Group tourism in Estonia down significantly

23.09.23 NEWS ... While the tourism sector is generally recovering after the coronavirus pandemic, rising prices are eroding Estonia's competitive advantage. According to the latest statistics, group tourism in Estonia has fallen significantly.

Estonian economy ministry considers reducing unemployment benefit period

23.09.23 NEWS ... The Estonian Ministry of Economic Affairs and Communications plans to cut €130 million from the budget previously earmarked for unemployment assistance, between 2025 and 2027. The precise steps to be taken are still being worked out. However, the economic affairs minister said that the period during which benefit payments are made could be reduced, while training provided by the Unemployment Insurance Fund may also be reorganized.

Car tax will be higher than the initial proposal

22.09.23 NEWS ... The government postponed the car tax for six months, but the new plans will make it significantly more expensive than the original version. The minister of finance anticipates that the new draft will be completed in the coming weeks and could reach parliament in November.

Estonian government amends positions on EU repair of goods initiative

22.09.23 NEWS ... The European Union Affairs Committee of the Riigikogu at its Friday sitting commended the Estonian government for amending its positions, on the Riigikogu's proposal, on the EU initiative regarding the repair of goods.

Six-month Euribor reaches 4.072 percent

22.09.23 NEWS ... A figure tied to many loans in Estonia, the six-month Euribor, or Euro Interbank Offered Rate, reached 4.072 percent on Thursday, up from 4.04 percent on week.

Swedbank chief economist: Estonian labor productivity falls for second year

22.09.23 NEWS ... Real labor productivity in Estonia has already been falling since the second half of 2021. There has not been such a sustained decline in productivity in Estonia for at least the past 20 years, but at the same time, wage growth is very strong, said Tõnu Mertsina, chief economist at Swedbank, assessing the competitiveness of the economy.

Prosecutors file suspicion against fuel retailer Olerex, one board member

22.09.23 NEWS ... The Southern District Prosecutor's Office has filed a suspicion of submitting false information against major fuel retailer Olerex and its board member and co-owner Andres Linnas, daily Eesti Päevaleht (EPL) wrote Friday.

Teachers in Estonia may strike over smaller than promised wage hikes

22.09.23 NEWS ... Educators in Estonia may opt to strike in response to much smaller wage hikes than the government had promised, teachers' union network coordinator Madis Somelar said in an appearance on ETV morning program "Terevisioon" on Friday.

Statistics: Dwelling price index continued slow growth in Q2 2023

22.09.23 NEWS ... The dwelling price index rose by 5 percent on year to the second quarter of 2023 (Q2 2023), state agency Statistics Estonia reports.

Lääne-Nigula council approves initial phase of Risti wind farm development

21.09.23 NEWS ... Thursday, the Lääne-Nigula rural municipality council approved the first phase of the special planning for the Risti wind farm, permitting the future installation of up to 25 wind turbines with a maximum height of 270 meters.

Reform wants to take €400 million from poor, Eesti 200 and SDE from wealthy

21.09.23 NEWS ... The Reform Party would prefer to increase the value-added tax to generate an additional €400 million by 2025, while Eesti 200 would increase property taxes and the Social Democrats would implement a progressive income tax and tax enterprises.

Elron ticket service back online after DDoS attacks from Russia supporters

21.09.23 NEWS ... A wave of Distributed Denial-of-Service (DDoS) attacks thought to have been the work of pro-Russia hackers and which brought the ticketing service of rail provider Elron have been foiled, and normal service has resumed.

Government planning new tender for 'environmental house'

21.09.23 NEWS ... The long-standing plans to construct a wooden "environmental house" (keskkonnamaja) museum and office building in Tallinn's Kalamaja district close to the Seaplane Harbor, remain alive. While the government plans to go ahead with the project, due to a drop in construction prices, a new tender will be launched.

Estonian government plans to reduce senior civil servant salary increases

21.09.23 NEWS ... Estonian Minister of the Interior Lauri Läänemets (SDE) says that the government has decided to halve the planned increases to senior civil servants' salaries over a four-year period.

SDE chair: There's quite a lot in this budget we're not happy about

21.09.23 NEWS ... In an appearance on Vikerraadio's "Uudis+" on Wednesday, Minister of the Interior and Social Democratic Party (SDE) chair Lauri Läänemets said that there are several aspects of the 2024 state budget agreed upon by Estonia's ruling Reform-Eesti 200-SDE government coalition this week that the Social Democrats are unhappy about, but acknowledged that at the end of the day, compromises had to be made.

Tallink CEO: State companies should not be involved in property development

21.09.23 NEWS ... Tallink Board Chair Paavo Nõgene has criticized Tallinn Airport's plan to develop a large amount of real estate on its own territory, saying the state should not intervene in a market where there is no market failure. However, Tallinn Airport Board Member Eero Pärgmäe says the focus of the plans is purely the airport's own development needs.

Cyber attack brought Elron ticketing system down Wednesday

21.09.23 NEWS ... Ticket sales for national rail carrier Elron's trains were disrupted Wednesday afternoon, after a cyber attack.

Kaja Kallas at Äriplaan conference: Now is the right time for major reforms

20.09.23 NEWS ... Speaking at the annual economic conference of Äripäev, Prime Minister Kaja Kallas (Reform) said that the current economic situation favors the implementation of structural reforms.

No money for public sector pay raises next year

20.09.23 NEWS ... The government froze public sector wages for next year in budget negotiations, with only teachers receiving an increase, but less than promised. The Estonian Trade Union Confederation (EAKL) says the decision was made in haste and could worsen public sector pay levels.

Central Bank predicts 2025 budget to be even tighter than next year's

20.09.23 NEWS ... The state budget agreement has been reached, according to Kaja Kallas (Reform), but the budget's revenue and expenditure figures will not be released until Thursday. However, the Bank of Estonia (Eesti Pank) anticipates that the budget for 2025 will be even tighter than next year's.

Gallery: Tallinn Airport planning major new development, terminal building

20.09.23 NEWS ... Tallinn city government has initiated a detailed plan for the northwestern end of Tallinn Airport according to which some 20 commercial buildings are to be built on site. Development plans also call for a new main entrance building as well as the expansion of the current main terminal.

Analysis: Nuclear plant reactor would generate 12 tons of spent fuel a year

20.09.23 NEWS ... The possible construction of a nuclear power plant in Estonia is up to the Riigikogu to decide. To facilitate a knowledge-based decision on the matter, the Ministry of Climate-led nuclear energy working group commissioned several analyses, according to the latest of which a single nuclear reactor in Estonia would likely generate 12 tons of spent fuel a year, or 720 tons of nuclear waste in its lifetime.

Electricity prices to stay higher in Estonia than Finland for several years

20.09.23 NEWS ... The average annual electricity price for Estonian businesses and households will remain higher than in Finland for several years to come. However, according to Timo Tatar, undersecretary for energy and mineral resources at the Estonian Ministry of Climate, Estonian wind power production will also treble, bringing prices more in line with those of its northern neighbor.

Audit: Nordica's fate shows Estonian state's shortcomings as airline owner

20.09.23 NEWS ... The Estonian National Audit Office believes Nordica's plight shows the Estonian state's lack of skill and interest in its role as owner of a company in such a complex business field as the aviation industry.

Workers' smart card obligation causes confusion for construction companies

20.09.23 NEWS ... From October 1, only workers with a special smart card will be allowed access to major construction sites. Employers will also be required to provide details of these workers to the Estonian Tax and Customs Board (MTA) in order to help better detect potential tax fraud, including the payment of "envelope wages." Construction companies are unhappy with the new obligations, with the law set to come into force before the smart cards are ready for use.

Central bankers slam Estonian government, commercial banks' dividends deal

20.09.23 NEWS ... Bank of Estonia Governor Madis Müller and economist Kaspar Oja on Tuesday criticized the deal struck between the government and commercial banks earlier that day according to which commercial banks operating in the country will be spared from a contemplated new bank tax by paying more dividends next year.

Sangaste Castle to be put up for auction, opening price €2.6 million

19.09.23 NEWS ... A manor house in South Estonia is being put up for auction with an opening price of €2.6 million.

Statistics: Industrial output index down 4.4 percent on year to August

20.09.23 NEWS ... The producer price index of industrial output fell by 4.4 percent to august 2023, state agency Statistics Estonia reports.

Peter Lõhmus new head of Estonian Fiscal Council

19.09.23 NEWS ... The Supervisory Board of the Bank of Estonia (Eesti Pank) on Tuesday appointed Peter Lõhmus as the new head of the Estonian Fiscal Council and Karin Jõeveer as a new member of the Council.

Baltic presidents meet with UN chief, invite American business investments

19.09.23 NEWS ... Estonian President Alar Karis and his Baltic counterparts met with UN Secretary-General Antonio Guterres in New York, where their discussion focused on issues related to Russia's ongoing war in Ukraine. Speaking at a strategic investment summit, the three heads of state also called on American entrepreneurs to invest in Estonia, Latvia and Lithuania.

Kaja Kallas: State budget is put together

19.09.23 NEWS ... Prime Minister Kaja Kallas told reporters after 6 p.m. on Tuesday that the agreement on the state budget was in place. There will be no new taxes in 2024 in addition to those already introduced by the government, and the car tax will be delayed by a year, the head of government said. There will be no cuts in education.

Ansip: Unspecified search for €400 million shows government's ineptitude

19.09.23 NEWS ... In an interview with ERR, Reform Party former Prime Minister Andrus Ansip said the government's austerity plans and search for new revenues must be linked to the goal of kick-starting economic growth in Estonia.

Banking Association chief: bank tax would reduce capacity to boost growth

19.09.23 NEWS ... Olavi Lepp, head of the Estonian Banking Association and CEO of Swedbank's Estonian branch, said that banks would be able to cope with the increase in advance income tax, which has already been decided on. However, Lepp added that an additional bank tax would harm the Estonian economy.

Kallas: Reform has made no effort to push through bank tax

19.09.23 NEWS ... Prime Minister Kaja Kallas (Reform) said after a meeting with bank chiefs that her message to them was that banks should contribute in solidarity to the state budget. Kallas reiterated that the Reform Party still does not support a bank tax.

Gas stations in Estonia hike prices at the pump again

19.09.23 NEWS ... Gas station chains once again raised prices at the pump on Tuesday, with the price of 95-octane gasoline rising to €1.819, 98-octane gas to €1.869 and diesel fuel to €1.719 per liter.

Estonian inflation below eurozone average in August

19.09.23 NEWS ... In August, inflation slowed to 5.2 percent in the eurozone and to 5.9 percent in the European Union. Inflation in Estonia was 4.3 percent in August.

Estonian government writing empty €400m revenue line into 2025 state budget

19.09.23 NEWS ... The Estonian government intends to include an empty budget line in its 2025 state revenues with no specific tax type indicated but a projected amount of €400 million, or approximately 1 percent of the expected GDP.

Eesti 200 MP: There will be no bank tax in Estonia

19.09.23 NEWS ... Eesti 200 MP Marek Reinaas, who has been participating in the government's state budget negotiations Vihula, has confirmed that there will be no bank tax in Estonia. However, the current budget solution does stipulate that there will be some form of tax increase in the long term. What exactly this pertains to is still to be discussed during the negotiations.

Online groceries account for negligible share of supermarket turnovers

19.09.23 NEWS ... Competition between online supermarkets is fierce, but nonetheless, most customers in Estonia are still buying their food from brick-and-mortar grocery stores, and ordering groceries online is moreso a convenience service in the country's bigger cities. According to Estonian E-Commerce Association estimates, within the next few years, some bigger online supermarket revenues may reach just 10 percent of total revenue at best.

Estonia's government coalition to take relaxing budget rules route

18.09.23 NEWS ... As the basic State Budget Act sets stricter budget rules than EU requirements, Estonia's government coalition will be taking the route of relaxing the basic budget law, Prime Minister Kaja Kallas (Reform) confirmed Monday. Kallas is set to meet with representatives of banks Tuesday to discuss the idea of a possible banking tax.

Estonian interior minister: Next year's state budget more or less in place

18.09.23 ECONOMY ... According to Estonian Minister of the Interior and chair of the Social Democratic Party (SDE) Lauri Läänemets, next year's state budget is already more or less in place. However, Läänemets added, the possible introduction of a new bank tax and any major changes to the budget strategy for the coming years are still to be decided on.

Road construction short at least €100 million for next year

18.09.23 NEWS ... Road construction needs additional funding to the tune of at least €100 million next year, while the government is struggling to come up with the money. Minister of the Interior Lauri Läänemets believes that a banking tax could be the solution, while Minister of Economic Affairs Tiit Riisalo does not agree.

Electric charging network growing at lightning pace in the Baltics

18.09.23 NEWS ... The network of public electric vehicle charging stations is growing in the Baltics, and for now at least, this expansion is most rapid in Latvia. Latvia's charging network has almost two and a half stations for every ten electric cars. Estonia has one station for every 20 cars, and Lithuania has one for every ten, Aldis Zelmenis writes in an article originally published in the Baltic Business Quarterly.

Business owners in Estonia want stop to fast-tracking of bills in Riigikogu

18.09.23 NEWS ... Dozens of business organizations in Estonia have issued a joint appeal expressing dissatisfaction with the government's legislative practice in recent months, where only a few business days are given to provide feedback on bills significantly impacting the business environment, impact analyses of planned changes are significantly flawed or missing altogether and the changes aren't substantiated.

Expert: VAT increase to cause shopping boom and additional price hikes

18.09.23 NEWS ... Estonia's VAT rate climbing to 22 percent from 2024 and income tax to the same level from 2025 will cause a shopping boom and higher prices this year. That is why Lenno Uusküla, chief economist for Luminor, believes tax changes should be made in small incremental steps.

Eesti Energia: Fall electricity price to be half of last year's level

18.09.23 NEWS ... Electricity futures suggest that the price of electricity this fall and early winter should be just half of the level last year, Armen Kasparov, head of energy products for Eesti Energia, said.

Leasing providers advise against taking vehicles to Russia

17.09.23 NEWS ... While the Ministry of Foreign Affairs has no information to suggest Russia might ban the entry of vehicles with Estonian plates as a counter to the EU's recent decision to ban entry to Russian vehicles, leasing providers advise against crossing the Russian border in a car leased in Estonia.

Vihula budget talks fail to reach agreement

16.09.23 NEWS ... The government members continued their discussions of the state budget on Friday at Vihula Manor. At twelve o'clock midnight, no agreement had been reached, and the representatives of the three government parties, who had been negotiating up to that point, dispersed without having reached an agreement.

Taxation of employees of online platforms becomes law

15.09.23 NEWS ... It will be now codified in law that if an employee on an online platform is not a sole proprietor, the platform will be required to pay the employee's labor taxes. According to the Ministry of Finance, platforms have complied with this requirement since last year, so the state makes this status quo official.

Bank of Estonia chief on rate hike: No promises, but pressures should ease

15.09.23 NEWS ... The Governing Council of the European Central Bank (ECB) announced yet another interest rate hike on Thursday, but also indicated not to expect any more hikes in the months ahead. While they can't make any promises, their best current info suggests that inflation has slowed enough that rising incomes will boost people's purchasing power and that pressure on loan repayments is expected to ease as well, Bank of Estonian Governor Madis Müller said Friday.
Hea lugeja, näeme et kasutate vanemat brauseri versiooni või vähelevinud brauserit.

Parema ja terviklikuma kasutajakogemuse tagamiseks soovitame alla laadida uusim versioon mõnest meie toetatud brauserist: