Northern Europe with Estonia and Finland topping the list among the OECD countries in Europe. Northern Europe Northern Europe is the general term for the geographical region in Europe that is approximately north of the southern coast of the Baltic Sea. Nations usually included within this region are Denmark, Estonia, the Faroe Islands, Finland, Iceland, Latvia, Lithuania, Norway and Sweden, and less often the United Kingdom, the Republic of Ireland, northern Germany, northern Belarus and northwest Russia. Narrower definitions may be based on other geographical factors such as climate and ecology. A broader definition would include the area north of the Alps.
Economy of Estonia for Latvia. Estonia today is mainly influenced by developments in Finland, Russia, Sweden and Germany – the four main trade partners. The government recently greatly increased its spending on innovation. The prime minister from the Estonian Reform Party has stated its goal of bringing Estonian GDP per capita into the top 5 of the EU by 2022. However, the GDP of Estonia decreased by 1.4% in the 2nd quarter of 2008, over 3% in the 3rd quarter of 2008, and over 9% in the 4th quarter of 2008. The Estonian economy further contracted by 15.1% in the first quarter of