Sectors
The 20 most valuable companies based on 2007 profit estimates by GILD are: Hansapank, Eesti Energia, SEB Eesti Ühispank, Eesti Telekom, Tallink Grupp, Olympic Entertainment Group, Tallinna Sadam, Tele2 Eesti, Sampo Pank, Tallinna Kaubamaja, Merko Grupp, BLRT Grupp, Elisa, Tallinna Vesi, Transgroup Invest, Eesti Raudtee, Kunda Nordic Tsement, Viru Keemia Grupp, Falck Baltics, and Pro Kapital Grupp. In terms of 2003 sales, the 20 largest companies included Kesko Food, Stora Enso Timbe, EMT, Elion Ettevõtted, Eesti Põlevkivi, Silberauto, Toyota Baltic, Eesti Statoil, Rakvere Lihakombinaat, Lukoil Eesti, Kreenholmi Valduse, and Eesti Gaas. Estonian Institute of Economic Research publishes top company awards in various categories, where Estonian small and medium size companies take many top positions.
Tallinn has emerged as a financial center. According to Invest in Estonia, advantages of Estonian financial sector are low taxes, unbureaucratic cooperation between companies and authorities, and educated people. The largest banks are Hansabank, SEB, Nordea, and Sampo Bank. Several IPOs have been made recently on the Tallinn Stock Exchange, a member OMX system. Estonia is ranked 21st of 121 countries in the Capital Access Index 2005 by Milken Institute, outperforming Austria and Italy among others. The rent levels of new office spaces in Tallinn starts at 15 euros per square meter or 2000 euro sale price, with demand exceeding supply.
Estonian service sector employs over 60% of workforce. Estonia has a strong information technology (IT) sector, partly due to the Tiigrihüpe project undertaken in mid 1990s, and has been mentioned as the most "wired" and advanced country in Europe in the terms of e-government.
Farming, collectivized until 20 year ago, has become privatized, more efficient, and the farming area has increased recently. The share of agriculture in the gross domestic product decreased from 15% to 3.3% during 1991–2000, while employment in agriculture decreased from 15% to 5.2%.
The mining industry makes up 1% of the GDP. Mined commodities include oil shale, peat, and industrial minerals, such as clays, limestone, sand and gravel. Soviets created badly polluting industry in the early 1950s, concentrated in the north-east of the country. Socialist economy and military areas left the country highly polluted, and mainly because of oil shale industry in East-Virumaa, sulphur dioxide emissions per person is almost as high as in Czech Republic. The coastal seawater is polluted in certain locations, mainly the east. The government is looking for ways to reduce pollution further. In 2000, the emissions were 80% smaller than in 1980, and the amount of unpurified wastewater discharged to water bodies was 95% smaller than in 1980. Estonian productivity is experiencing rapid growth, and consequently wages are also rising quickly, with a rise in private consumption of about 8% in 2005. According to Estonian Institute of Economic Research, the largest contributors to GDP growth in 2005 were processing industry, financial intermediation, retailing and wholesale trade, transport and communications.
Read more about this topic: Economy Of Estonia