Economy

Statistics: Air travel up, domestic travel down in Estonia to Q3 2021

07.12.21 ECONOMY ... Public transport usage fell slightly on year to the third quarter of 2021 (Q3 2021) in Estonia, while rail and maritime transport similarly fell. While most international travel categories also saw a fall in passenger uptake, air travel picked up on 2020.

Olympics committee sets record €14.7 million budget for 2022

07.12.21 SPORTS ... The national olympics governing body has approved a 2022 budget of close to €15 million, the highest figure to date, on the back of recent successes and ahead of a busy calendar next year.

Bank of Estonia: Record energy prices means inflation will not recede

07.12.21 ECONOMY ... Yearly inflation reached 8.8% in November as the price level stood 1.8% higher than in the previous month, the Bank of Estonia announced on Tuesday. Cost of living is most affected by the rising energy prices as around half of the increase in the cost of the consumer basket has come from electricity, gas and motor fuels.

Huawei: Legislation does not bar company from Estonia

07.12.21 NEWS ... Linking concerns over tech firm Huawei, and indeed the company as a whole, to any one specific state, is not justified, Huawei's Estonian subsidiary says, nor does a recent piece of European Union-compliant domestic legislation actually bar the Chinese-owned firm from Estonian networks and the impending 5G network, but whose wording has been softened compared with its original draft.

Baltic states to discuss increasing Russian electricity share on market

07.12.21 ECONOMY ... The Baltic states are discussing options to allow more Russian and Belarusian electricity on their markets, but even if imports go up, prices going down is not a likely outcome.

Reform MP: Proposal to lower VAT on energy is malicious

07.12.21 ECONOMY ... Veteran politician and Reform Party deputy chairman Jürgen Ligi does not support lowering VAT on energy and considers a proposal to do so malicious, as a reduction would be costly to the state budget, but would not have much impact and would help the rich instead of the poor.

Estonia fighting EU to maintain current income tax system

07.12.21 ECONOMY ... Estonia is doing all it can to maintain its current income tax system in the EU tax debate, Minister of Finance Keit Pentus-Rosimannus (Reform) told ERR on Tuesday, confirming reports of Estonia, alongside Hungary, blocking a revised set of EU tax rules.

Isamaa initiates bill to lower VAT on gas, electricity and heat

07.12.21 ECONOMY ... Isamaa Party's Riigikogu group initiated a bill at Tuesday's sitting, which would see VAT on gas, electricity and heat lowered from 20 percent to 9 in order to alleviate the soaring prices for Estonian consumers and companies.

Elron timetable back to normal from next week

07.12.21 ECONOMY ... Rail repair work is set to end next Sunday, meaning trains run by national operator Elron will recommence with their regular schedule.

Minister: Lowering energy VAT to be tabled in government again

07.12.21 ECONOMY ... Minister of Economic Affairs and Communications Taavi Aas (Center) said that electricity prices still have time to climb even more during the winter and he promises to table the discussion of lowering VAT on energy.

Consumers also worried about gas price inflation

07.12.21 ECONOMY ... Price increases are not causing only electricity consumers to worry, as the price of gas is also on its way up.

Statistics: Inflation at 13-year high in November

07.12.21 ECONOMY ... Record energy prices have been a major factor in the 8.8 percent inflation rate on year to November, the highest figure since late 2008.

Full capacity electricity production will not affect stock exchange price

06.12.21 ECONOMY ... State-owned energy group Eesti Energia has started up all its production capacities due to the increased demand for electricity, but this will not help bring the current extremely high stock exchange prices down.

Unemployment Insurance Fund: Shortage of skilled workforce in Estonia

06.12.21 ECONOMY ... Results of the Unemployment Insurance Fund's fall occupational barometer show that there is no large labor surplus in any field in Estonia. Labor shortage was biggest among skilled workers.

New fixed electricity contracts could see prices increasing 100 percent

06.12.21 ECONOMY ... People with expiring fixed price electricity contracts could be looking at price increases of up to 100 percent when the new year begins.

Tram acquisition to cost Tallinn €71 million

06.12.21 NEWS ... Tallinn's investment budget strategy shows that acquiring new trams will cost the city a little north of €71 million.

Average price of electricity to hit record €469 on Tuesday

06.12.21 ECONOMY ... The average price of electricity in the Estonian region of the Nord Pool energy market will reach a record €469 on Tuesday, a day after setting the record at €290.

EUobserver: Hungary and Estonia blocking EU tax reform

06.12.21 ECONOMY ... Estonian and Hungarian diplomats have blocked a revise set of EU tax rules - potentially derailing an effort to curb the race for ever-lower corporate taxes in the European Union, EUobserver reported on Monday.

Price of electricity to hit record €290.06 on Monday

05.12.21 NEWS ... The average price of electricity in the Estonian region of the Nord Pool energy market will reach €290.06 on Monday. The previous record was broken on November 29 when the price reached €263.96.

Tartu to see first district heating price hike in a decade

04.12.21 ECONOMY ... District heating in Estonia's second city, Tartu, will see its first price increase in a decade, ETV news show 'Aktuaalne kaamera' (AK) reported Friday night.

'Rahva teenrid': Economy a party in one 'room', a funeral in the other

04.12.21 ECONOMY ... The current, apparent inequality in Estonia's economic situation – with some doing very well and other struggling amid soaring energy prices as winter deepens – was the topic of Saturday's edition of Vikerraadio's politics discussion show, 'Rahva Teenrid'.

ERR: Culture minister confirmed that TV house funds would not be taken away

03.12.21 NEWS ... Public broadcaster ERR board chairman Erik Roose said Minister of Culture Tiit Terik told him that the development of ERR's new TV house will not be left on the backburner even if the funds for it will be allocated to the reconstruction of the National Library building.

More than 23,000 people apply to leave pension system in third round

03.12.21 ECONOMY ... The third round of submitting applications for withdrawals from the second pension pillar took place from August to the end of November and according to Estonia's pension system manager Pensionikeskus, 23,441 people submitted applications by the deadline.

Hiiepuu takes over as Elisa Estonia CEO

02.12.21 NEWS ... Andrus Hiiuepuu took over from long-time Elisa CEO Sami Seppänen on Wednesday.

Consumers looking at sharp and comprehensive food price hike

02.12.21 NEWS ... The prices of several food products have already gone up this fall, while a general and abrupt hike is expected to arrive at the start of the new year at the latest. Growing input prices will affect the cost of meat, milk, cheese and bread.

Government endorses share capital increase for Tallinn Airport

02.12.21 ECONOMY ... The Estonian government on Thursday authorized Minister of Economic Affairs and Infrastructure Taavi Aas (Center) to decide on increasing the share capital of state-owned airport company AS Tallinna Lennujaam by €20 million to €45.6 million by issuing two million new shares with a nominal value of €10.

Swedbank Estonia: Electricity prices continue to bring bad news

02.12.21 NEWS ... Head of Swedbank Estonia Olavi Lepp said on Wednesday that energy prices will continue to rise in the coming months and there will be little relief.

Tallinn's budget to exceed €1 billion for first time in history

02.12.21 NEWS ... On Thursday, Tallinn city government approved the city's budget for 2022, which will exceed the €1 billion mark for the first time ever. The investment volume will almost double to €269 million.

HKScan to increase prices of meat products next year

02.12.21 ECONOMY ... Estonia's leading meat processor HKScan Estonia, which operates the Rakvere and Tallegg trademarks, announced on Thursday that prices of meat products would increase at the start of next year.

OECD warns Estonia of economic overheating

02.12.21 NEWS ... The Estonian economy has recovered well from the coronavirus crisis, but if inflation pressures and overheating continue, the government should take steps to cool the economy and cut financial subsidies more sharply than planned, a new report by the Organisation for Economic Co-operation and Development (OECD) says.

Rental discount may continue for Tallinn's Old Town businesses

02.12.21 CORONAVIRUS ... Tallinn City Council is preparing to extend its rental discount for businesses until Spring 2022 to counter the effects of the ongoing coronavirus pandemic.

Minister: EU digital act will not hamper tech giants' Estonian activity

01.12.21 ECONOMY ... The Digital Markets Act (DMA), a proposed European Union piece of legislation, need not undermine Estonia's functioning as a digital hotspot and in partnership with major tech firms such as Google, justice minister Maris Lauri (Reform) says. Over-regulation in the sector must be avoided, she added.

State plans 5G tender for February, participants unhappy with process

01.12.21 ECONOMY ... The Ministry of Economic Affairs and Communications hopes to establish the conditions of the 5G frequency bands state tender this year to be able to announce the contest in the start of next year. Telecom company Elisa criticizes the state for its inflexibility in terms of compromises, which the company states could eventually lead to a court battle.

Eesti Energia board chair: Volatile electricity prices the new norm

01.12.21 ECONOMY ... Volatile electricity prices are a new norm, meaning the current, unprecedentedly high prices in Estonia will be contrasted by very low prices at some point in the future, Hando Sutter, Eesti Energia board chair, told ETV politics talk show 'Esimene stuudio' Tuesday night.

Industrial production grew by 2.8 percent in October

01.12.21 NEWS ... The total production of industrial enterprises increased by 2.8 percent year on year in October 2021, data from Statistics Estonia shows.

Competition Authority looking at Tallinn cinema closure anti-trust aspects

30.11.21 NEWS ... The Competition Authority (Konkurentsiamet) says it will investigate the circumstances of the temporary closure of a major cinema complex during the festive season, fearing that the move might not be for the reason given – that cinema-goer numbers were small along with the effects of Covid restrictions – and was instead a way of getting around anti-trust regulations in Estonia. At the same time, the cinema itself says it may look at alternative ownership arrangements.

Coronavirus testing boosts SYNLAB's profits up five-fold

30.11.21 ECONOMY ... While worldwide coronavirus spread and the accompanying restrictions swept the ground from under the feet of many companies, clinical laboratory SYNLAB has seen its profits go up five-fold during the pandemic.

Five potential buyers participating in third auction for T1 Mall of Tallinn

30.11.21 ECONOMY ... The third attempt of selling the T1 Mall of Tallinn is set to begin on Wednesday with five companies registering to bid for the bankrupt shopping center by the deadline on Tuesday.

Heritage board director resigns, says decision mutual one with ministry

30.11.21 ECONOMY ... Siim Raie has announced his resignation as director of the National Heritage Board (Muinsuskaitseamet), after seven years on the job. The decision was a mutual one between him and the culture ministry, he told ERR's culture portal.

Third quarter economic growth below analysts' expectations

30.11.21 NEWS ... The economic growth of 8.6 percent registered in Estonia for the third quarter of 2021 fell short of the expectations of analysts, who estimated at the end of last week that the growth in Estonia's gross domestic product (GDP) would come close to 10 percent.

Counties to reduce total bus route kilometers by 2 percent

30.11.21 ECONOMY ... According to a Transport Administration regulation, the total number of kilometers for bus routes in all Estonian counties must be reduced by 2 percent. This could lead to underused county bus routes being closed down.

Statistics: Retail trade business turnover was €784 million in October

30.11.21 ECONOMY ... Turnover of retail trade enterprises stood at €784 million in October, state agency Statistics Estonia reports.

Elektrilevi to raise network tariff by 3 percent from March

30.11.21 NEWS ... Citing a sharp rise in the price of electricity, Elektrilevi OU, the distribution network company of Estonia's state-owned Eesti Energia Group, will raise the average price of network services by 3 percent from March 1, 2022.

More and more rental apartment buildings being developed in Estonia

30.11.21 ECONOMY ... The availability of living spaces in Tallinn is set to worsen in the future, experts believe. Entrepreneurs are preparing by developing rental houses and apartment buildings in the capital city, which is not too profitable of a step, but it does ensure stable cash flow.

Statistics: Economy grows by 8.6 percent on year to Q3 2021

30.11.21 ECONOMY ... Estonia's Gross Domestic Product (GDP) grew by 8.6 percent on year to the third quarter of 2021 (Q3 2021), state agency Statistics Estonian reports.

Enefit Green to acquire €100 million worth of solar panels

30.11.21 ECONOMY ... Enefit Green, the renewable subsidiary of state-owned energy group Eesti Energia, has announced a public procurement to acquire solar panels with the tender estimated to cost €100 million.

AK: Booming economy raises question about bubble potentially breaking

29.11.21 ECONOMY ... Although the coronavirus is still ongoing, new records are being set in different areas every week, even exceeding pre-crisis period results. Estonians are living better than ever, but it's important to ask when will the bubble break.

Record electricity prices due to high demand, not specific to Estonia

29.11.21 NEWS ... The current record-breaking tariffs for electricity are in no way specific to Estonia, state-owned company Eesti Energia has said. Prices are at a very high level across Europe due to increased demand caused by cold weather.

Coca-Cola Plaza cinema to close due to low sales, restrictions

29.11.21 NEWS ... The Forum Cinema at Tallinn's Coca-Cola Plaza will close in December due to low numbers of customers and coronavirus restrictions, newspaper Ärileht reported on Monday.

Well-known Tartu bar Zavood closes after 26 years

29.11.21 NEWS ... Well-known Tartu bar Zavood held its final party on Saturday, closing after 26 years of operation. The closure came after a dispute with the landlord.
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