Economy
In addition to longtime functions as seaport and capital city, Tallinn has seen development of an information technology sector; in its 13 December 2005, edition, The New York Times characterized Estonia as "a sort of Silicon Valley on the Baltic Sea". One of Tallinn's sister cities is the Silicon Valley town of Los Gatos, California. Skype is one of the best-known of several Estonian start-ups originating from Tallinn. Many start-ups started from the Soviet-era Institute of Cybernetics. The economic sectors of Tallinn also include the light, textile, and food industry, as well as the service and government sector. There is a small fleet of ocean going-trawlers that operate out of Tallinn. Port of Tallinn is one of the biggest ports in the Baltic sea region.
Currently, over half of the Estonian GDP is created in Tallinn. In 2008, the GDP per capita of Tallinn stood at 172% of the Estonian average. This makes the GDP of Tallinn be at 115% of the European Union average, while the overall GDP level of Estonia is at 67% of the EU average.
Read more about this topic: Tallinn
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)