Goods transport Estonia
Goods transport Estonia. Goods transport from Estonia, to Estonia. From Estonia we transport electrotechnical components, but we also provide e.g. the transport of foodstuff.
After the declaration of independence in 1991 Estonia largely focused on the renovation of country´s economy and the start-up of economic growth. In 1992 Estonia launched its own freely convertible currency to circulation – eesti kroon (EEK), which replaced rouble. The new currency was fixedly bound to German mark , the exchange rate was 8 EEK = 1 DEM. When Germany replaced mark by Euro, the exchange rate was changed to 15.6466 EEK per 1 Euro. After there extensive privatization started including the privatization of telecommunications, railways and energetics.
Estonia introduced a flat income tax in the amount of 26 % in 1994 as the first country in the world. However, since 2000 legal entities do not have to pay this tax at all, in case they reinvest their profit. However the tax is applicable in case of the distribution of dividends. The tax rate decreased to 24 % in 2005.
The worst year for the economy of Estonia since the declaration of independence was the year 1999, when the gross domestic product fell by several percent due to the Russian crisis from the previous year. Since then the GDP has been continuously growing by 5 % a year. GDP calculated per one inhabitant is 15,217 USD. It is the highest number from all Baltic states.
The economy of Estonia is based mostly on services. The important sectors are information technologies, telecommunications and banking industry. The most important industrial sectors are electrotechnical, wood processing and chemical industry, extraction of shale oil and shipbuilding. Fishing also plays an important role. A quick growth of Estonia´s economy is supported by the capital from Scandinavian countries. A significant part of Russian foreign trade, including Russian oil, comes through Estonian ports.
Estonia is a member state of the European Union (since 2004) and World Trade Organisation (WTO, since 1999).