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Economy of Estonia vs Seychelles compared: GDP & Debt

Updated on by Georank team

Estonia has a GDP of $43.1B compared to $2.17B for the Seychelles, ranking 100/197 and 178/197 by economy size, respectively.

Estonia has $10.1B in government debt (23.4% of GDP), compared to $1.25B (57.6% of GDP) in the Seychelles.

Estonia vs Seychelles GDP by year

Estonia
Seychelles
1x
Year GDP, current $
Estonia Seychelles
2024 $43,130,419,829 $2,167,239,562
2023 $41,470,344,395 $2,187,379,755
2022 $38,226,641,740 $2,018,346,589
2021 $37,201,101,171 $1,487,173,795
2020 $31,820,771,494 $1,382,551,752
2019 $31,873,748,770 $1,868,690,097
2018 $31,222,632,741 $1,784,313,927
2017 $27,469,461,919 $1,675,370,641
2016 $24,561,027,788 $1,568,513,348
2015 $23,311,847,751 $1,432,403,352
2014 $27,055,689,003 $1,387,577,870
2013 $25,451,032,781 $1,333,160,407
2012 $23,237,406,116 $1,089,407,839
2011 $23,303,915,795 $1,058,918,707
2010 $19,524,355,419 $981,616,542
2009 $19,633,984,440 $850,901,620
2008 $24,342,935,404 $979,597,394
2007 $22,450,264,166 $1,077,308,814
2006 $17,025,671,810 $1,081,441,283
2005 $14,109,491,357 $977,899,382
2004 $12,148,595,031 $893,012,218
2003 $9,876,595,528 $750,847,230
2002 $7,370,119,619 $742,134,838
2001 $6,250,218,423 $662,064,156
2000 $5,686,579,748 $654,212,394
1999 $5,756,912,266 $662,838,615
1998 $5,674,080,543 $647,287,376
1997 $5,154,420,649 $598,966,982
1996 $4,786,018,988 $535,250,347
1995 $4,502,970,889 $540,733,048
1994 $4,123,011,420 $517,570,058
1993 $4,013,091,682 $504,230,621
1992 - $461,409,399
1991 - $398,307,170
1990 - $392,163,561
1989 - $324,333,367
1988 - $301,985,618
1987 - $265,212,957
1986 - $221,147,061
1985 - $179,691,483
1984 - $160,992,921
1983 - $156,098,237
1982 - $157,211,790
1981 - $163,750,728
1980 - $156,783,830
1979 - $127,261,099
1978 - $85,552,366
1977 - $64,526,401
1976 - $49,278,982
1975 - $47,803,146
1974 - $43,134,496
1973 - $36,896,280
1972 - $30,645,123
1971 - $21,965,951
1970 - $18,432,032
1969 - $16,452,028
1968 - $16,074,028
1967 - $16,632,032
1966 - $16,443,034
1965 - $15,603,032
1964 - $15,393,032
1963 - $13,923,029
1962 - $12,642,026
1961 - $11,592,024
1960 - $12,012,025

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

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

GDP per capita in Estonia vs Seychelles by year

Estonia
GDP per capita

GDP per capita, PPP
Seychelles
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Seychelles
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $31,428 $49,969 $17,859 $33,239
2023 $30,264 $48,637 $18,263 $31,781
2022 $28,340 $48,218 $16,837 $29,973
2021 $27,951 $44,252 $14,983 $29,980
2020 $23,934 $40,672 $14,041 $31,056
2019 $24,021 $40,586 $19,142 $34,219
2018 $23,618 $37,121 $18,440 $32,091
2017 $20,852 $34,507 $17,480 $30,675
2016 $18,666 $31,948 $16,567 $28,811
2015 $17,722 $29,713 $15,333 $25,435
2014 $20,582 $29,404 $15,188 $24,985
2013 $19,310 $27,831 $14,821 $22,487
2012 $17,568 $26,243 $12,337 $22,264
2011 $17,556 $24,652 $12,110 $21,781
2010 $14,664 $21,614 $10,935 $18,982
2009 $14,712 $20,489 $9,747 $18,453
2008 $18,206 $22,804 $11,265 $18,881
2007 $16,745 $22,201 $12,669 $19,473
2006 $12,641 $19,344 $12,783 $17,503
2005 $10,415 $16,638 $11,802 $15,846
2004 $8,916 $14,538 $10,828 $14,160
2003 $7,205 $13,135 $9,070 $14,142
2002 $5,343 $11,667 $8,864 $14,570
2001 $4,503 $10,309 $8,153 $14,615
2000 $4,071 $9,425 $8,064 $14,638
1999 $4,141 $8,412 $8,243 $13,853
1998 $4,093 $8,451 $8,210 $13,675
1997 $3,683 $7,980 $7,747 $13,458
1996 $3,381 $6,892 $7,004 $11,931
1995 $3,134 $6,480 $7,181 $10,809
1994 $2,819 $5,967 $6,975 $10,692
1993 $2,686 $5,814 $6,979 $11,020
1992 - $5,872 $6,520 $10,243
1991 - $7,151 $5,655 $9,387
1990 - $7,481 $5,642 $8,955
1989 - - $4,689 -
1988 - - $4,392 -
1987 - - $3,872 -
1986 - - $3,368 -
1985 - - $2,754 -
1984 - - $2,488 -
1983 - - $2,426 -
1982 - - $2,441 -
1981 - - $2,557 -
1980 - - $2,478 -
1979 - - $2,030 -
1978 - - $1,377 -
1977 - - $1,044 -
1976 - - $814 -
1975 - - $806 -
1974 - - $745 -
1973 - - $649 -
1972 - - $547 -
1971 - - $402 -
1970 - - $344 -
1969 - - $314 -
1968 - - $314 -
1967 - - $333 -
1966 - - $338 -
1965 - - $328 -
1964 - - $332 -
1963 - - $308 -
1962 - - $287 -
1961 - - $270.3 -
1960 - - $288.1 -

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

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

Estonia's GDP per capita is $31,428, ranking 40/197, compared to $17,859 in the Seychelles, ranking 63/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while the Seychelles ranks 67th at $33,239.

Economic indicators

Estonia Seychelles
Gross domestic product
$43.1B
2024
$2.17B
2024
GDP rank
100/197
2024
178/197
2024
GDP growth
-0.09%
2023-2024
3.47%
2023-2024
GDP per capita
$31,428
2024
$17,859
2024
GDP per capita rank
40/197
2024
63/197
2024
GDP per capita, PPP
$49,969
2024
$33,239
2024
GDP per capita PPP rank
45/197
2024
67/197
2024
Government debt
$10.1B
2024
$1.25B
2024
Debt-to-GDP ratio
23.4%
2024
57.6%
2024
Government debt per person
$7,356
2024
$10,288
2024
Government debt per person rank
65/185
2024
57/185
2024
Average annual personal income after taxes
$23,740
2026
$10,944
2026
Market capitalization of domestic companies n/a
$811M
2024
Number of billionaires
2
2025
n/a
Income share by richest 10%
23.7%
2023
23.9%
2018
Income share by poorest 10%
3.1%
2023
2.6%
2018
Government expenditure, % of GDP
43.6%
2024
33.8%
2024
Consumer prices inflation
3.52%
2023-2024
0.31%
2023-2024
Central bank interest rate n/a
1.75%
2024
Unemployment rate
7.5%
2024
2.59%
2024
Population
1339590
126311

Spending and national debt comparison by year

Estonia
Spending

Debt
Seychelles
Spending

Debt
1x
Year % of GDP
Estonia Seychelles
Government spending Government debt Government spending Government debt
2024 43.6% 23.4% 33.8% 57.6%
2023 43.5% 20.1% 32.9% 55.3%
2022 40.1% 19.2% 31.3% 60%
2021 42.1% 18.4% 38.8% 71%
2020 44.7% 19.1% 46.7% 77.4%
2019 39.1% 9.05% 31.7% 48.9%
2018 38.8% 8.51% 33% 51.3%
2017 38.9% 9.43% 34.3% 56.7%
2016 38.9% 10.2% 34.5% 62.8%
2015 39.3% 10.8% 31.5% 64.7%
2014 37.6% 11.6% 33.4% 70.4%
2013 38.3% 11.4% 37.8% 68.2%
2012 39.4% 11.1% 38.6% 80.1%
2011 37.6% 7.6% 36.4% 82.5%
2010 40.7% 7.99% 34.6% 82.2%
2009 46.1% 7.98% 32.1% 106.1%
2008 39.5% 4.67% 27% 192.1%
2007 33.8% 3.91% 41.9% 144%
2006 33.5% 4.72% 43.6% 135.1%
2005 33.7% 4.73% 39% 144.1%
2004 34.1% 5.16% 39.9% 163.2%
2003 35% 5.6% 44.6% 177%
2002 35.9% 5.66% 56.3% 195.9%
2001 35.3% 4.93% 46.8% 199.8%
2000 36.4% 5.11% 55.4% 177.8%
1999 40.7% 5.93% 56.1% 159.8%
1998 38.9% 5.4% 60.7% 161.2%
1997 35.8% 6.03% 54.7% 143%
1996 38.6% 7.3% 59.1% 146.7%
1995 39.5% 8.66% 53.1% 133.5%
1994 - - 63.6% 123.5%
1993 - - 60.4% 82.2%
1992 - - 50.7% 79.9%
1991 - - 52.1% 89.2%
1990 - - 46.1% 80.4%
1989 - - 51.7% 39.9%
1988 - - 46.7% 41.3%
1987 - - 49.7% 37%
1986 - - 58% 31.5%
1985 - - 53% 26.5%
1984 - - 50.5% 15.3%
1983 - - 47.9% 12.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-02-20).

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

In 2024, Estonia's government spending was $18.8B, accounting for 43.6% of its GDP, while the Seychelles spent $732M, or 33.8% of GDP.

Debt-to-GDP ratio is 23.4% in Estonia and 57.6% in the Seychelles, ranking 171/185 and 85/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Seychelles
1x
Year Deficit/surplus, % of GDP
Estonia Seychelles
2024 -1.51% -0.69%
2023 -3.13% -1.14%
2022 -1.08% -0.76%
2021 -2.57% -5.76%
2020 -5.42% -15.7%
2019 -0.11% 0.42%
2018 -1.15% -0.8%
2017 -1.07% -1.67%
2016 -0.62% 0.02%
2015 -0.24% 1.39%
2014 0.42% 2.87%
2013 -0.66% 0.33%
2012 -0.86% 2.93%
2011 0.09% 3.36%
2010 -1.09% 0.52%
2009 -3.43% 4.84%
2008 -2.92% 7.88%
2007 2.5% -9.93%
2006 2.71% -2.54%
2005 1.07% 0.42%
2004 2.29% 0.44%
2003 1.67% 3.4%
2002 0.29% -16.3%
2001 0.4% -8.93%
2000 -0.11% -14.7%
1999 -3.42% -10.3%
1998 0.65% -16.7%
1997 2.98% -5.91%
1996 -0.93% -9.69%
1995 -0.26% -2.58%
1994 - -6.95%
1993 - -3.62%
1992 - 6.44%
1991 - 3.15%
1990 - 11.9%
1989 - 8.26%
1988 - 11.8%
1987 - 2.77%
1986 - -10.1%
1985 - -4.86%
1984 - -6.09%
1983 - -3.13%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-02-20).

GeoRank.org/economy/estonia/seychelles | 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 the Seychelles' deficit of $15M, or 0.69% of GDP.

Over the past 30 years, Estonia recorded a fiscal deficit in 19 of those years, while the Seychelles ran a deficit in 17 years. On average, Estonia posted an annual deficit equal to 0.52% of GDP, compared to deficit of 3.18% of GDP for the Seychelles.

Inflation comparison by year

Inflation
Estonia

Seychelles
1x
Year Consumer prices inflation
Estonia Seychelles
2024 3.52% 0.31%
2023 9.16% -1.04%
2022 19.4% 2.63%
2021 4.65% 9.77%
2020 -0.44% 1.2%
2019 2.28% 1.81%
2018 3.44% 3.7%
2017 3.42% 2.86%
2016 0.15% -1.02%
2015 -0.49% 4.04%
2014 -0.11% 1.39%
2013 2.78% 4.34%
2012 3.93% 7.11%
2011 4.98% 2.56%
2010 2.97% -2.4%
2009 -0.08% 31.8%
2008 10.4% 37%
2007 6.6% 5.32%
2006 4.44% -0.35%
2005 4.08% 0.91%
2004 3.05% 3.86%
2003 1.33% 3.3%
2002 3.57% 0.18%
2001 5.75% 5.97%
2000 4.02% 6.27%
1999 3.3% 6.35%
1998 8.21% 2.58%
1997 10.6% 0.62%

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

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

Over the past 28 years, Estonia has recorded an average annual inflation rate of 4.46%, compared with 5.03% in the Seychelles. In 2024, inflation was 3.52% in Estonia and 0.31% in the Seychelles.

Top exports between countries

Estonia
Export category Export value
Machinery & equipment $64K
Wood & paper products $24K
Metals $22K
Textiles & consumer goods $6K
Processed food, beverages & tobacco $3K
Seychelles
Export category Export value
Textiles & consumer goods $1K

Balance of trade

Estonia Seychelles
Current account balance
-$543M
2024
-$176M
2024
Current account balance ranking
107/190
2024
97/190
2024
Current account balance, % of GDP
-1.26%
2024
-8.11%
2024
Goods imports
$22.1B
2024
$1.39B
2024
Goods exports
$19B
2024
$595M
2024
Service imports
$10.4B
2024
$1B
2024
Service exports
$13.6B
2024
$1.71B
2024
Imports of goods and services, % of GDP
75.4%
2024
103.2%
2024
Exports of goods and services, % of GDP
75.7%
2024
85.2%
2024

Economic freedom indices

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

Estonia Seychelles
Economic freedom 78.7 66.5
Economic freedom ranking 10/197 60/197
Property rights 93.6 82.6
Government integrity 86.3 71.7
Judicial effectiveness 92.4 61.7
Tax burden 77.9 77.3
Government spending 46 68
Fiscal health 93.1 92.2
Business freedom 82.8 71.3
Labor freedom 59 52
Monetary freedom 73.9 79.8
Trade freedom 79.4 81.2
Investment freedom 90 30
Financial freedom 70 30

Economic freedom comparison by year

Estonia
Seychelles
1x
Year Economic freedom index
Estonia Seychelles
2026 78.7 66.5
2025 78.9 66.4
2024 77.8 60.4
2023 78.6 59.5
2022 80 61.1
2021 78.2 66.3
2020 77.7 64.3
2019 76.6 61.4
2018 78.8 61.6
2017 79.1 61.8
2016 77.2 62.2
2015 76.8 57.5
2014 75.9 56.2
2013 75.3 54.9
2012 73.2 53
2011 75.2 51.2
2010 74.7 47.9
2009 76.4 47.8
2008 77.9 -
2007 78 -
2006 74.9 -
2005 75.2 -
2004 77.4 -
2003 77.7 -
2002 77.6 -
2001 76.1 -
2000 69.9 -
1999 73.8 -
1998 72.5 -
1997 69.1 -
1996 65.4 -
1995 65.2 -

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

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

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 66.5 for the Seychelles, ranking 60/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia Seychelles
Services, % of GDP
65.7%
2024
65.8%
2024
Industry, % of GDP
20.1%
2024
12.3%
2024
Agriculture, forestry, and fishing, % of GDP
1.77%
2024
2.45%
2024
GNI, Atlas method
$39.6B
2024
$2.12B
2024
GNI per capita, PPP
$48,880
2024
$32,180
2024
Total reserves including gold
$2.07B
2024
$774M
2024
Total reserves ranking
125/177
2024
145/177
2024
Net foreign direct investment
-$285M
2024
-$262M
2024
Net inflows of foreign direct investment
-$3.44B
2024
$226M
2024
Net outflows of foreign direct investment
-$3.72B
2024
-$35.4M
2024
Poverty at national poverty lines
22.5%
2022
25.3%
2018
Gross capital formation, % of GDP
24.6%
2024
17.2%
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/seychelles | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1983–1989, retrieved 2026-02-20)
  6. TradeMap (2023–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.