8
Tax burden 77.9 81.9
Government spending 46 61.3
Fiscal health 93.1 94.4
Business freedom 82.8 51.4
Labor freedom 59 59.1
Monetary freedom 73.9 61.8
Trade freedom 79.4 69.4
Investment freedom 90 30
Financial freedom 70 30

Economic freedom comparison by year

Estonia
Russia
1x
Year Economic freedom index
Estonia Russia
2026 78.7 50.3
2025 78.9 51.6
2024 77.8 52
2023 78.6 53.8
2022 80 56.1
2021 78.2 61.5
2020 77.7 61
2019 76.6 58.9
2018 78.8 58.2
2017 79.1 57.1
2016 77.2 50.6
2015 76.8 52.1
2014 75.9 51.9
2013 75.3 51.1
2012 73.2 50.5
2011 75.2 50.5
2010 74.7 50.3
2009 76.4 50.8
2008 77.9 49.8
2007 78 52.2
2006 74.9 52.4
2005 75.2 51.3
2004 77.4 52.8
2003 77.7 50.8
2002 77.6 48.7
2001 76.1 49.8
2000 69.9 51.8
1999 73.8 54.5
1998 72.5 52.8
1997 69.1 48.6
1996 65.4 51.6
1995 65.2 51.1

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

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

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 50.3 for Russia, ranking 161/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia Russia
Services, % of GDP
65.8%
2025
58.9%
2025
Industry, % of GDP
19.7%
2025
29.7%
2025
Agriculture, forestry, and fishing, % of GDP
1.65%
2025
3.06%
2025
GNI, Atlas method
$44.2B
2025
$2.33T
2025
GNI per capita, PPP
$51,370
2025
$49,220
2025
Total reserves including gold
$2.44B
2025
$608B
2024
Total reserves ranking
124/177
2025
6/177
2024
Net foreign direct investment
$814M
2025
-$12.4B
2025
Net inflows of foreign direct investment
-$3.44B
2024
-$9.35B
2024
Net outflows of foreign direct investment
-$3.72B
2024
-$170M
2024
Servicing debt to the IMF, % of GNI n/a
2.63%
2024
Poverty at national poverty lines
22.5%
2022
7.2%
2024
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/russia | CC BY

Compare countries by 7 more topics

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Data sources:

  1. World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1885–1996, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2021–2025, 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.

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.