Economic policy leaning to the left
Even though the economic policy of PM Jüri Ratas' government leans more to the left than those of his predecessors, there is no cause to talk about a clear left turn in Estonia, sociologists conclude.
09.05.2017, Kristi MalmbergPM
X-file reveals hidden truth about Rail Baltic
Outspoken critic of the Rail Baltic project MP Igor Gräzin was not accommodated in January when he asked Prime Minister Jüri Ratas for a presentation given during a 2011 cabinet meeting regarding the railroad. State Secretary Heiki Loot refused to release the document as the economy ministry had deemed it exclusively for in-house use for a period of a decade.
14.02.2017, Andres ReimerPM
Entrepreneurs see profit tax as threat to competitiveness
Enterprise organizations are afraid that Finance Minister Sven Sester's (IRL) plan to employ an income tax pledge to stop profits being taken out of Estonia free of tax constitutes an ill-considered plan that could ward off foreign investors.
20.01.2017, Lennart RuudaPM
Estonian finmin wants to allow drawing up state budgets with structural deficit
Estonian Finance Minister Sven Sester wants to draw up state budgets in the future in a way that if a small structural deficit should occur, it could be covered with a structural surplus in the following years, and the government is to discuss the proposal at the beginning of next year.
Future government plans wide-ranging tax reform
The new government plans to introduce an €315 million investment program, privatize, either in part or in full, four state-owned companies, lay down a banking tax, abolish income tax incentives on loan interests etc. Grand redistribution of taxes is also in the pipeline that will see minimum income exempt from tax raised from the current 170 euros a month to 500 euros from 2018.
18.11.2016, Tõnis OjaPM
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
Editorial: scandals come and scandals go. Ideals not so
Today, it's all eyes on Rio de Janeiro and the legendary Maracanã.
Entrepreneurs unsupportive of proposal by Vähi
Responding to call by former prime minister Tiit Vähi to improve (business) relations with Russia, entrepreneurs showed understanding while, unlike the Poet of Sillamäe owner, they support troops of NATO in Estonia.
05.07.2016, Andres ReimerPM
Editorial: the ominous okay to pay in envelope
Should shadow economy grow (including the envelope wages) we'd take a step away from the Nordics with which we have gotten used to comparing ourselves.
Editorial: the police and budget of an ageing nation
For years, police and border guard have been under severe austerity. At some point homeland security may begin to go downhill, we are warned by Auditor General, police chief and a chancellor at interior ministry in Postimees today. Further belt tightening is out of the question.
Editorial: Croesus coming back
In 6th century BC, Croesus the king over Lydia located where we now have Turkey minted the initial coins from precious metals and sent these into regulated use. A pioneer. Also a pioneering endeavour has been the e-money named Bitcoin abundantly use to lure and to scare, and a subject of deep discussions as well as incomprehension. No revolution created in world finances, though, while the so-called cryptocurrency definitely plays a part in economy.
Iran is interested in Estonia
The first ever Estonian politician to officially visit Iran, foreign minister Marina Kaljurand was soon to experience a plague of the exhaust-smoky Tehran streets called traffic jam.
11.04.2016, Kadri VeermäePM
Forecast forces government to tighten belt
Economic forecast tweaked to be more pessimistic than in autumn means that new sources are needed to cover budget deficit for 2018.
06.04.2016, Marge TubalkainPM
Estonian economy grew 1.1 pct to EUR 20.5 b in 2015
The gross domestic product (GDP) of Estonia increased by 1.1 percent in 2015 over 2014, and the size of GDP at current prices was 20.5 billion euros last year, Statistics Estonia said on Thursday.
Tiit Kuuli: state's best security guarantee is economic wellbeing
During his long career, construction company Oma Ehitaja chairman Tiit Kuuli has not been in media too often but now the post presents a responsibility. He remains modest however and says that in a representative body with 15 professional associations and 15 top managers featured, the role of an individual must not be exaggerated.
07.03.2016, Kadri HansaluPM
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
Andrei Katkov: Sillamäe oil plant has a future
In a rare public interview, owner of Port of Sillamäe and a prominent St Petersburg businessman Andrei Katkov talks about the strengths of the harbour, on why he is investing in Estonia, and why it isn't in Russia's interests to give up transport of goods via Baltic ports.
15.01.2016, Jaanus PiirsaluPM
Editorial: sick leave – fight for freedom, cut it not
How do we arrange it so that days spent sick will spell as little loss to people and the economy? A think-thank thinks to know.
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.
Law amendment opens doors for qualified foreign workers
Law amendments entering into force on January 1st 2016 make it easier for employers to bring in highly qualified workforce from abroad.
22.12.2015, Joosep VärkPM
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?
Norway doesn’t want to and cannot be the filling station of the Nordics anymore
Norway wants to shake the image of an oil, gas and fishing country, and has turned its gaze towards starting businesses and broad innovation. The recent trend has sent the country searching for bold and ambitious female executives.
23.10.2015, Aivar PauPM
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
Editorial: building business in the land
For the first time ever, Estonia today hoists flags to celebrate Entrepreneur Day. If in a company or agency here and there they cut a cake, fine. Even so, don't let it be time wasted on hollow oratory. Better be thinking of the business culture as its currently stands, the economy as a whole, boosting the state/entrepreneur dialogue.
Editorial: euro era dawning on Finland
Profound are the shakings in Finnish society, as visible in the strike and protests. The backdrop issue being how the nation will go from here: is the long-held tradition of employers, employees and government three-party-talks going to break, with trade unions losing ground?
Estonia to set up new national airline
The Estonian government is about to set up a new company that would take over the role of national flag carrier if the European Commission makes a negative ruling as regards the lawfulness of state aid for Estonian Air.
Tallinn rocked by farmer power
Addressing the protest rally in front of the parliament building yesterday, Tartu County farmers chief Jaan Sõrra vowed to spread dung across the castle front should governing politicians fail to deliver on EU support as promised.
15.09.2015, Andres ReimerElu
«Elagu valed!» Noor ja vihane nihilist astub pagulaste kaitseks välja
Selle aasta üks kõige rohkem poleemikat tekitanud teema Eestis on pagulased. Kuna paljud inimesed arvavad, et kõik pagulastega seotud info on kas üht- või teistpidi kallutatud, siis otsustas üks Nihilist.fm kasutajatest kirjutada ratsionaalse analüüsi pagulassituatsioonist.
Editorial: economy in Russia – confiscation guaranteed
For the ordinary Russian, economic reality is sad and the sadness is to deepen soon. As the poverty increases, food coupons are the serious talk of the day, and some go as far as to predict hunger, the authorities react in ways pointing back to communist era and - truth be told - before the latter ever came to power.
Ferry queues are here to stay
Up to five hours of waiting to get on ferryboats at Kuivastu and Virtsu ports on popular travel days - the new normal for folks headed to Saaremaa, this summer and in all likelihood also the next.
13.08.2015, Aivar ÕepaPM
SEB: Estonia hit by housing price bubble
Estonians may enjoy consuming boom till entrepreneurs are able to produce ever more effectively, lift wages and keep unemployment rise in check, says SEB chief Allan Parik, who thinks that while sailing on thin ice in this crisis-smelling world, Estonian businessmen stand on secure foundations and have thus far managed to react correctly to changes in economic environment. Domestic consumption remains solid, unemployment is low, and entrepreneurs are showing strong competitiveness on the weak external markets. No near term solution is to be expected t the differences with Russia, and therefore it makes no sense inserting deals with them into business plans.
06.08.2015, Andres ReimerPM
Editorial: Ida-Virumaa in need of increased attention
In Kohtla-Järve, the fertilizer maker Nitrofert lays off all its 426 workers. Unemployment Insurance Fund says the redundant will be advised and assisted, and that the region has vacancies enough. So it's too bad... but not overly so.
Survey: difficulty of identifying immigrants a major hazard
Survey ordered by interior ministry says strongest security threat related to intake of immigrants is entry of unidentified individuals.
23.07.2015, Helen MihelsonPM
Squirrel tails sticking from state firm doors
Diligently, Postimees has delved into the coterie repeatedly appointed to counsel public enterprises by party bureaus since the change of millennium. Side by side with faithful officials, these are dominated by generous donors and cadres.
15.06.2015, Oliver KundPM
Editorial: new cars leased by state purely to park?
€19.3m of yearly savings by state on account of official cars – as reckoned by public servant Tauno Tuisk in his Master’s at Tallinn University of Technology. This is over a quarter of the amount spent by state and local governments on vehicles. The calculated economy being so striking, one wonders: why isn’t it all being executed already? Or, at least, in the nearest-term pipeline?
Estonian unions, employers fail to reach accord on minimum pay
No agreement was concluded at Monday's round of negotiations between the Estonian Employers Confederation and the EAKL trade union confederation on the size of the minimum wage for the next two years and the talks will continue in two weeks' time.
«Social experiment» at pricey public procurement
As reported by Äripäev last Wednesday, Estonia’s largest software developer Nortal tricked Road Administration into awarding it a near €6.3m IT-procurement. Yesterday, its CEO Priit Alamäe claimed it was a social experiment from the start.
27.05.2015, Kadri HansaluPM
Q1 economic growth rather wimpy
Revealed yesterday, Estonia’s economic growth for first quarter fell short of predictions by economists. At least till end of year major acceleration looks elusive.
13.05.2015, Tõnis OjaPM
Enterprise Estonia again faced with reshuffle
Caught in the whirlwind of promises uttered by fresh governmental coalition, the foundation Enterprise Estonia (EAS) is rearranging both structure of organisation and administration. Starting June 1st, 16 posts will be cut – five percent of staff thus thinned out. On top of that, many a minister has set his sight on the very EAS to cover costs or fulfil personal ambitions. As we remember, it was as recently as last November that EAS confirmed the principles of granting benefits.
29.04.2015, Kadri HansaluPM
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
Poor year: events in East impact listed company results
Last year saw a whopping seven of Tallinn Stock Exchange listed companies lose turnover – a half of them. Real estate firm Trigon Properties is basically having no business activity at all. Of the 14, three made losses.
04.03.2015, Tõnis OjaPM
Elering proposal fails to flare Gazprom passion
Plan posed to Gazprom in November by Elering chief Taavi Veskimägi – to sell AS Võrguteenus Valdus shares owned by the Russian gas giant – has vanished into thin air.
09.02.2015, Andres ReimerPM
Too many in Estonia poorly educated
A brake on Estonian wellbeing is timidity in realising ideas and insufficient readiness for lifelong learning. Endlessly, we may toil at our simple jobs – never enough to break the widespread low wage curse.
06.02.2015, Anneli AmmasPM
Banks suffer initial setbacks
For quite some time, banks have been bemoaning the record-low interest rates. By now, these have begun to show. Yesterday, packaged with last year financial results, Danske Bank in Estonia announced closure of half its branches and lay-off of near 80 of staff – 17 percent of people on payroll. The bank’s profits fell by more than a half to €22.7m.
04.02.2015, Tõnis OjaPM
Editorial: balm promised for Greek torments
Who could count the tragic ends of heroes in Greek mythology... This past weekend, fate came cruelly down Antonis Samaras and his centre-right New Democracy, after three years of navigating the treacherous waters of financial woes.
ECB's stimulus package will have little impact on Estonia - SEB
SEB believes that the European Central Bank's quantitative easing package will have little impact on Estonia, with the economic situation in neighboring countries and one-off factors playing a more important part.
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: dagger at oil industry throat
Yesterday, we saw crude hitting record lows again, the Brent benchmark doing a below $52 plunge. Top to bottom, this makes for roughly half price oil. The impact reaches farther than Russia’s budget or employment at Norwegian rigs. While, broadly speaking, the cheaper fuels are a blessing for Estonian and European economies, Ida-Viru County oil industry and oil shale mining face prompt problems.
«Estonia 2020» vision begs extra guts
Five years ago, Estonia set itself a goal-of-decade to improve competitiveness. Half way, the aims have largely been reached while the weightiest – raising labour productivity to 80 of EU average – may remain a dream without radical steps taken.
07.01.2015, Oliver KundPM
The year ahead: economy most impacted by external demand
The main impact on economic indicators in 2015 will be events on global markets, chiefly the persistently low interest rates and oil price drop. Both might serve as catalysts to the economy, but whether a growth boost will be provided, we’ll see in 12 months.
05.01.2015, Tõnis OjaPM
Cheap oil serves wallet well
As assured by Estonian Institute of Economic Research (EKI), most of Estonian enterprises are winning by the cheapening oil as ones selling products with price unlinked to oil while purchasing goods that are.
30.12.2014, Andres ReimerPM
Behold the 100 top valuable firms in Estonia
Over these past four years, the total value of Estonia’s hundred largest companies has basically stayed the same, with way to grow to the pre-crisis level. In 2007, the value of 100 biggest native firms amounted to €21.6bn.
30.12.2014, Kadri HansaluPM
Eesti Pank head: eurozone no longer in crisis
Estonian central bank president Ardo Hansson says eurozone crisis is no more while we continually experience a difficult situation with growth outlook modest and fragile.
29.12.2014, Tõnis OjaPM
Russian tourists not canceling bookings in Estonia yet
The decline of the rouble has not made Russian tourists massively cancel their bookings in Estonian hotels for the New Year holiday but new sales have been affected, spokespeople at several Tallinn hotels told BNS.
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.
Vopak LNG terminal alters Balticconnector course
Come Monday, world leading fuel storing company Vopak launches environmental impact assessment in Jõelähtme Commune primed to grant Muuga Harbour a LNG terminal in just a couple of years.
20.11.2014, Andres ReimerPM
Not bottomed yet
Yesterday, major fuel sellers dropped gas and diesel prices by 1.5 cents. The bestseller 95 petrol is now at €1.199 per litre in automatic filling stations. Such cheapness was last seen in the summer of 2011.
18.11.2014, Tõnis OjaPM
So how much poorer than Finns are we, actually?
While by gross domestic product dwellers of Finland are thrice as rich as us, in purchasing power Estonia is beaten by 1.5 times only.
17.11.2014, Tõnis OjaPM
Editorial: fast loan risks must be managed
Nice to know at long last the state has rather decisively tackled the topic of fast loans directly touching tens of thousands, and the entire society via attitudes and impacts thereof. Time will tell how effective will be the solutions, and whether the weaker ones – easily sucked into the vortex – will find genuine protection.
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.
Estonian economy grows 2.1 pct on year in Q3 - preliminary
The gross domestic product of Estonia increased 2.1 percent in the third quarter of 2014 compared to the same quarter of 2013, a flash estimate published by Statistics Estonia on Tuesday shows.
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
Editorial: Falling Rouble Blues
Yesterday, central bank of Russia announced of rate of rouble released – no longer having to wobble within a corridor as kept there by support buys while burning the precious cash reserves. To justify the step, avoidance of anti-rouble speculations was cited.
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.
For Rõivas, LNG terminal in Estonia but a blue dream
Prime Minister Taavi Rõivas says Estonia must give up regional LNG terminal in favour of Finland so Finns in return would agree with speedier building of Balticconnector gas pipe connecting the two countries.
31.10.2014, Andres ReimerPM
Tallink guys buy national airline
Infortar, majority owner of Tallink – the mightiest ship firm on Baltic Sea – will obtain main chunk of Estonian Air next spring should European Commission pronounce the near €25m of state aid granted the airline as lawful.
30.10.2014, Andres ReimerPM
Eesti Pank battling a boom
«Compared to the period six months back, the real estate market has clearly calmed down,» Estonian central bank vice president Madis Müller told a press conference yesterday. With president of the bank Ardo Hansson, they introduced home loan limitations to enter into force starting next year. The limits are three.
30.10.2014, Tõnis OjaPM
Estonia wants EU to support desynchronization of power systems
Estonia wants that during the European Council meeting this week developments of the European domestic energy market and desynchronization of the Baltic countries' power systems from Russian and Belarusian networks would be supported.
Oil paramount for Kremlin
Put together, oil and gas revenues amounted to 50 percent sharp in Russian budget for 2013.
15.10.2014, Jaanus PiirsaluPM
Port of Tallinn sails to victory in ferry operator contest
The talks-based procurement for 10-year operating of mainland to Saaremaa/Hiiumaa ferryboat connection, starting 2016, was won by state enterprise Port of Tallinn with subsidiaries TS Laevad and TS Shipping.
15.10.2014, Aivar ÕepaPM
Estonian employers' manifesto names competitiveness as priority
In a manifesto published on Tuesday, the Estonian Employers Confederation lists competitiveness as a priority that needs to be dealt with if the country wishes to escape the middle income trap.
Finnair muudab piletiklasse
Põhjanaabrite lennufirma Finnair toob kontinentidevahelistele lendudele alates 15. detsembrist 2014 kõrgema turistiklassi ehk Economy Comfort piletiklassi.
08.10.2014, Liis VelskerPM
Tunnel to rescue economy of Estonia?
As a success story of cities constant-connected – and an example to tunnel desired between Helsinki and Tallinn – the Malmö-to-Copenhagen bridge is often cited as having made Malmö a whole lot richer.
07.10.2014, Uwe GnadenteichPM
Keyword: common digital market
No argument whatsoever against directing public services into Internet, said Andrus Ansip – candidate for European Commission vice president over common digital market, in opening statement to grilling before MEPs last night in Brussels. Mr Ansip vowed to do all in his power to link public services all across Europe.
07.10.2014, News.postimees.ee / BNSPM
Palo beckons failed ferry firms to her table
Economy and communications ministry is set to continue main islands ferry connection talks with up-to-now failed Vjatšeslav Leedo owned Väinamere Liinid and state enterprise Port of Tallinn.
25.09.2014, Andres ReimerPM
Abdul Turay: the ties of blood, kinship and history are most important to keep the union
It is the ties of blood, kinship and history that are most important reasons to keep the union, thinks former British journalist, now a Tallinn City Council member Abdul Turay in today’s online debate.
17.09.2014, Abdul TurayPM
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.
Ilves and Obama: Ukraine needs political support
At today’s joint press conference in Tallinn, President Toomas Hendrik Ilves and his US counterpart Barack Obama underlined the urgent need of Ukraine for political support.
03.09.2014, Andres EinmannPM
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
Editorial: economy afloat
In spring, finance ministry set this year’s Estonian real terms GDP growth at 2 percent. Yesterday, they issued a figure more realistic – 0.5 percent. Figuratively speaking, this year our economy keeps afloat – the nostrils, at least, above water. And that’s basically all. Beholding the neighbouring economies, not much hope any would assume the role of an engine to be pulling us along.
Estonia to establish digital embassies
While cyber-defence strategy was being created, a plan emerged to create backup of data and services vital for the state to function – in servers located in friendly countries.
27.08.2014, Kalev AasmäePM
Editorial: what’s the budget line for financing optimism?
It’s still summertime, but the signs of fall can’t quite be denied – note the occasional showers and birds of a feather flocking together. The joyful holiday faces of politicians as shining at Festival of Opinion Culture – the Arvamusfestival – in Paide recently will soon undergo a change in the corridors at Toompea, some to be thoughtful, some critical. As the Reformers and soc dems are hammering away at their first common budget, it takes no political or economic analyst to see – the task ain’t easy at all, in the current situation.
The budget brings quite a headache
Money «pre-eaten» by costly coalition promises and nearly nonexistent economic growth.
18.08.2014, Kadri HansaluPM
Editorial: a delicate European problem called Viktor Orbán
A headache indeed – the increasingly autocracy-minded statements and the ever tightening cooperation with Putin’s Russia by Hungarian Prime Minister Viktor Orbán. The issue being: how united is Europe in its values, firstly, and secondly in bridling the warlike neighbouring Kremlin. Obviously, the latter is searching for weak links in Europe. Alas, the still economically troubled Hungary and its populist-type anti-Brussels PM provide for one.
Firms hard pressed to find specialists
Skilled workers are of short supply for almost all industrial undertakings, and it’s getting worse. Several specific specialties just aren’t taught in Estonia’s vocational schools and the enterprises have to do the training on the spot. But even to find a man fit to train is hard.
14.08.2014, Liina LaanemetsPM
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.
Editorial: a shot in own foot
Not too long ago, in 2010, then President of Russian Federation Dmitri Medvedev paid a visit to USA. With colleague Barack Obama they rode into a hamburger stand in Virginia where the Russian head of state heartily bit into the symbol of American life: a fat white bread double-decker with steak, Cheddar cheese, onion, jalapeno-paprika and mushrooms. To say nothing about the inseparable Coca-Cola.
Blanket ban a cold shower for Estonian producers
Yesterday morning, as requested by president Vladimir Putin, Russian prime minister Dmitri Medvedev imposed import ban on Western beef, pork, fruits and vegetables, poultry, fish, milk and milk products.
08.08.2014, Kadri HansaluPM
Political decision costs Estonian Post €3m a year
The law says Estonia must have a post office in each commune, no matter the size. In the countryside, the distance between letterboxes may not exceed two kilometres (1.2 miles).
06.08.2014, Kaspar JõgevaPM
Editorial: the multi-edged sword of sanctions
When in the 1980ies the Reagan administration imposed trade-sanctions on the Soviet Union because of events in Poland, the Kremlin propaganda called these meaningless and assured the USA it would just buy what it needed from other nations in the West. Even in the days of Jimmy Carter, there were restrictions because of Afghanistan – to no avail.
Russia-West relations a reminder of Cold War
In the two initial days of this week, relations between Russia and the West fell to a low last seen in mid-1980ies.
31.07.2014, Tõnis OjaPM
Estonia thinks to sue European Commission
In mid-May, European Commission halted almost €425,000 worth of European Fisheries Fund (EFF) payments to Estonia. According to agriculture ministry, the decision is unsubstantiated and they propose that government contest it in European Court of Justice.
09.07.2014, Kadri Inselberg
Hiiumaa lennupileti hind tõuseb taas
AS Avies tõstab sel aastal juba teist korda Hiiumaa lennupiletite hindu - paari kuuga on ühe otsa pileti hind tõusnud 4,69 eurot ning edasi-tagasi pileti hind 9,98 euro võrra.
16.06.2014, Piret LaksonPM
Economic growth decreased in the 1st quarter
According to the second estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia decreased 1.4% in the 1st quarter of 2014 compared to the 1st quarter of the previous year.
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
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
Recession may drag till end of year
In opening quarter of 2014, gross domestic production of Estonia fell 1.9 percent. The trend may well continue throughout the year.
13.05.2014, Tõnis OjaPM
Editorial: good to snatch the filthy cash
Time and again, writers and movie makers have sought, with a measure of success, to paint captivating pictures of great crooks and their struggles in life – as, perhaps, exemplified by the Corleone family saga written by Mario Puzo and set to the silver screen under Francis Ford Coppola. Oh the drama and the dreams turned upside down...
Dream firm fighting for survival
Like the current tussle over whether Estonia gets its LNG (liquefied natural gas) terminal and where it is supposed to stand, a decade ago souls were stirred by a pulp mill. This, they said, would be an investment of dreams to switch our economy into new gear.
02.05.2014, Tõnis OjaPM
Last large cargo ship exits Estonian flag
Kurkse, a break bulk container carrier owned by Estonian Shipping Company Ltd, was deleted from ship register in February. Its «sister» Kalana’s turn came on April 16th. «No bona fide cargo ships left under the Estonian flag,» noted Tarmo Ots, department head at Maritime Administration.
30.04.2014, Andres ReimerPM
Editorial: time for Estonia to cash its NATO checks
Arrival of US 173rd Airborne Brigade Combat Team – 150 soldiers – into Estonia, to be rotated till the end of year at least, is a strong sign for sure. Up to now, the defence alliance has avoided permanent Western presence, unwilling to provoke Kremlin.
Editorial: Russian economic health already poor, pre-Crimea
Economically hurting, will Russia grow less or more aggressive internationally? Attempting to explain in hindsight the Kremlin getting militant regarding Ukraine and annexing Crimea, it’s easy to talk about the little victorious war waged to mask internal problems of the bully.
Russia risks severe economic crisis
Economy of Russia characterised by slow growth and fast price rise.
22.04.2014, Tõnis OjaPM
Ukraine not reckoned in Estonian economic forecast
Probably, the freshly cut 2014 economic forecast by finance ministry is still too optimistic.
08.04.2014, Liina ValdrePM
German study lists Estonia’s strengths and weaknesses
Estonia is the most sustainably governed post-Soviet country and ahead of several long-term democracies, shows a fresh study by Bertelsmann Foundation.
08.04.2014, Oliver KundPM
VKG edges closer to diesel fuel production
Last week saw groundbreaking ceremony at VKG (Viru Keemia Grupp) oil plant Petroter III. When launched in 2016, enough oil will be produced to start independent diesel fuel production.
07.04.2014, Andres ReimerPM
Rejecting the sewing machine, Estonians embrace computers
In 2004, Estonia joined the European Union. Boosted by EU aid, our economic indicators started to even up with these of wealthy states. Over the ten years, a lot has changed in the Estonian life. What, then, has been the impact on economic structure? As attested by Statistical Office labour force studies: though more and more Estonians move from workbenches to office tables, the major employing sectors of economy remain the same.
27.03.2014, Kadri InselbergPM
Entrepreneurs of Estonia: vaccinated by Russia, against Russia
Above all, Estonia sells food products into Russia, while mostly buying their gas and petroleum oil.
25.03.2014, Nils NiitraPM
Economic indicators in decline
In January, Estonian exports shrink by fifth, imports down 15 per cent.
12.03.2014, Tõnis OjaPM
Growth gets stalled
Statistical Office says Estonia’s 2013 final quarter initial GDP growth remained flat, year-on-year. Overall, economy only expanded 0.7 per cent from 2012 to 2013.
12.02.2014, Liina ValdrePM
Economic growth stopped in the 4th quarter
According to the flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia in the 4th quarter of 2013 stayed at the same level compared to the 4th quarter of 2012. In 2013, the Estonian economy grew 0.7% compared to the previous year.
Beholding from Brussels: Estonia’s research and economy too loosely linked
Estonia in particular and Europe in general ought not be scattering taxpayer money in their search for economic growth and new jobs; rather, the euros should be channelled into fields promising best returns for economy and society, says Maive Rute, resources chief for research and innovations directorate, at European Commission, in an interview to Postimees.
03.02.2014, Arko OleskPM
Postimees proves best predicting economy of 2013
The most precise prediction on last year’s economy was presented by Postimees, beating LHV Bank and Estonian Institute of Economic Research placing 2nd and 3rd. Postimees proved the sharpest in predicting unemployment, average wages, and price of gasoline. The Postimees prognosis came about by joint efforts of principal editor-in-chief Anvar Samost, financial director Erik Roose, deputy editor-in-chief Aivar Reinap, and economics journalist Tõnis Oja. The overall prediction was achieved by arithmetical average of forecasts by all four men.
03.01.2014, Aivar ReinapPM
Editorial: waiting for neighbours to gradually recover
For this year, Postimees predicts Estonian economy to grow 2.7 per cent. Which isn’t much. Should we desire, within reasonable time, to reach the European average, our economic growth ought to be five percent, minimum – in order to catch up, one does have to run faster.
In the 3rd quarter the economic slowdown continued
According to the second estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased by 0.7% in the third quarter of 2013 compared to the same quarter of the previous year.
Editorial: beaten by Latvia?
Yep. In 3rd quarter, our economy grew ten times slower
Economy at standstill
In third quarter, Estonian economy grew a mere 0.4 per cent. Read: standing still, basically. The last time growth was that low was in 1st quarter 2010, at the end of economic crisis. Then, GDP shrunk by three percent.
12.11.2013, Tõnis OjaPM
Editorial: anybody responsible for Estonian (national) economy?
Government(s) of Estonia have emerged from crisis very well. The plural is a nod to soc dens – playing a part in the initial response, later running out of steam.
Estonia stalls in top-lists
Let’s compare Estonia’s business growth strategy for 2014–2020 to that of 2007–2013, let’s compare the goals set, back then, to current reality.
01.11.2013, Mikk SaluPM
Estonia no longer cheap-labour-land
Yesterday, Estonia’s business growth strategy for 2014–2020 was confirmed by the government. This is an underlying document, on the basis of which the state will be supporting enterprises and business. According to economy minister Juhan Parts the state will, among other things, create a national hedge fund.
01.11.2013, Mikk SaluPM
EY lowers Estonia's growth estimate to 1 pct
EY, the global assurance, tax, transaction and advisory services group formerly known as Ernst & Young, on Thursday issued a fresh estimate on the economy of Estonia predicting the country's gross domestic product to grow 1 percent this year.
Nordea lowers Estonia's 2013 growth forecast to 1.9 pct
In its fresh economic forecast Nordea Pank expects the Estonian economy to grow 1.9 percent this year, compared with a growth rate of 2.3 percent held out by the bank in June.
State damps down expectations
Ministry of Finance cuts economic growth forecasts from three per cent to 1.5; even so, it thinks it not prudent to enhance growth.
03.09.2013, Liina ValdrePM
Editorial: economic growth feeble despite decent exports
In second quarter, Estonia’s gross domestic product put on 1.3 per cent year-on-year. As compared to previous three months, growth was but 0.1 per cent. The frankest assessment dropped from the lips of economics professor Raul Eamets declaring that from April to June our economy essentially did not grow.
Economic growth stalls
A mere 1.3 per cent of economic growth in second quarter confirms fears of analysts being overly optimistic at the beginning of the year.
13.08.2013, Kadri InselbergPM
Estonian economy grew 1.3 pct in Q2 - preliminary
The gross domestic product of Estonia increased by 1.3 percent in the second quarter compared to the same period of the previous year, a flash estimate published by Statistics Estonia on Monday shows.