Estonia vs Finland development indicators, 2024

Indicator	Estonia, Value	Finland, Value	Estonia, Rank	Finland, Rank	Estonia as % of Finland
Current account balance (% of GDP)	-1.15	0.31	64	50
Exports of goods and services (% of GDP)	76.3	41.6	15	59	184 %
Foreign direct investment, net inflows (% of GDP)	-8.18	0.661	105	81
GDP per capita (current US$)	31,170	53,189	41	21	58.6 %
GDP per capita, PPP (current international US$)	49,334	64,091	44	27	77 %
Imports of goods and services (% of GDP)	75.7	40.9	15	70	185 %
Inflation, consumer prices (annual %)	3.52	1.57	62	125	225 %
Net migration	-7,742	26,894	147	32
Population, total	1,371,986	5,637,214	155	116	24.3 %

Demography and Health

In terms of demographic indicators, Estonia has a crude birth rate of 8 per 1,000 people, slightly higher than Finland's 7.8. However, the crude death rate in Estonia is higher at 11.7 compared to Finland's 11. This elevates Estonia's rank for death rate to 35, whereas Finland ranks 41. Life expectancy at birth is also lower in Estonia at 78.5 years compared to 81.7 years in Finland, placing Estonia at rank 55 compared to Finland's rank 30. The mortality rate for under-5 children is slightly better in Estonia with 2.1 deaths per 1,000 live births versus 2.3 in Finland. Both countries have the same prevalence of undernourishment, at 2.5%. In terms of health care, Estonia spends 7% of its GDP on health expenditure, which is lower than Finland's 9.7%, yet the domestic general government health expenditure per capita in Estonia is significantly lower at $2,549 versus $4,943 in Finland. Furthermore, Estonia has 3.4 physicians per 1,000 people, compared to Finland's 4.4, indicating a difference in the availability of healthcare services. Lastly, Estonia's suicide mortality rate is slightly higher at 14.9 compared to Finland’s 14.6.

Economy

Estonia's economy shows a GDP per capita of $31,170, significantly lower than Finland's $53,189. When adjusted for purchasing power parity (PPP), Estonia's GDP per capita stands at $49,334, while Finland’s is higher at $64,091. The high-technology exports from Estonia amount to $2.1 billion, whereas Finland’s high-tech exports are more than double at $5.3 billion. The inflation rate in Estonia is also higher at 3.5% compared to Finland's 1.6%. In terms of employment, Estonia has an unemployment rate of 6.4%, which is slightly better than Finland's rate of 7.2%. Additionally, Estonia faces challenges in foreign direct investment, showing net outflows of -8.2% of GDP, while Finland achieves a positive net inflow at 0.7%.

Trade and Investment

Estonia's economy is highly export-oriented, with exports of goods and services accounting for 76.3% of GDP, significantly higher than Finland's 41.6%. Imports also make up a large part of the economy in Estonia at 75.7% of GDP, again larger than Finland's 40.9%. This indicates a more integrated trade relationship in Estonia but may also suggest economic vulnerabilities. The current account balance is negative for Estonia at -1.1% compared to Finland’s positive balance of 0.3%, highlighting Estonia's economic challenges in international trade. The level of foreign direct investment has not been favorable for Estonia, which places it at the 97th rank globally, while Finland stands at 87th with net inflows.

Governance and Institutions

In terms of governance, Estonia holds a Control of Corruption score of 1.5 and ranks 23rd globally, while Finland is higher at 2.2 and ranks 6th. Regarding Government Effectiveness, Estonia scores 1.3 and ranks 26th compared to Finland's score of 1.7 and rank 8. The Rule of Law index also reflects a clear divide, with Estonia at 1.4 and rank 25, while Finland enjoys a score of 2 and occupies rank 2 globally. Political stability is equal in both countries with a score of 0.7. Regulatory quality is highlighted as another area where Estonia lags behind, scoring 1.4 and ranking 24 against Finland's 1.8 and ranking 10.

Infrastructure and Technology

Estonia shows robust performance in certain technology metrics, with 93.2% of its population using the internet, close to Finland’s 93.5%. However, when it comes to logistics performance, Estonia ranks 16th with a score of 3.5 in quality of trade and transport-related infrastructure, while Finland ranks 2nd with 4.2. Patent applications are an indicator of innovation, where Estonia stands at 25, yet Finland leads with a significant 1,557 applications, highlighting a profound difference in technological advancement and innovation capabilities between the two nations. Research and development expenditure as a percentage of GDP also varies widely, with Estonia at 1.8% and Finland at 3%, indicating Finland's stronger commitment to R&D.

Environment and Sustainability

Estonia excels in renewable energy consumption, utilizing 38% of its total final energy consumption from renewable sources, although Finland leads with a higher share of 50.2%. However, Estonia faces environmental challenges, having a total greenhouse gas emissions rate of 10.5 tons CO2e per capita compared to 7.8 tons in Finland. Furthermore, water stress is a notable concern, where Estonia's level stands at 10.8% compared to Finland's lower level of 7.1%. This indicates that while Estonia is making strides in renewable energy, it must tackle greenhouse gas emissions and water resource management more effectively to align with sustainable practices.