Estonia, which became a member of the European Union on the 1st May of 2004, has successfully moved from a centralised economy to a real stabilised, performing and services-oriented market economy. Services provide 65% of the GDP. The country has been experiencing a strong growth for many years. GDP growth rate was 6.2% in 2004 and 7% in 2005. The IMF forecasts a 6% growth for 2006. This growth is mainly due to an important domestic demand and the exportation's dynamics towards the European Union and especially Finland. Estonia stands out by its strong ability to export towards the European Union, especially towards Finland. Unemployment reaches 9% in 2005.
Estonia holds some natural resources such as phosphorites. Services, subcontracting activities, wood, textile and food-processing are now buttressing economy whereas the heavy industry and electronics don't foster it anymore. The business climate is one of the most favourable in central Europe. Building is also a dynamic industry. Agriculture represents 3.6% of the GDP.
Industries to be focused on by foreign investors are business and civil engineering, telecommunications, food-processing, environment, health and agricultural and food-processing materials.
Its top three export partners are Finland, Sweden and Russia. Estonia's three import partners are Finland, Germany and Russia. The country mainly imports electronic equipment, machinery, vehicles and fuels.
