Report: Wealth Accumulation a Slow Process ({{commentsTotal}})

Business
Business

An analysis in the National Audit Office's annual report finds that, despite praise for Estonia's public finances and economic growth, these successes have not translated into better economic well-being for Estonians.

While the average net wage has increased 5 percent since 2008, prices have increased 12 percent, the report said.

In comparison with the average European, wealth is at the same level it was five years ago. Although purchasing power has improved slightly, it is still 69 percent of the EU average and hasn't yet returned to the pre-crisis 70 percent.

Meanwhile, prices compared with the European average have grown 7 percent since 2007, reaching 80 percent of the EU average in 2012. Inflation significantly outpaced the European average in 2010–2012, in 2011 higher only in Romania. The fast pace of inflation has continued in 2013, growing by 4 percent year-on-year in the first eight months, although recent months have shown signs of easing off.

Although salaries are at a historical high point, reaching a gross average of 887 euros in 2012, they have only increased by 7 percent in the last five years. The average Estonian's net salary compared with 2008 is 36 euros higher.



{{c.alias}}
{{c.createdMoment}}
{{c.body}}
{{cc.alias}}
{{cc.createdMoment}}
+{{cc.replyToName}} {{cc.body}}
No comments yet.
Logged in as {{user.alias}}. Log out
Login failed

Register user/reset password

Name needs to be fewer than 32 characters long
Comment needs to be fewer than 600 characters long
{{comment.captcha.word.answer}}

news.err.ee

Opinion
Estonia’s way into the future isn’t a race

There is a lack of connection between the Estonian state, and the people who live here. While it expects a lot of the state, Estonian society doesn’t seem ready to contribute, writes Viktor Trasberg.

Lotman: Security academy would be crucial Estonian identity point in Narva

In an opinion piece published by Eesti Päevaleht, Tallinn University professor Mihhail Lotman found it important to overcome the mental barrier separating Ida-Viru County from the rest of Estonia.