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Institute: Estonia's economic state remains good

Minister of Entrepreneurship and IT Urve Palo (SDE) and Estonian Institute of Economic Research Marje Josing.
Minister of Entrepreneurship and IT Urve Palo (SDE) and Estonian Institute of Economic Research Marje Josing. Source: ERR

Estonia's economic situation remains good, the Estonian Institute of Economic Research said on Wednesday, forecasting economic growth of fore percent and an increase in average salary to €1,297 this year.

Estonia's economic growth remains good due to positive developments in the economy of the European Union, but especially due to positive developments in the economies of Estonia's primary partner countries, it can be seen from the institute's fresh publication.

The strengthening of the foreign environment is reflected in Estonia's exports and is also carried over to domestic economy. This has raised the confidence of enterprises as well as households and has increased their willingness to invest,

The institute's experts and analysts assessed the present state of the economy with a maximum score of 100 in March, up five points compared to last December.

For the fourth quarter in a row, experts gave a positive assessment to the state of investments, which was also the highest assessment since 2007. The positive assessment was a result of a broad-based growth of investments, both in enterprises as well as the government sector.

According to the experts, the present state of private consumption is also good and for the fourth year in a row their private consumtion rating exceeds 50 points. In March, for the first time after the economic crisis the experts all gave the economic state a good assessment.

"We see that households can save more, which increases the confidence of families," Minister of Enrepreneurship and Information Technology Urve Palo (SDE) said in a press release. "Hereby we have to mention that an important role in the improved economic situation of households is also played by tax-free income minimum being raised to €500 at the start of the year, as a result of which 75 percent of employees receive up to €64 more money each month."

The institute forecasts Estonia's economy to grow four percent this year, and the average monthly salary to rise to €1,297.

The institute's experts expect Estonia's economy to remain in its present good state for the next six months.

Editor: Aili Vahtla

Source: BNS

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