Ratio of currency in circulation (CIC) to GDP of Estonia 2011-2021

Ever since the introduction of the euro in 2011, the size of coins and banknotes circulating in Estonia made up roughly 12 percent of GDP. This so-called CIC/GDP ratio roughly measures the use of cash money in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments.