Tax hikes in the pipeline
The general outline of the new coalition's tax policy had more or less taken shape behind closed doors by yesterday evening. It is very probable promises for the coming years will be covered with the help of new consumption taxes, and social and income tax hikes.
17.11.2016, Oliver KundPM
Initiatives need to be implemented soon
The prime minister's economic development working group, headed by Erkki Raasuke, presented its report to the public and the incoming coalition yesterday. The working group was paradoxically called to life by outgoing Prime Minister Taavi Rõivas, while the fruits of its labor will now benefit his three biggest competitors.
11.11.2016, Joosep VärkPM
Center, IRL, SDE: Estonia needs fresh ideas
Estonia's Center Party, Social Democratic Party (SDE) and the Pro Patria and Res Publica Union (IRL) said on Wednesday evening after launching coalition consultations that the new government plans to be open to and consider everybody's good ideas.
Cbank: Estonia's 2015 economic growth slowest of past 6 yrs
In 2015 Estonia's economic growth was the slowest of the past six years, remaining below the long-term potential of the country, the Bank of Estonia said in its economic overview on Wednesday.
Chief of Danske: pension investors need not worry
Last year, Danske Bank begun the switch to corporate banking in Baltics and successfully so says its head in Estonia, Ivar Pae.
As related to sale of Danske Bank pension funds to LHV the clients need not worry: the fund will be managed well even during times of transition i.e. as long as the transition is completed, he says.
09.02.2016, Tõnis OjaPM
Work group to hunt elephants hindering economy of Estonia
Summonsing the economic experts, Prime Minister of Estonia Taavi Rõivas is after ideas on how to reach the Nordic livings standards while avoiding the setting of a date.
01.02.2016, Kadri HansaluPM
Euro didn't raise the prices after all
Five years ago, soon after the retailers said euro would not raise the prices, the statement turned into a joke among the people. Just before the switch, chamber of commerce and industry initiated a campaign aimed at avoiding unsubstantiated rise of prices of goods and services while the euro was being adopted in 2011.
07.01.2016, Tõnis OjaPM
Editorial: no need to panic, no cause to frolic
At change of year, we look back and we look ahead. As shown by the traditional Postimees prediction by economists and an overview of 2015, we have no need for panic while a basis to euphoria is absent as well.
2016 in economy: expect boredom
Though the year now behind us was filled with some sharpness it looked (macro)economically rather dull and LHV economist Heido Vitsur, twice winner of Postimees economic forecast, expects more of the same in 2016.
04.01.2016, Tõnis OjaPM
Weekend ahead smells like shopping spree brewing
Rapid wage rise and prices long level or even lowered have served to feed consuming boom for another year and in high likelihood the weekend to come features frenzied spending in malls and open air Christmas markets.
17.12.2015, Kadri HansaluPM
Interview: Korea hopes to present 5G options in two short years
In merely two years the global e-leader South Korea hopes to be the world's first to equip people with G5 technology and the rapid digital growth may be key to reunification of Koreas in our lifetime, interior minister Jong Sup Chong says in brief interview to Postimees tech portal while visiting Tallinn.
24.11.2015, Aivar PauPM
National Audit Office dissatisfied with governmental efforts to develop economy
The chronic ills of Estonian economy have been overshadowed by positiveness of macroeconomic indicators but haven't gone anywhere, Auditor General Alar Karis writes in annual report.
24.11.2015, Kadri HansaluPM
Editorial: 34,000 young Estonians busy doing nothing
A glance at the latest statistics seems to say it is all uphill on the labour front. And yet, in National Audit Office yearly report, the arrow this time points to structural labour market problems. Why? Is it justified?
Estonia emerges as Baltic laggard
Two summers ago as it was already known that Latvia was joining the euro, consultancy EY Estonia head Ivar Kiigemägi predicted this was Estonia's last year with fastest growth in eurozone. He was right.
23.11.2015, Tõnis OjaPM
E-commerce waiting for Common European Click
Selling goods and services into other EU states, smaller e-commerce enterprises bump into lots of obstacles. Top officials in Brussels say a large part will be removed near-term, and digital single market will cause European economy to grow once again.
21.10.2015, Kadri HansaluPM
New budget head sees trouble ahead in economy of Estonia
As Estonia's veteran budget watchdog Andrus Säälik assumed post as permanent Estonian adviser at OECD in Paris, his chair in September was filled by Sven Kirsipuu with 18 years at finance ministry under his belt. Tomorrow, state budget undergoes its first reading at Riigikogu. To mark the occasion, we thought we'd ask him how Estonian economy is doing?
19.10.2015, Kadri HansaluPM
Soc Dems demand add-ons to coalition treaty
Having convened yesterday, Soc Dem board opted to continue talks with partners-i-government in order to enter additional clauses deemed important during August.
10.08.2015, Helen MihelsonPM
Swedbank raises Estonia's economic growth estimate to 2.1 pct
Swedbank has raised its economic growth forecast for Estonia to 2.1 percent from 2 percent it offered in January.
So it’s here — deposit interests drop to zero
Should one wish to deposit his savings at SEB, say, and enter the bank website, no interest rate would be above zero. All euro deposits with fixed terms up to three years are at zero interest. No interests by the bank even for Swedish kronor deposited.
16.04.2015, Tõnis OjaPM
Big pension funds regain market share
With LHV pension funds mightily grabbing market share of late, and those of Nordea a bit less mightily, this past year the biggies Swedbank and SEB have started to snatch it back.
09.04.2015, Tõnis OjaPM
High wages are hitting Finland hard
The Finnish welfare state is wobbling as the high salaries – or, actually, the continually high salaries despite the economic slump – have rendered the economy uncompetitive.
18.03.2015, Tõnis OjaPM
Creation of coalition to take time
Though on homestretch with initial discussions on priority topics, top Reformer Taavi Rõivas says the parties will need weeks till coalition agreement begins to take shape.
16.03.2015, Karin KangroPM
In issues of security, unity
Reform chairman Taavi Rõivas said that they, Soc Dems, IRL and the Free stand united regarding vital importance of allied relations in NATO as well as enhancing capacity of Estonian national defence. Thus, the coalition discussions on security and defence proved harmonious.
10.03.2015, Karin KangroPM
World Bank forecasting Estonia to have smallest economic growth in Baltic cos in 2015
The World Bank in its fresh Global Economic Prospect which is published twice a year is forecasting Lithuania to have the highest economic growth among Baltic countries this year and Estonia to have the lowest.
Editorial: risks realised, in Russian economy
In economic activities, any entrepreneur and investor needs to consider certain risks. These may be market risks, political risks, geographical risks or even force majeure. In some countries, these risks are lower, and higher in others.
Swedbank: Reasons behind economic growth in Baltics slowing down are structural
Economic growth is slowing down in the Baltic countries and reasons behind this are structural -- a declining population and insufficient investment, Swedbank writes in its Baltic Sea Report.
Finmin: Estonia should be happy with economic growth number in current environment
Estonia's economic growth could be stronger but taking into account the economic environment the country should be happy with the present growth, Estonia's new Finance Minister Maris Lauri said.
FinMin forecasts 1.5 pct economic growth for 2014
After a change in the time series of the gross domestic product Estonia's 2014 economic growth could total 1.5 percent, the Ministry of Finance forecasts.
Cbank: Economic growth is supported by consumption, manufacturing
According to a flash estimate published by Statistics Estonia on Tuesday the gross domestic product of Estonia in the third quarter increased by 2.1 percent on year and by 0.2 percent compared to the previous quarter, while annual growth of manufacturing and retail sales accelerated which points to an increase in Estonia's economic activity, the Bank of Estonia reports.
Sanctions no big damage to EU
European Commission Deputy Secretary-General Henrik Hololei says repercussions from Russian sanctions do show most in EU agriculture, but financial indicators reveal technology to be worst affected.
11.11.2014, Tõnis OjaPM
Cbank: Russian sanctions have little impact on Estonian consumer prices so far
The Russian import restrictions have made things harder for Estonian food producers and the impact of this has reached producer prices by now, yet it has had only a limited effect on consumer prices so far, the Bank of Estonia said in its comments on inflation data for October.
Car sales boosted by tax amendment drawing nigh
In all probability, today’s ECOFIN meeting will approve a car VAT amendment to enter into force on December 1st. The upcoming amendment has had an effect on car sales – in September, 19 percent increase was spotted year-on-year. For October, the rise was 14.4 percent.
07.11.2014, Kadri HansaluPM
Swedbank raises Estonia's 2014 growth forecast to 2 pct
Swedbank has raised its economic growth estimate on Estonia for this year from 0.8 percent to 2 percent.
Editorial: central bank saving the eurozone economy
European Central Bank led by its president Mario Draghi, saviour of the euro two years back, is keeping up strong stimulation of eurozone’s stagnating economy and demonstrating determination to save it from deflation trap. As decided by ECB council yesterday, the base interest is down to the non-existent percentage of 0.05, and deposit interest 0.2 below zero. Also, they are in for a massive purchasing of assets.
The United States and Estonia - NATO Allies and Global Partners
President Obama met with Estonian President Toomas Hendrik Ilves and Estonian Prime Minister Tavi Roivas in Tallinn, Estonia on September 3. The visit reinforced the close ties between the United States and Estonia, which are rooted in our shared values, ideals, and interests.
04.09.2014, The White House, Office of the Press SecretaryPM
Near-zero economic growth now predicted
April saw finance ministry lower 2014 GDP growth forecast from 3.6 to 2 percent. According to what they released yesterday, it’s now down to mere 0.5. And, in risk-scenario, 0.3 is the number.
02.09.2014, Kadri HansaluPM
The budget brings quite a headache
Money «pre-eaten» by costly coalition promises and nearly nonexistent economic growth.
18.08.2014, Kadri HansaluPM
In the 2nd quarter economy increased 2.2%
According to the flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased 2.2% in the 2nd quarter of 2014 compared to the same quarter of 2013.
Estonians increasingly prosperous by business
With Estonia’s economic growth sluggish last year – and sub-zero since 1st quarter of 2014 – household financial assets have performed a decent year-on-year rise.
01.08.2014, Tõnis OjaPM
ECB acts decisive in deflation threat
Even before stepping into office, European Central Bank president Mario Draghi was nicknamed Super Mario. Now, nearly three years into his term, the ECB council under his leadership has managed to act decisive on several occasions. For starters, two years ago, eurozone was saved from breaking apart, or, at least, from a very bad crisis. Now, the central bank is set to do battle for boosting economy and defeating deflation.
06.06.2014, Andres EinmannPM
Editorial: jump-starting circulation
European Central Bank (ECB) council decision, yesterday, to drop its deposit interest below zero is rare yet not unexpected. The trick has been done before, by Swedish and Danish central banks, to enhance economy – the nations, however, don’t use the euro. For the eurozone, this is a first.
Baltic exchanges dormant in doldrums
Recently, it was four years since Tallinn stock market last saw an initial public offering; in Latvia and Lithuania, even more time has elapsed after the last IPO.
29.05.2014, Tõnis OjaPM
Price rise triggered by joining EU continues
According to analysts trend won’t stop until Estonian prices catch up with European Union average.
19.05.2014, Katariina KrjutškovaPM
Migrant workers bless Estonia with hundreds of millions of euros
At an Eesti Pank seminar last week, a central bank economist Orsolya Soosaar said free movement of workers strategy was aimed at achieving maximally inclusive economic growth, boost overall employment, and enhance use of the existing labour force.
16.05.2014, Tõnis OjaPM
Editorial: winter wilts Estonian economy
Initial data tells us Estonia’s GDP shrunk 1.9 percent year-on-year in opening quarter of 2014. The tradition is to call it a recession if decline persists for two quarters running. No need to sink deep into pessimism just for January-March alone; even so, those that deemed the finance ministry’s 2014 growth forecast cut by two percent too optimistic still have scored a point.
Economy decreased in the 1st quarter
According to the flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia decreased 1.9% in the 1st quarter of 2014 compared to the 1st quarter of 2013.
Olli Rehn: in crisis, we also protected the weakest of society
EU economy and finance chief, the Finn Olli Rehn (51), relates how the outgoing European Commission succeeded, against all odds, to avoid insolvency of European states, which – among other things – would have been devastating to those on social welfare and people on public payrolls.
24.03.2014, Argo IdeonPM
Future growth hooked to banking union
Stalling banking reform undermines competitiveness of eurozone banks and postpones acceleration of economic growth.
24.03.2014, Tõnis OjaPM
Editorial: effectiveness more essential than items in treaty
The new government (if formed) is not blessed with comfy times to enter office. One thing to write stuff in coalition treaty – another matter what months ahead may bring in the shaky world next door, as also pertains to our economic environment. Clearly, the coalition-to-be-created must stand ready to react, swiftly and flexibly, to changing circumstances. Just like the two governments of Mart Laar, and the second one of Andrus Ansip’s.
Economic indicators in decline
In January, Estonian exports shrink by fifth, imports down 15 per cent.
12.03.2014, Tõnis OjaPM
In the 1st quarter the economic growth rate slowed down
According to the second estimates of Statistics Estonia, in the 1st quarter of 2013 compared to the same quarter of the previous year, the gross domestic product (GDP) grew by 1.1%.
Analysts expect Estonia's GDP figure to be upped by a few points
While according to a flash estimate by Statistics Estonia the gross domestic product (GDP) of Estonia in the first quarter of 2013 grew 1 percent compared with the same three-month period a year ago, analysts at the country's major banks expect this figure to be revised upwards by a couple of percentage points.
OECD lowers Estonia's economic growth forecast to 1.5 pct
The Organization for Economic Cooperation and Development (OECD) in its spring Economic Outlook published on Wednesday expects the Estonian economy to grow 1.5 percent this year and 3.6 percent in 2014 compared to the fall forecasts of respectively 3.7 and 3.4 percent.
SEB lowers Estonia's growth forecast to 3.3 pct
SEB Pank has curbed its economic growth estimate on Estonia for 2013 to 3.3 percent from the forecast of 3.8 percent published in March.
Economic growth decelerated in the 1st quarter
According to the flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased by 1% in the 1st quarter of 2013 compared to the same quarter of the previous year.
Ministry: Estonian economy’s consistent growth will continue in the coming years
According to the spring economic forecast of the Ministry of Finance, the driving force of Estonian economic growth this year is domestic demand, supported by quickening export growth starting from the second half of the year. The Ministry estimates this year’s economic growth to be 3 percent, to be increased to 3.6 percent in 2014.
08.04.2013, Rainer Laurits, Ministry of FinancePM
Economic growth continued in the 4th quarter
According to the flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased by 3.7% in the 4th quarter of 2012 compared to the same quarter of the previous year. The annual GDP growth in 2012 was 3.2% compared to the previous year.