Economy

Estonia sees slower inflation than Europe on average in March

17.04.21 NEWS ... Estonia registered annual inflation of 0.9 percent in March, which is a lower figure than the inflation of 1.3 percent registered for the euro area and 1.7 percent registered for the European Union on the average.

Survey: Estonians buying less alcohol in Latvia

17.04.21 NEWS ... The share of Estonians buying alcohol in Latvia fell to 23 percent in 2020 - the lowest in four years, a study from the Estonian Institute of Economic Research (EKI) shows. However, there are now concerns rising fuel taxes may send drivers over the border.

Alexela gas prices rise by €0.045 per liter

16.04.21 ECONOMY ... Gasoline prices at filling stations in Estonia have risen again, at least at those run by fuel retailer Alexela.

Daily: Iconic Tartu cinema's new owners Estiko Grupp

15.04.21 NEWS ... The buyer of a building which housed an iconic Tartu cinema which was in its 60th year has been named as investment firm Estiko Grupp, regional daily Tartu Postimees reports. Whether the new owners will repurpose the premises or not is not yet known.

Bolt testing car rental in Estonia

15.04.21 NEWS ... Bolt will trial rental cars in Estonia this summer in addition to its scooters and taxis.

Supplementary state budget passes Riigikogu vote

15.04.21 NEWS ... The supplementary budget issued in response to the continuing coronavirus pandemic passed its Riigikogu vote Wednesday evening by 73 votes to 9, meaning the €641-million aid package, aimed at mitigating the effects of the pandemic, and ensuing restrictions, on the health care system, education, business, and the populace as a whole, will enter into effect.

Central bank: Employment remained stable in second half of 2020

14.04.21 ECONOMY ... According to Bank of Estonia (Eesti Pank) economists, a recent labor market survey shows that employment in Estonia fell sharply last year at the beginning of the coronavirus crisis and then remained stable in the second half of the year.

Estonia still owes €200,000 to Louis Freeh's law firm

14.04.21 NEWS ... Estonia still has roughly €200,000 worth of unpaid bills from Freeh Sporkin & Sullivan. The Ministry of Finance says that the money will not be paid before the law firm provides a clear overview of what it has been doing since last summer.

Defense procurement center: State-of-the art rifle deliveries continuing

14.04.21 NEWS ... Deliveries of the Estonian Defense Forces (EDF) new, primary rifle, the R20 Rahe, continue apace despite the coronavirus pandemic, the Center for Defense Investment (RKK), the state body tasked with defense procurement, says.

Estonia, Denmark sign largest renewable energy agreement in Baltics

14.04.21 NEWS ... Estonia and Denmark have signed a 10-year power purchase agreement which secures the equivalent of half of Estonia's annual consumption in renewable energy.

Construction store: Closing stores creates unfair competition

13.04.21 NEWS ... The government's decision to close stores creates unfair competition and financial damage among construction and gardening stores, construction company K-rauta has said in an appeal to the Minister of Entrepreneurship and Information Technology Andres Sutt (Reform).

Central bank: Import growth behind February current account deficit

13.04.21 ECONOMY ... Estonia's current account deficit stands at €14 million for February, the Bank of Estonia reports.

Experts: COVID-19 restrictions may be costing state millions of euros a day

13.04.21 CORONAVIRUS ... Coronavirus restrictions could be costing the state between €7 million and €19 million every day, according to experts. Lifting restrictions alone would also not spell immediate economic recovery either.

Riigikogu finance committee sends supplementary budget draft to final vote

12.04.21 NEWS ... On Monday, the Riigikogu's finance committee reviewed the amendment proposals submitted for the third reading of the draft supplementary budget for this year and proposed to the plenary that a final vote be held.

airBaltic to start Riga-Edinburgh flights

12.04.21 ECONOMY ... Latvia's national carrier airBaltic will be operating a direct flight link between the Latvian and Scottish capitals, Riga and Edinburgh respectively, from June 4.

Estonian house and rent prices more than doubled since 2010

10.04.21 NEWS ... Housing and rental prices have more than doubled since 2010 and Estonia saw the highest increase among all European Union member states, data from Eurostat shows.

Exports increased by 16 percent in February

09.04.21 NEWS ... In February, exports of goods increased by 16 percent and imports by 10 percent year on year, data from Statistics Estonia shows. The growth in foreign trade was significantly boosted by trade in mineral products and wood and articles of wood.

Wise co-founder: Estonia needs changes in political landscape to improve

08.04.21 NEWS ... A recent €50,000 donation from technological companies to Estonian parties stems from a desire to see change in the political landscape as that is the way to improve the country, said Transferwise (now known as Wise - ed) co-founder Taavet Hinrikus.

Electricity had biggest impact on consumer price index in March

08.04.21 NEWS ... Electricity prices were rose by 18.3 percent last month compared to March 2020, which had the biggest impact on the Estonian consumer price index.

Unemployment Insurance Fund starts paying out wage compensation

07.04.21 NEWS ... The Estonian Unemployment Insurance Fund on Wednesday started executing payouts of the wage compensation made available by the government to the sectors worst affected by the new restrictions.

Baltika sells Monton trademarks

07.04.21 ECONOMY ... Listed Estonian garment seller AS Baltika signed an agreement earlier this month to sell the Monton trademarks in Europe to Shenzhen Maiteng International Apparel Co.Ltd, which operates the Monton Sports sportswear brand.

Domestic tourists keeping Estonian tourism industry in business

07.04.21 NEWS ... In February, Estonian accommodation establishments served nearly 100,000 tourists who spent 187,000 nights in total, data from Statistics Estonia shows. The number of visitors dropped by 57 percent compared to February 2020.

€3.3 million expansion planned for Tallinn's Balti Jaam station

06.04.21 NEWS ... State-owned railway infrastructure company Estonian Railways (Eesti Raudtee) and Leonhard Weiss OU have entered into a contract for expanding the Balti Jaam central railway station of Tallinn for slightly over €3.3 million.

Supreme Court: Defense reason enough for limiting wind farm developments

06.04.21 NEWS ... The Supreme Court has decided that it is permissible to restrict wind farm developments following national defense considerations. The court found no unconstitutional aspects in legal acts Toila Rural Municipality relied on when refusing a wind farm construction permit.

Finance ministry estimates 2.5 percent economic growth for 2021

05.04.21 ECONOMY ... The Ministry of Finance estimates Estonia's economic growth for the ongoing year to stand at 2.5 percent and 4.6 percent for 2022, if the spread of COVID-19 is under control and vaccinations proceed to go forward as planned.

Record stock exchange year brought out small investors and new companies

05.04.21 ECONOMY ... The Estonian arm of Nasdaq's Baltic services saw its record for the number of transactions crushed over the last year, leading to an influx of small investors and Estonian companies taking themselves to the public market.

Trade minister: Need to avoid overemphasis on protectionism

04.04.21 NEWS ... Estonia should be mindful of evolving attitudes to foreign trade, both within the European Union and within the framework of the World Trade Organization (WTO), as well as other contexts, Minister for Foreign Trade and IT Andres Sutt (Reform) says.

Government approves €46-million COVID-19 support for regions

04.04.21 CORONAVIRUS ... The government has approved €46-million in local support, which puts a particular emphasis on Ida-Viru County.

€1.3 billion withdrawn from second pension pillar so far

01.04.21 NEWS ... The first period for submitting applications to leave the second pension pillar ended on Thursday and those leaving will withdraw a total of almost €1.3 billion.

State forestry commission reports 2020 revenue of €187.5 million

01.04.21 ECONOMY ... State forestry commission the RMK has reported a revenue of €187.5 million and operating profits of €82.4 million for 2020. Over half of the profit arose from the sale of land in southwest Estonia earmarked for a wind farm.

airBaltic to restart Tallinn-Munich flights in May

01.04.21 NEWS ... Latvian airline company airBaltic will relaunch flights between Tallinn and Munich three times a week from May 1.

Court rules Nordica is successor to Estonian Air, inherits its debts

31.03.21 ECONOMY ... State airline Nordica has been recognized as a legal successor to the now-defunct Estonian Air, a recent court ruling states. This means that, among other things, Nordica must both foot the bill of unpaid staff wages and return state aid granted to Estonian Air and now ruled as illegal. However, while this aid was ruled illegal by the European Commission, the Estonian state itself would need to decide whether to claim.

Swedbank buys over half of recently issued government bonds

31.03.21 NEWS ... At an auction held on March 30, the Estonian state sold 12-month bonds worth €400 million, more than half of which were acquired by the Estonian arm of Swedbank.

Development of Tallinn Hospital would be historic in volume and cost

31.03.21 ECONOMY ... If the Tallinn Hospital project was given a green light by the European Commission, it would set multiple precedents, starting with construction volume and cost. ERR took a look at who will begin developing the mega-hospital, what will the effect be on construction prices and the market in general and what will become of Tallinn's current hospitals.

Diesel excise duty cuts has come at cost to state budget

31.03.21 POLITICS ... Last year's slashing of diesel fuel duties put in place by the previous administration has in fact cost the state purse and not paid itself off, some experts say. At the same time, the lower excise duty, set to run until May 2022, is still too new to get a full picture of its longer-term effects, a picture further complicated by the arrival of the pandemic.

Estonia issues €400 million worth of short-term bonds

30.03.21 NEWS ... Estonia on Tuesday, March 30, auctioned €400 million worth of bonds with a term of 12 months.

AK: Tourism businesses' state aid open to applications from Tuesday

30.03.21 CORONAVIRUS ... Aid for the tourism sector totaling close to €10 million is available from Tuesday, ETV news show "Aktuaalne kaamera" (AK) reported Monday night.

Statistics: Retail turnover growth slows in February

30.03.21 ECONOMY ... Retail turnover rose 4 percent on year to February 2021, to a figure of €594 million, state agency Statistics Estonia says. This represented a slight slow-down on the previous month's figures.

17 percent of people apply to leave second pillar pension fund

29.03.21 NEWS ... Data from the Pension Center shows 129,681 people have submitted an application to leave the second pension pillar after changes were introduced at the start of the year. This is 16.9 percent of people who joined.

FIU: Risks increasing in Estonian virtual currency field

29.03.21 ECONOMY ... According to the Financial Intelligence Unit (FIU), the number of virtual currency service providers in Estonia is on the rise again and the risks in this area are increasing rapidly.

Design procurement for Tallinn Hospital announced

29.03.21 ECONOMY ... An €11 million international procurement for the design of the Tallinn Hospital mega-complex was announced on Monday.

Study: Sweets maker Kalev most sustainable Estonian brand

29.03.21 NEWS ... Confectionery brand Kalev is perceived as the most sustainable brand by local residents, according to a recently published international brand study.

Dealership: Coronavirus has slowed production

28.03.21 NEWS ... Increased demand for microchips in the coronavirus crisis and broken delivery chains have seriously hampered car factories' capacity and availability of new cars, Volkswagen dealer Moller Auto says.

Digital giants robbing media houses of advertising revenue

28.03.21 NEWS ... Global tech giants Google and Facebook are swallowing an ever-greater part of the Estonian advertising market. Their share of the market grows an estimated 10 percent a year, while the turnovers of local companies stagnate.

DIY store Depo appealing closures in court

27.03.21 NEWS ... The DIY store Depo on Friday received the decision of the Estonian Health Board to close the food, pet and consumer goods departments of the store and is appealing the decision to the court.

Share of foreign labor on SME labor market decreased significantly in 2020

26.03.21 NEWS ... A significant reduction took place in the share of foreign labor on the Estonian labor market of small and medium-sized enterprises (SMEs) last year, which apparently can be attributed to the government's labor policy as well as the impact of the pandemic, a survey by SEB shows.

Labor Inspectorate: Not easy to fire workers who refuse to vaccinate

26.03.21 NEWS ... The Labor Inspectorate has said it is possible for employers to terminate non-vaccinated employees contracts - but most likely only if no other option is available.

EU approves Estonia's €9.9 million state aid tourism support package

25.03.21 NEWS ... The European Commission has approved Estonia's €9.9 million aid plan for tourism companies and sectors directly affected by the coronavirus wave.

Minister: Kredex measures to open on April 5

25.03.21 NEWS ... Under current plans, the Kredex measures will open on April 5, Estonia's Minister of Entrepreneurship and Information Technology Andres Sutt (Reform) said at the government's press conference on Thursday.

Supplementary budget bill passes first Riigikogu reading

25.03.21 CORONAVIRUS ... On Wednesday evening, the Riigikogu finished the first reading of the €641 million supplementary budget drafted by the government to help mitigate the impacts of the coronavirus crisis.
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