Creative industries | Ministry of Culture
The creative economy started to be discussed seriously in the world in the 1980s. In Estonia and the other European countries, this occurred a few years later. In 2005, the first mapping of the creative economy was conducted in Estonia, in the course of which an attempt was made to define the concept of the creative economy and determine which fields of activity it encompasses.
A new study on Estonia’s creative industries provides an overview of the developments and future prospects of the sector
On 8 May 2018, the Ministry of Culture, in cooperation with Enterprise Estonia and the Estonian Institute of Economic Research, introduced the results of the recently completed study and charting of Estonia’s creative industries. The presentation was opened by Minister of Culture Indrek Saar. Anu-Maaja Pallok, Advisor for Creative Industries at the Ministry of Culture, provided a survey of the background and objectives of the study; and results of the study were presented by Marje Josing, Director of the Estonian Institute of Economic Research.
advanced service-based EU and OECD economy; regional trade and telecommunications leader; recently rejected Baltic sea rail tunnel from Tallinn to Helsinki; flat income taxation; substantial welfare system; balanced budget culture; business-friendly climate
Estonia, a member of the EU since 2004 and the euro zone since 2011, has a modern market-based economy and one of the higher per capita income levels in Central Europe and the Baltic region, but its economy is highly dependent on trade, leaving it vulnerable to external shocks. Estonia’s successive governments have pursued a free market, pro-business economic agenda, and sound fiscal policies that have resulted in balanced budgets and the lowest debt-to-GDP ratio in the EU.
The economy benefits from strong electronics and telecommunications sectors and strong trade ties with Finland, Sweden, Germany, and Russia. The economy’s 4.9% GDP growth in 2017 was the fastest in the past six years, leaving the Estonian economy in its best position since the financial crisis 10 years ago. For the first time in many years, labor productivity increased faster than labor costs in 2017. Inflation also rose in 2017 to 3.5% alongside increased global prices for food and energy, which make up a large share of Estonia’s consumption basket.
Estonia is challenged by a shortage of labor, both skilled and unskilled, although the government has amended its immigration law to allow easier hiring of highly qualified foreign workers, and wage growth that outpaces productivity gains. The government is also pursuing efforts to boost productivity growth with a focus on innovations that emphasize technology start-ups and e-commerce.