Estonia Real Effective Exchange Rate
Real effective exchange rate index PX.REX.REER
Estonia's real effective exchange rate was 121.71 in 2026 (projected), ranked 55th globally. This represents a 0.5% increase from 2025. Data from BIS, covering 1994–2026.
Overview
Estonia's real effective exchange rate stood at 121.71 in 2026, a rise of +0.58 from 2025. Based on recent trends, this figure is projected to reach 126.35 by 2027. Estonia ranked 55th globally.
Estonia’s real effective exchange rate (REER) has risen sharply over the 33‑year series, moving from a trough of 46.42 in 1994 to an all‑time peak of 121.71 in 2026, where it ranks 55th globally. The index, which measures the competitiveness of a country’s goods and services relative to its trading partners, more than doubled during this period, reflecting the cumulative impact of euro adoption, fiscal consolidation and a sustained current‑account surplus. By contrast, Romania’s REER stands at 121.31 and Colombia at 121.75, placing Estonia in a narrow band with other economies that have experienced similar appreciations amid strong export performance and modest inflation differentials. The upward trajectory suggests a gradual loss of price competitiveness, which could be mitigated by structural reforms that boost productivity or by a recalibration of monetary policy within the euro area. Continued monitoring will be essential to determine whether the current level of 121.71 signals a new equilibrium or a temporary peak that may reverse if external demand weakens.
Data & projection
| Year | Real Effective Exchange Rate | YoY change | Rank |
|---|---|---|---|
| 2029* trend | 132.39 | - | - |
| 2028* trend | 129.37 | - | - |
| 2027* trend | 126.35 | - | - |
| 2026 | 121.71 | +0.58 | #55 |
| 2025 | 121.13 | +2.85 | #58 |
| 2024 | 118.28 | +1.90 | #88 |
| 2023 | 116.39 | +7.38 | #85 |
| 2022 | 109.00 | +7.28 | #78 |
| 2021 | 101.72 | +1.72 | #63 |
| 2020 | 100.00 | +0.15 | #59 |
| 2019 | 99.85 | −0.07 | #58 |
| 2018 | 99.92 | +3.53 | #58 |
| 2017 | 96.39 | +1.54 | #44 |
| 2016 | 94.85 | +0.81 | #39 |
| 2015 | 94.04 | −2.43 | #37 |
| 2014 | 96.47 | +0.72 | #29 |
| 2013 | 95.75 | +2.60 | #16 |
| 2012 | 93.15 | −0.90 | #10 |
Detected Pattern
Analysis
Estonia matched the Export Boom Cycle pattern in 2019. Historically, 71% of countries showing this pattern (546 out of 768) saw real effective exchange rate improve within 24 months. View full analysis →
Frequently Asked Questions
Estonia's real effective exchange rate was 121.71 in 2026. Ranked 55th globally. This represents a 0.5% increase from the previous year.
Estonia's real effective exchange rate peaked at 121.71 in 2026.
The lowest real effective exchange rate in Estonia was 46.42 in 1994.
Estonia ranks 55th globally in real effective exchange rate as of 2026.
The World Bank indicator code is PX.REX.REER. Data sourced from BIS.
Estonia's real effective exchange rate is projected to reach 126.35 by 2027 based on trend extrapolation.
The real effective exchange rate of Estonia in 2026 was 121.71. This ranks 55th in the world.
Cite this page
@misc{historysaid_estonia_reer,
title = {Estonia Real Effective Exchange Rate},
url = {https://historysaid.com/estonia/reer/},
publisher = {HistorySaid},
year = {2026}
}