Editing Economy of Estonia (section)

==The economy today==
"Since reestablishing independence, Estonia has styled itself as the gateway between East and West and pursued economic reform and integration with the West."<ref>{{Cite web|title=Estonia (03/04)|url=https://2009-2017.state.gov/outofdate/bgn/estonia/31860.htm|access-date=2021-07-21|website=U.S. Department of State}}</ref> Estonia's market reforms put it among the economic leaders in the former [[COMECON]] area.{{Citation needed|date=January 2019}} A balanced budget, almost non-existent [[public debt]], flat-rate [[income tax]], [[free trade]] regime, adoption of the [[euro]], competitive commercial banking sector, hospitable environment for foreign investment, innovative [[e-Services]] and mobile-based services are hallmarks of Estonia's free-market-based economy.{{Citation needed|date=January 2019}}

The [[privatisation]] of state-owned firms is virtually complete, with only the port and main power plants remaining in government hands.{{Citation needed|date=January 2019}} The constitution requires a balanced budget,<ref name="Andmevara 1918 h714">{{cite web | last=Andmevara | first=AS | title=The Constitution of the Republic of Estonia–Riigi Teataja | website=Avaleht–Riigi Teataja | date=February 24, 1918 | url=https://www.riigiteataja.ee/en/eli/521052015001/consolide | access-date=February 29, 2024}}</ref> and the protection afforded by Estonia's intellectual property laws is similar to that of the EU.<ref name="WIPO_2022">{{cite report |author=World Intellectual Property Organization |date=2022 |title=Intellectual property statistical country profile: Estonia |url=https://www.wipo.int/edocs/statistics-country-profile/en/ee.pdf |publisher=European Climate, Infrastructure and Environment Executive Agency |access-date=2024-02-29}}</ref><ref name="International Property Rights Index z373">{{cite web | title=Estonia | website=International Property Rights Index | url=https://www.internationalpropertyrightsindex.org/country/estonia | access-date=February 29, 2024}}</ref><ref name="International Trade Administration 2020 w052">{{cite web | title=Protecting Intellectual Property | website=International Trade Administration | date=October 15, 2020 | url=https://www.trade.gov/country-commercial-guides/estonia-protecting-intellectual-property | access-date=February 29, 2024}}</ref> Near-ideal conditions for the banking sector exist. Foreigners are not restricted from buying bank shares or acquiring majority holdings.{{Citation needed|date=January 2019}}

In 2013, the average monthly gross wage in Estonia was €980 (US$1,330).<ref name="stat.ee">{{cite web |title=Most requested statistics |work=Main indicators |publisher=[[Statistics Estonia]] |date=30 September 2013 |url=http://www.stat.ee/main-indicators |access-date=4 October 2013 |archive-date=23 November 2012 |archive-url=https://web.archive.org/web/20121123153505/http://www.stat.ee/main-indicators |url-status=dead }}</ref> This figure has grown consistently to €2,065 (US$2,217) as of December 2023.<ref>{{Cite web|title=Average monthly gross wages and salaries {{!}} Statistikaamet|url=https://www.stat.ee/en/find-statistics/statistics-theme/work-life/wages-and-salaries-and-labour-costs/average-monthly-gross-wages-and-salaries|access-date=2024-05-08|website=www.stat.ee|language=en}}</ref>

Estonia offers unique tax conditions for businesses, where the tax on undistributed profits is 0%. This allows companies that reinvest their profits into development to avoid tax obligations and allocate more funds for growth and expansion.<ref>{{Cite web |title=Company Registration in Estonia {{!}} Your Quick Start in the EU |url=https://adamsmith.lt/en/company-registration/company-registration-in-estonia/ |access-date=2024-11-07 |website=AdamSmith |language=en-US}}</ref> In 2024, Estonia holds the first place in the [https://taxfoundation.org/research/all/global/2023-international-tax-competitiveness-index/ International Tax Competitiveness Index] and on a permanent basis is taking top positions in the [[Economic Freedom Index]] (8th place) and in the [[Ease of doing business index|Ease of Doing Business Index]] (18th place).<ref>{{Cite web |last=Firma |first=Eesti |title=Company Formation in Estonia {{!}} Start a Business in the EU |url=https://www.eestifirma.ee/en/service/company-formation/ |access-date=2024-08-28 |website=Eesti Firma |language=en-US}}</ref>