In its labor market review, the central bank said that although the economy has been shrinking for a year and a half, the labor market situation has so far been better than expected. At the same time, the bank warns that the labor market reacts with a lag to the general economic situation, which means that finding a job will become more difficult in the near future.

In a forecast published at the end of September, it estimated that unemployment would rise to 8 percent next year, but in reality, the unemployment rate will rise even higher. It's more like "double-digit unemployment; I don't think we're forecasting very well," said Orsolya Soosaar, an economist at the Bank of Estonia.

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