The Venture Capital & Private Equity
Country Attractiveness Index
Alexander Groh, Heinrich Liechtenstein, Karsten Lieser and Markus Biesinger

Estonia  
Rank: 38 · Score: 61.0  

Basic facts, 2020        
Population (millions) 1.3   IPOs and pulic issues (quartile) 2nd
GDP (US$ billions) 31.0   M&A volume (quartile) 2nd
GDP per capita (US$) 23,296.0   Venture capital investments (quartile) 3rd
GDP growth (per cent) -2.9   Private equity investments (quartile) 3rd
 
 
 
Performance Overview
Indicator   Rank / 125 Rank Trend Score
VC/PE Country Attractiveness Index 38 86, 87, 87, 87, 87 61.0
1 Economic Activity 81 42, 43, 44, 42, 44 67.5
2 Depth of Capital Market 58 58, 63, 60, 64, 67 52.1
3 Taxation 43 85, 84, 83, 83, 82 98.2
4 Investor Protection and Corporate Governance 24 104, 104, 105, 102, 101 87.7
5 Human and Social Environment 28 96, 96, 96, 96, 97 44.7
6 Entrepreneurial Opportunities 35 91, 91, 91, 90, 90 61.1


 
Historic performance, 2017-2021   Key driver performance, 2021
 

   
VC/PE Rank  
VC Rank  
PE Rank
Estonia  
Eastern Europe
 
 
 
Peer Group Comparison
 
Regional Peers Economic Activity Depth of Capital Market Taxation Investor Protection and
Corporate Governance
Human and Social
Environment
Entrepreneurial
Opportunites
Poland 87.1 75.0 100.3 66.8 39.4 66.8
Czech Republic 81.3 55.5 96.7 76.4 40.4 72.1
Estonia 67.5 52.1 98.2 87.7 44.7 61.1
Turkey 77.3 70.6 101.9 67.3 32.4 54.5
Romania 81.5 57.2 89.6 73.8 34.9 54.7
Hungary 79.8 53.8 95.8 64.0 34.0 65.0
Lithuania 70.3 49.5 99.1 81.8 36.5 57.3
Last updated: 21 Jun 2021