Estonia Business Confidence

Estonia's business confidence rose to 90.4 points in September 2025, the highest since March 2025. This represents a 1.9% increase from August 2025's 88.7 points. The improvement stems from a stronger economic outlook with growth in exports, manufacturing and retail sales since mid-2024. Public investment and government borrowing also support economic expansion. Estonia's tech sector shows resilience with record startup revenues in the first half of 2025 indicating profitability and competitiveness despite difficult capital markets. Estonia's record low business confidence was 70.2 points in April 2020 and record high was 112.1 points in September 2021.

Monthly Historical Data (2015-2025)

(in points)

Month	Business Confidence (points)
Sep 2025	90.4
Aug 2025	88.7
Jul 2025	87.9
Jun 2025	87.3
May 2025	88
Apr 2025	89.5
Mar 2025	90.4
Feb 2025	89.3
Jan 2025	88.5
Dec 2024	88.5
Nov 2024	88.7
Oct 2024	86.2
Sep 2024	87.1
Aug 2024	86
Jul 2024	88.3
Jun 2024	86
May 2024	84
Apr 2024	83.4
Mar 2024	84.7
Feb 2024	82.6
Jan 2024	83.6
Dec 2023	82
Nov 2023	82.2
Oct 2023	81.6
Sep 2023	82.6
Aug 2023	84.9
Jul 2023	82.9
Jun 2023	82.2
May 2023	85.5
Apr 2023	86.6
Mar 2023	86
Feb 2023	85.3
Jan 2023	86.2
Dec 2022	84.3
Nov 2022	87.1
Oct 2022	87.7
Sep 2022	87.8
Aug 2022	90.7
Jul 2022	92.2
Jun 2022	95.8
May 2022	98.1
Apr 2022	100.2
Mar 2022	101.5
Feb 2022	104.3
Jan 2022	105.1
Dec 2021	108.7
Nov 2021	108.5
Oct 2021	108.8
Sep 2021	112.1
Aug 2021	108
Jul 2021	110.9
Jun 2021	106.6
May 2021	105.7
Apr 2021	102
Mar 2021	100
Feb 2021	101.4
Jan 2021	100.1
Dec 2020	98.3
Nov 2020	95.4
Oct 2020	97.3
Sep 2020	92.8
Aug 2020	89.1
Jul 2020	85.5
Jun 2020	75.3
May 2020	70.5
Apr 2020	70.2
Mar 2020	99.4
Feb 2020	98.4
Jan 2020	96.7
Dec 2019	97.2
Nov 2019	95.7
Oct 2019	97.4
Sep 2019	96.9
Aug 2019	98.9
Jul 2019	98.5
Jun 2019	100.3
May 2019	102
Apr 2019	101.3
Mar 2019	101.6
Feb 2019	100.3
Jan 2019	101.9
Dec 2018	103
Nov 2018	104.9
Oct 2018	104.2
Sep 2018	104
Aug 2018	104.2
Jul 2018	106
Jun 2018	104.3
May 2018	103.2
Apr 2018	104.9
Mar 2018	106.1
Feb 2018	105.5
Jan 2018	106.9
Dec 2017	107.2
Nov 2017	107
Oct 2017	105.8
Sep 2017	106.1
Aug 2017	105.6
Jul 2017	107.5
Jun 2017	108.2
May 2017	104.8
Apr 2017	106.5
Mar 2017	104.3
Feb 2017	105.3
Jan 2017	103.1
Dec 2016	103.2
Nov 2016	101.6
Oct 2016	103.2
Sep 2016	101.7
Aug 2016	101
Jul 2016	101.3
Jun 2016	100.2
May 2016	100.1
Apr 2016	99.4
Mar 2016	99.2
Feb 2016	96.9
Jan 2016	99.6
Dec 2015	98.2
Nov 2015	98.1
Oct 2015	99
Sep 2015	96.9

Estonia Business Confidence : Definition

Estonia business confidence measures Estonian firms expectations about future economic activity. It is derived from surveys assessing production order books and employment outlook. The index reflects the average balance of positive versus negative responses, indicating overall business sentiment.