- 78% of Estonian firms invested in 2025, prioritising growth and innovation over replacement.
- Nearly half see stricter climate rules as a risk – and a third are taking action.
- Uncertainty, skills shortages and energy costs top the list of barriers.
- Estonia leads the European Union in gender diversity, with women in 34% of senior roles.
Estonian firms remain resilient and adaptable, sustaining strong investment levels despite economic uncertainty, according to the latest European Investment Bank Investment Survey (EIBIS). With 78% of companies investing in 2025 – close to the EU average of 86%, firms are focusing on growth and innovation rather than simply replacing old equipment – a clear sign of ambition.
Estonian firms are keeping pace with the European Union on innovation, with nearly one in three (29%) investing in new products or services. Digital adoption is advancing: the use of advanced technologies has improved since last year, rising to 32%. A strong uptake of generative AI – used by 37% of firms, mainly for internal processes and marketing – shows a clear drive towards smarter, more efficient operations.
Nearly half of Estonian businesses (45%) see stricter climate standards as a risk – more than the EU average – yet only about a third are taking steps to prepare (36% vs 53% in the European Union). Most efforts focus on waste reduction (74%), broadly in line with EU firms, but there is clear potential to step up investment in energy efficiency, renewables, and sustainable transport to close the gap with EU peers.
Estonian firms are strongly connected to global trade, especially in manufacturing, which makes them more exposed to geopolitical and market disruptions. While they face fewer regulatory and customs hurdles than most EU companies, exporters still see significant upside potential for a better integrated EU single market.
Investment barriers remain significant, with uncertainty (89%), skills shortages (80%), and high energy costs (67%) among the biggest challenges for businesses. Despite these hurdles, Estonia leads the European Union in gender diversity at the top, with women making up 34% of senior managers compared to 25% across the European Union.
“Estonian firms are showing strong commitment to investment and innovation, which is vital for competitiveness,” said EIB Vice-President Karl Nehammer. “The next step is to turn this strength into climate leadership, by investing more in energy efficiency and renewables – areas where Estonia can lead the region and strengthen its economic resilience.”
Full report: https://www.eib.org/en/publications/20250218-econ-eibis-2025-estonia
Background information
The EIB Group Survey on Investment, which has been carried out since 2016, is a unique annual survey of some 12 000 firms. Data for the latest edition were collected in mid-2025 from companies in all EU Member States. The survey also includes a sample of businesses in the United States. It gathers data on company characteristics and performance, past investment activities and future plans, sources of finance, financing hurdles and other business challenges such as climate change, digitalisation and international trade. In Estonia, 400 firms were interviewed for the 2025 edition.
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
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