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.
Share of currency in circulation (CIC) to the nominal GDP of Estonia from 2010 to 2022
The source only reports cash in circulation for EU-27 countries as "Euro Area-Wide-Residency"
Supplementary notes
The numbers provided have been calculated from two sources:
Currency in circulation in national currency from the IMF;
Nominal GDP in current prices and national currency from Eurostat.
The CIC to GDP ratio roughly reflects the overall use of cash in a country. Note, however, that this is quite general (as it looks at the overall market for cash) and does not exclusively look at the component of consumers.
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Statista. (September 11, 2023). Share of currency in circulation (CIC) to the nominal GDP of Estonia from 2010 to 2022 [Graph]. In Statista. Retrieved February 11, 2025, from https://www.statista.com/statistics/1095941/cic-to-gdp-ratio-in-estonia/?__sso_cookie_checker=failed
Statista. "Share of currency in circulation (CIC) to the nominal GDP of Estonia from 2010 to 2022." Chart. September 11, 2023. Statista. Accessed February 11, 2025. https://www.statista.com/statistics/1095941/cic-to-gdp-ratio-in-estonia/?__sso_cookie_checker=failed
Statista. (2023). Share of currency in circulation (CIC) to the nominal GDP of Estonia from 2010 to 2022. Statista. Statista Inc.. Accessed: February 11, 2025. https://www.statista.com/statistics/1095941/cic-to-gdp-ratio-in-estonia/?__sso_cookie_checker=failed
Statista. "Share of Currency in Circulation (Cic) to The Nominal Gdp of Estonia from 2010 to 2022." Statista, Statista Inc., 11 Sep 2023, https://www.statista.com/statistics/1095941/cic-to-gdp-ratio-in-estonia/?__sso_cookie_checker=failed
Statista, Share of currency in circulation (CIC) to the nominal GDP of Estonia from 2010 to 2022 Statista, https://www.statista.com/statistics/1095941/cic-to-gdp-ratio-in-estonia/?__sso_cookie_checker=failed (last visited February 11, 2025)
Share of currency in circulation (CIC) to the nominal GDP of Estonia from 2010 to 2022 [Graph], Statista, September 11, 2023. [Online]. Available: https://www.statista.com/statistics/1095941/cic-to-gdp-ratio-in-estonia/?__sso_cookie_checker=failed