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Economy of Estonia vs Taiwan compared: GDP & Debt

Updated on by Georank team

Estonia has a GDP of $43.1B compared to $802B for Taiwan, ranking 100/197 and 22/197 by economy size, respectively.

Estonia has $10.1B in government debt (23.4% of GDP), compared to $211B (26.3% of GDP) in Taiwan.

Estonia vs Taiwan GDP by year

Estonia
Taiwan
1x
Year GDP, current $
Estonia Taiwan
2024 $43,130,419,829 $801,529,000,000
2023 $41,470,344,395 $757,328,000,000
2022 $38,226,641,740 $765,529,000,000
2021 $37,201,101,171 $777,062,000,000
2020 $31,820,771,494 $676,935,000,000
2019 $31,873,748,770 $613,453,000,000
2018 $31,222,632,741 $610,744,000,000
2017 $27,469,461,919 $591,734,000,000
2016 $24,561,027,788 $543,002,000,000
2015 $23,311,847,751 $534,474,000,000
2014 $27,055,689,003 $535,332,000,000
2013 $25,451,032,781 $512,957,000,000
2012 $23,237,406,116 $495,536,000,000
2011 $23,303,915,795 $483,957,000,000
2010 $19,524,355,419 $444,245,000,000
2009 $19,633,984,440 $390,788,000,000
2008 $24,342,935,404 $415,824,000,000
2007 $22,450,264,166 $406,940,000,000
2006 $17,025,671,810 $386,492,000,000
2005 $14,109,491,357 $374,042,000,000
2004 $12,148,595,031 $346,881,000,000
2003 $9,876,595,528 $317,374,000,000
2002 $7,370,119,619 $307,429,000,000
2001 $6,250,218,423 $299,303,000,000
2000 $5,686,579,748 $330,725,000,000
1999 $5,756,912,266 $303,827,000,000
1998 $5,674,080,543 $279,926,000,000
1997 $5,154,420,649 $303,315,000,000
1996 $4,786,018,988 $292,473,000,000
1995 $4,502,970,889 $279,013,000,000
1994 $4,123,011,420 $256,213,000,000
1993 $4,013,091,682 $234,943,000,000
1992 - $222,947,000,000
1991 - $187,100,000,000
1990 - $166,392,000,000
1989 - $152,687,000,000
1988 - $126,378,000,000
1987 - $104,956,000,000
1986 - $78,347,000,000
1985 - $63,599,000,000
1984 - $61,036,000,000
1983 - $54,155,000,000
1982 - $49,540,000,000
1981 - $49,047,000,000
1980 - $42,292,000,000
1979 - $33,875,000,000
1978 - $27,373,000,000
1977 - $22,252,000,000
1976 - $18,988,000,000
1975 - $15,836,000,000
1974 - $14,739,000,000
1973 - $10,940,000,000
1972 - $8,063,000,000
1971 - $6,727,000,000
1970 - $5,785,000,000
1969 - $5,017,000,000
1968 - $4,325,000,000
1967 - $3,709,000,000
1966 - $3,207,000,000
1965 - $2,869,000,000
1964 - $2,592,000,000
1963 - $2,218,000,000
1962 - $1,960,000,000
1961 - $1,778,000,000
1960 - $1,743,000,000
1959 - $1,444,000,000
1958 - $1,836,000,000
1957 - $1,636,000,000
1956 - $1,399,000,000
1955 - $1,940,000,000
1954 - $1,628,000,000
1953 - $1,481,000,000
1952 - $1,677,000,000
1951 - $1,197,000,000

Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); World Bank | Economy & Growth (1993–2024, retrieved 2026-04-06).

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

GDP per capita in Estonia vs Taiwan by year

Estonia
GDP per capita

GDP per capita, PPP
Taiwan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Taiwan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $31,428 $49,969 $34,238 -
2023 $30,264 $48,637 $32,444 -
2022 $28,340 $48,218 $32,827 -
2021 $27,951 $44,252 $33,111 -
2020 $23,934 $40,672 $28,705 -
2019 $24,021 $40,586 $25,998 -
2018 $23,618 $37,121 $25,901 -
2017 $20,852 $34,507 $25,121 $50,500
2016 $18,666 $31,948 $23,091 -
2015 $17,722 $29,713 $22,780 $46,800
2014 $20,582 $29,404 $22,874 -
2013 $19,310 $27,831 $21,973 $39,600
2012 $17,568 $26,243 $21,295 $39,400
2011 $17,556 $24,652 $20,866 $38,200
2010 $14,664 $21,614 $19,197 $35,700
2009 $14,712 $20,489 $16,933 $32,000
2008 $18,206 $22,804 $18,081 $31,100
2007 $16,745 $22,201 $17,757 $30,100
2006 $12,641 $19,344 $16,934 $29,500
2005 $10,415 $16,638 $16,456 $27,500
2004 $8,916 $14,538 $15,317 $25,300
2003 $7,205 $13,135 $14,066 $23,400
2002 $5,343 $11,667 $13,686 $18,000
2001 $4,503 $10,309 $13,397 $17,200
2000 $4,071 $9,425 $14,908 $17,400
1999 $4,141 $8,412 $13,804 $16,100
1998 $4,093 $8,451 $12,820 -
1997 $3,683 $7,980 $14,020 -
1996 $3,381 $6,892 $13,641 -
1995 $3,134 $6,480 $13,119 -
1994 $2,819 $5,967 $12,150 -
1993 $2,686 $5,814 $11,242 -
1992 - $5,872 $10,768 -
1991 - $7,151 $9,125 -
1990 - $7,481 $8,205 -
1989 - - $7,613 -
1988 - - $6,370 -
1987 - - $5,350 -
1986 - - $4,036 -
1985 - - $3,314 -
1984 - - $3,224 -
1983 - - $2,903 -
1982 - - $2,699 -
1981 - - $2,720 -
1980 - - $2,389 -
1979 - - $1,950 -
1978 - - $1,606 -
1977 - - $1,330 -
1976 - - $1,158 -
1975 - - $985 -
1974 - - $934 -
1973 - - $706 -
1972 - - $530 -
1971 - - $451 -
1970 - - $397 -
1969 - - $357 -
1968 - - $319 -
1967 - - $280.8 -
1966 - - $249.1 -
1965 - - $229.3 -
1964 - - $213.6 -
1963 - - $188.6 -
1962 - - $172 -
1961 - - $161.2 -
1960 - - $163.4 -
1959 - - $140.4 -
1958 - - $185.1 -
1957 - - $170.5 -
1956 - - $150.6 -
1955 - - $216.3 -
1954 - - $188.3 -
1953 - - $177.7 -
1952 - - $208.4 -
1951 - - $154.3 -

Data sources: National Statistics, Taiwan (1951–2024, retrieved 2026-02-09); World Bank | Economy & Growth (1990–2024, retrieved 2026-04-06); Central Intelligence Agency (CIA) (1999–2017, retrieved 2026-02-20).

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

Estonia's GDP per capita is $31,428, ranking 40/197, compared to $34,238 in Taiwan, ranking 35/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while Taiwan ranks 44th at $50,500.

Economic indicators

Estonia Taiwan
Gross domestic product
$43.1B
2024
$802B
2024
GDP rank
100/197
2024
22/197
2024
GDP growth
-0.09%
2023-2024
2.3%
2023-2024
GDP per capita
$31,428
2024
$34,238
2024
GDP per capita rank
40/197
2024
35/197
2024
GDP per capita, PPP
$49,969
2024
$50,500
2017
GDP per capita PPP rank
45/197
2024
44/197
2017
Government debt
$10.1B
2024
$211B
2024
Debt-to-GDP ratio
23.4%
2024
26.3%
2024
Government debt per person
$7,356
2024
$9,020
2024
Government debt per person rank
65/185
2024
59/185
2024
Average annual personal income after taxes
$23,740
2026
$18,163
2026
Number of millionaires n/a
759,000
2025
Number of billionaires
2
2025
54
2025
Income share by richest 10%
23.7%
2023
n/a
Income share by poorest 10%
3.1%
2023
n/a
Government expenditure, % of GDP
43.6%
2024
15.8%
2024
Consumer prices inflation
3.52%
2023-2024
2.2%
2023-2024
Central bank interest rate n/a
2%
2024
Unemployment rate
7.5%
2024
3.35%
2025
Population
1339590
23229461

Spending and national debt comparison by year

Estonia
Spending

Debt
Taiwan
Spending

Debt
1x
Year % of GDP
Estonia Taiwan
Government spending Government debt Government spending Government debt
2024 43.6% 23.4% 15.8% 26.3%
2023 43.5% 20.1% 17.1% 29%
2022 40.1% 19.2% 16% 29.5%
2021 42.1% 18.4% 15.4% 30.1%
2020 44.7% 19.1% 16.2% 32%
2019 39.1% 9.05% 15.3% 32.6%
2018 38.8% 8.51% 15.4% 33.8%
2017 38.9% 9.43% 15.4% 34.5%
2016 38.9% 10.2% 15.6% 35.4%
2015 39.3% 10.8% 15.5% 35.9%
2014 37.6% 11.6% - 37.5%
2013 38.3% 11.4% - 38.9%
2012 39.4% 11.1% - 39.2%
2011 37.6% 7.6% 18.3% 38.3%
2010 40.7% 7.99% - 36.9%
2009 46.1% 7.98% - 36.7%
2008 39.5% 4.67% - 33.4%
2007 33.8% 3.91% - 32.2%
2006 33.5% 4.72% - 33.3%
2005 33.7% 4.73% - 34.1%
2004 34.1% 5.16% - 33.4%
2003 35% 5.6% - 32.1%
2002 35.9% 5.66% - 29.8%
2001 35.3% 4.93% 22.5% 30.1%
2000 36.4% 5.11% - 26.2%
1999 40.7% 5.93% - 23.7%
1998 38.9% 5.4% - 23.7%
1997 35.8% 6.03% - 25%
1996 38.6% 7.3% - -
1995 39.5% 8.66% - -
1994 - - - -
1993 - - - -
1992 - - - -
1991 - - 25.4% -
1990 - - - -
1989 - - - -
1988 - - - -
1987 - - - -
1986 - - - -
1985 - - - -
1984 - - - -
1983 - - - -
1982 - - - -
1981 - - 23.6% -
1980 - - - -
1979 - - - -
1978 - - - -
1977 - - - -
1976 - - 21.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20); National Statistics, Taiwan (1976–2024, retrieved 2026-02-09).

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

In 2024, Estonia's government spending was $18.8B, accounting for 43.6% of its GDP, while Taiwan spent $127B, or 15.8% of GDP.

Debt-to-GDP ratio is 23.4% in Estonia and 26.3% in Taiwan, ranking 171/185 and 160/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Taiwan
1x
Year Deficit/surplus, % of GDP
Estonia Taiwan
2024 -1.51% 0.43%
2023 -3.13% -0.61%
2022 -1.08% 0.17%
2021 -2.57% -0.18%
2020 -5.42% -1.03%
2019 -0.11% 0.11%
2018 -1.15% 0.02%
2017 -1.07% -0.14%
2016 -0.62% -0.31%
2015 -0.24% 0.1%
2014 0.42% -
2013 -0.66% -
2012 -0.86% -
2011 0.09% -2.15%
2010 -1.09% -
2009 -3.43% -
2008 -2.92% -
2007 2.5% -
2006 2.71% -
2005 1.07% -
2004 2.29% -
2003 1.67% -
2002 0.29% -
2001 0.4% -3.71%
2000 -0.11% -
1999 -3.42% -
1998 0.65% -
1997 2.98% -
1996 -0.93% -
1995 -0.26% -
1994 - -
1993 - -
1992 - -
1991 - -4.5%
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -0.78%
1980 - -
1979 - -
1978 - -
1977 - -
1976 - 1.39%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20); National Statistics, Taiwan (1976–2024, retrieved 2026-02-09).

GeoRank.org/economy/estonia/taiwan | 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 Taiwan's surplus of $3.45B, or 0.43% of GDP.

Over the past 30 years, Estonia recorded a fiscal deficit in 19 of those years, while Taiwan ran a deficit in 7 years. On average, Estonia posted an annual deficit equal to 0.52% of GDP, compared to deficit of 0.61% of GDP for Taiwan.

Inflation comparison by year

Inflation
Estonia

Taiwan
1x
Year Consumer prices inflation
Estonia Taiwan
2024 3.52% 2.2%
2023 9.16% 2.5%
2022 19.4% 2.9%
2021 4.65% 2%
2020 -0.44% -0.2%
2019 2.28% 0.6%
2018 3.44% 1.4%
2017 3.42% 0.6%
2016 0.15% 1.4%
2015 -0.49% -0.3%
2014 -0.11% 1.2%
2013 2.78% 0.8%
2012 3.93% 1.9%
2011 4.98% 1.4%
2010 2.97% 1%
2009 -0.08% -0.9%
2008 10.4% 3.5%
2007 6.6% 1.8%
2006 4.44% 0.6%
2005 4.08% 2.3%
2004 3.05% 1.6%
2003 1.33% -0.3%
2002 3.57% -0.2%
2001 5.75% 0%
2000 4.02% 1.2%
1999 3.3% 0.2%
1998 8.21% 1.7%
1997 10.6% 0.9%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Estonia has recorded an average annual inflation rate of 4.46%, compared with 1.14% in Taiwan. In 2024, inflation was 3.52% in Estonia and 2.2% in Taiwan.

Balance of trade

Estonia Taiwan
Current account balance
-$543M
2024
$113B
2024
Current account balance ranking
107/190
2024
4/190
2024
Current account balance, % of GDP
-1.26%
2024
+14.1%
2024
Goods imports
$22.1B
2024
n/a
Goods exports
$19B
2024
n/a
Service imports
$10.4B
2024
n/a
Service exports
$13.6B
2024
n/a
Imports of goods and services, % of GDP
75.4%
2024
50.2%
2024
Exports of goods and services, % of GDP
75.7%
2024
63.3%
2024

Economic freedom indices

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

Estonia Taiwan
Economic freedom 78.7 79.8
Economic freedom ranking 10/197 6/197
Property rights 93.6 83.4
Government integrity 86.3 74.3
Judicial effectiveness 92.4 94.3
Tax burden 77.9 78.9
Government spending 46 90
Fiscal health 93.1 92.9
Business freedom 82.8 78.6
Labor freedom 59 69
Monetary freedom 73.9 80.3
Trade freedom 79.4 86
Investment freedom 90 70
Financial freedom 70 60

Economic freedom comparison by year

Estonia
Taiwan
1x
Year Economic freedom index
Estonia Taiwan
2026 78.7 79.8
2025 78.9 79.7
2024 77.8 80
2023 78.6 80.7
2022 80 80.1
2021 78.2 78.6
2020 77.7 77.1
2019 76.6 77.3
2018 78.8 76.6
2017 79.1 76.5
2016 77.2 74.7
2015 76.8 75.1
2014 75.9 73.9
2013 75.3 72.7
2012 73.2 71.9
2011 75.2 70.8
2010 74.7 70.4
2009 76.4 69.5
2008 77.9 70.3
2007 78 69.4
2006 74.9 69.7
2005 75.2 71.3
2004 77.4 69.6
2003 77.7 71.7
2002 77.6 71.3
2001 76.1 72.8
2000 69.9 72.5
1999 73.8 71.5
1998 72.5 70.4
1997 69.1 70
1996 65.4 74.1
1995 65.2 74.2

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

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

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 79.8 for Taiwan, ranking 6/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia Taiwan
Services, % of GDP
65.7%
2024
58.8%
2024
Industry, % of GDP
20.1%
2024
39.8%
2024
Agriculture, forestry, and fishing, % of GDP
1.77%
2024
1.47%
2024
GNI, Atlas method
$39.6B
2024
$832B
2024
GNI per capita, PPP
$48,880
2024
n/a
Total reserves including gold
$2.07B
2024
n/a
Total reserves ranking
125/177
2024
n/a
Net foreign direct investment
-$285M
2024
n/a
Net inflows of foreign direct investment
-$3.44B
2024
n/a
Net outflows of foreign direct investment
-$3.72B
2024
n/a
Poverty at national poverty lines
22.5%
2022
1.5%
2020
Gross capital formation, % of GDP
24.6%
2024
26.7%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); National Statistics, Taiwan (1985–2024, retrieved 2026-02-09); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06)
  2. National Statistics, Taiwan (1951–2025, retrieved 2026-02-09)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. Central Intelligence Agency (CIA) (1999–2020, retrieved 2026-02-20)
  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.