Experts: Investments up, other problems of the economy remain the same
The economy gets 5.2 points out of 9. Despite investments having increased, its dependency on consumer demand would continue, and demand for its industrial output would remain low. Also, the shortage of skilled workers would remain a problem, the experts said.
Experts of the Institute of Economic Research (EKI) in June rated the current state of the Estonian economy with 5.2 points on a scale of 1 to 9, which is a 0.6 point improvement over March.
The investment situation was seen to have improved the most, while domestic consumption remains the driving force of the economy.
The principal obstacles to the development of the economy are shortage of skilled labor, insufficient international competitiveness and insufficient demand, deputy secretary general for economic development at the Ministry of Economic Affairs and Communications Viljar Lubi said.
Addressing those problems was a priority for the ministry, he added. In the future the ministry would pay more attention to the industrial sector, where confidence levels were the lowest, according to the EKI analysis.
The analysis did not take into account the possible effects of Britain's exit from the European Union because most analysts had not foreseen it, EKI director Marje Josing said. The expert panel had predicted that the investment situation would improve further, and private consumption would remain at the same level in the second half of the year.