OREANDA-NEWS. January 14, 2013. In the annual Index of Economic Freedom published, Estonia's economy gained three notches compared to last year, reaching 13th place.

An overall score of 75.3 out of 100 put Estonia fourth among European countries, behind Switzerland, Denmark and Ireland.

"Its overall score is 2.1 points higher than last year, driven by notable improvements in the management of government spending, property rights and business freedom," the assessment read.

The index, compiled by the Wall Street Journal and the Heritage Foundation, covered 177 countries, taking into account the stability of prices, property rights, corruption, employee rights, government spending and taxes.