how much money has the IT sector brought to the country’s economy over the past five years?

The IT sector in Estonia is one of the fastest growing. Analysts of the Estonian company Marketplaces have requested financial reports from the Estonian Static Authority for the last five years. We talk about the change in GDP and what is the contribution of information technology.

The coronavirus pandemic has not stopped Estonia’s GDP growth. This is stated by Artem Umanets, the chairman of the board of the Estonian IT company Marketplaces, which conducts a successful business in Ukraine and has twice been included in the Gaselli TOP list.

– The corona pandemic has rolled Estonia’s financial performance back to the level of early 2019, but in 1.5 years the country has managed to recover and reach a new level. And it was the IT sector that made a very good contribution to the GDP. In five years, the share of IT in value added at current prices has grown from 5.5% to 7.8%. Translated into concrete figures, we have an increase in current prices from 978 million euros to 1.8 billion euros. Twice in five years! – says Artem Umanets from the successful Estonian IT company Marketplaces, which has already been included in the Gaselli list twice.

Estonian GDP and IT sector

According to the financial reports of Statistics Estonia, back in 2015, Estonia’s GDP was 20.6 billion euros. And despite the pandemic, 2020 ended at € 26.8 billion, although there was a dip in the first half.

– In the first six months of 2021, the contribution to the country’s GDP amounted to more than 14 billion euros. This is a good indicator, even if we take into account the first quarter of this year, which “sank” in terms of indicators. Based on our analyzes of all EU markets, we can say one thing that Estonia is overcoming the crisis and is moving faster than anyone else to successful indicators. Largely thanks to the IT sector and production, – says Artem Umanets.

Artem says that the future of Estonia directly depends on the activities of the information sector.

– Estonia needs to continue to attract IT specialists from all over the world. During the pandemic, it companies proved that they can work and develop effectively even when the whole world was paralyzed. Even our company is an example. Marketplaces ended 2020 financially and 2021 is no exception. Therefore, it is necessary to involve it-specialists. Provide them with residence permits and simplify other bureaucratic issues. Nobody solved the problems with opening bank accounts either. And they are already working on this in Latvia, where even salaries have increased recently. It is very important for Estonia not to miss the chance for further economic development, ”concluded Artem Umanets.

GDP and IT sector: how the data has changed over the past five years.

2021 Q1-Q2 – 14119.5 in current prices, million euros Marketplace

For the second year in a row, the company has been included in the Gaselli TOP rating as one of the fastest growing in Estonia.

According to the 2019 Global Classified Annual Report from the AIM Group, Marketplaces OÜ is ranked 23rd in the world. The company ranks fifth in the world among independent portals.

The international credit information company AS Creditinfo Eesti presented the Estonian company Marketplaces OÜ with the award “Successful Estonian Company 2015-2020” this year.

It is also worth noting that since 2018 the company has been a member of the Estonian Electronic Commerce Union, and since 2020 it has been a member of the Estonian Information Technology and Telecommunications Union.

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