Republic of Estonia: 2025 Article IV Consultation-Press Release; and Staff Report

July 14, 2025

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International Monetary Fund. European Dept. "Republic of Estonia: 2025 Article IV Consultation-Press Release; and Staff Report", IMF Staff Country Reports 2025, 181 (2025), accessed July 14, 2025, https://doi.org/10.5089/9798229017718.002

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Summary

The Estonian economy is slowly re-emerging from a prolonged downturn but faces structural challenges. Wages growing faster than productivity and permanent increases in input costs, a legacy of previous shocks, are hindering price-sensitive activities, while production with higher technological content is constrained by lack of skilled labor and limited access to capital markets. Geopolitical developments, rising defense spending needs, and preexisting fiscal imbalances pose significant hurdles.

Subject: Defense spending, Expenditure, External debt, Fiscal policy, Fiscal stance, Income, Inflation, National accounts, Personal income tax, Prices, Public debt, Revenue administration, Taxes

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Defense spending, Fiscal stance, Income, Inflation, Personal income tax

Publication Details

Pages:

71
Volume:

2025
DOI:

https://doi.org/10.5089/9798229017718.002
Issue:

181
Series:

Country Report No. 2025/181
Stock No:

1ESTEA2025001
ISBN:

9798229017718
ISSN:

1934-7685

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