Support for the economy during the current crisis needs to be different from that during the pandemic says Madis Müller
“A strong economic stimulus was needed during the pandemic from both the central bank and the...

Republic of Estonia: Staff Concluding Statement of the 2022 Article IV Mission
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official...

The growth in the market share of Estonian exports indicated an improvement in competitiveness
The latest Competitiveness Report from Eesti Pank describes how the market share of Estonian exports...

STATISTICAL RELEASE. Spending by foreign tourists in Estonia was down 340 million euros on its level from before the pandemic
Eesti Pank produces statistics on foreign travel because one task of the central bank is...

LABOUR MARKET REVIEW. Companies are again having difficulties in finding qualified labour
Orsolya Soosaar, Lauri Matsulevitš Economists at Eesti Pank The Estonian economy grew strongly...

Estonia is attending the Annual Meetings of the International Monetary Fund and the World Bank
Eesti Pank and the Ministry of Finance will attend the meetings of the International Monetary and...

Future growth in the economy will depend on supply chains operating reliably
The rapid yearly growth of 12.9% in the Estonian economy is due to the low reference base, as the...

The restrictions laid down this spring did not step up unemployment
Unemployment went down from the first quarter’s 7.1% to 6.9% in the second. Employment increased by...

Eesti Pank issued 255 million euros of cash in the second quarter
The total issuance of banknotes from Eesti Pank in the second quarter of 2021 was 20.5% less that in...

Contactless payments and online purchases became normal during the pandemic
Residents of Estonia made more than a million card payments a day in points of sale in Estonia...

With growth strong after the pandemic, we must not overlook the risk of overheating, says Ülo Kaasik
“The Estonian economy suffered less from the pandemic crisis than the average in the euro area and...

Private consumption will give a powerful short-term boost to economic growth
The Estonian economy had reached its pre-crisis level at the start of this year and the recovery...

GDP growth has exceeded expectations
The rapid growth in the economy in the first quarter of this year came mainly from an improvement in...

The new wave of the virus had little effect on the labour market
The unemployment rate was 7.1% in the first quarter of this year, similar to unemployment in the...

The road to recovery and the role of central banks Speech by Madis Müller, Governor of Eesti Pank, at the CFA Society Finland virtual Forecast Dinner
Dear fellow CFA charterholders, We have been living with the economic crisis caused by the...

Better times are coming for the food industry says Madis Müller
Madis Müller, Governor of Eesti Pank, told the annual conference of the food industry on...

Estonia's strength during the crisis has come from integration and cooperation says Madis Müller
New opportunities for Estonian businesses have emerged during the Covid-19 crisis as global supply...

There is hope the economic crisis will be over by the autumn despite the difficulties
The latest economic forecast from Eesti Pank expects the recovery of the Estonian economy will be...

Bank deposits increased by twice as much as they did before the pandemic
The bank deposits of households in Estonia stood at 9.6 billion euros in February. An average of 112...

The second wave of the virus will postpone the economic recovery even further says Madis Müller
Estonia and the euro area as a whole are facing not only a healthcare crisis, but also structural...

The state of the economy and the role of the central bank in exiting the crisis
Madis Müller, Governor of Eesti Pank and member of the Governing Council of the European Central...

Growth in the economy is not hindered by access to funding
The capacity of the banks in Estonia to lend has remained good despite the Covid-19 crisis. The...

The crisis has applied the brakes to wage growth
Data from Statistics Estonia show that the average wage was 2.9% higher in the fourth quarter of...

Growth in the Estonian economy in the fourth quarter was aided by the lack of restrictions
Kaspar Oja Economist at Eesti Pank Estonian GDP was...

The Covid-19 crisis in 2020 meant that foreign tourists spent a billion euros less in Estonia
Eesti Pank produces statistics on foreign travel because one task of the central bank is...

Prices stopped falling in January after doing so for nine months
Data from Statistics Estonia show that consumer prices in January were 0.2% higher than a year...

The coronavirus crisis has so far had little effect on the profitability of the banking sector
Raido Kraavik Economist at Eesti Pank The operating...

Prices in Estonia fell by less last year than was expected in the spring
Sulev Pert Economist at Eesti Pank Data from...

Eesti Pank forecasts that the economy will probably recover to its pre-crisis level in the second half of next year
The latest economic forecast from Eesti Pank expects the Estonian economy to recover from the crisis...

Use of cash remains common in the euro area, but contactless payments have become more popular during the pandemic
Tiina Soosalu Eesti Pank Payment and Settlement Systems...

Cheap oil continues to drive prices down
Sulev Pert Economist at Eesti Pank Data from...

People have become more cautious in their consumption behaviour
Kaspar Oja Economist at Eesti Pank Data from...

The recovery in economic activity raised wages
Orsolya Soosaar Economist at Eesti Pank Data from...

Rebounding confidence in the summer has led companies to borrow more actively in the autumn
Madis Laas Economist at Eesti Pank The uncertainty...

The new wave of the pandemic will mean state support needs to be provided flexibly says Madis Müller
Governor of Eesti Pank Madis Müller said in a presentation at a conference on accounting on Thursday...

It is too early yet to say how the second wave of the virus will affect the labour market
Orsolya Soosaar Economist at Eesti Pank Unemployment...

Prices will fall until the start of the new year
Sulev Pert Economist at Eesti...

Eesti Pank issued 325 million euros of cash in the third quarter of 2020
Martti Näksi cash analyst The central bank issued...

A strong banking sector will help companies and households cope with the crisis
The Financial Stability Review from Eesti Pank finds that the large capital buffers and good...

In the corona crisis, the growth of savings and loan associations' deposits has stopped
Savings and Loan Associations statistics for the third quarter of 2020 Eesti Pank...

The housing loan market has revived rapidly since the coronavirus outbreak in the spring
Raido Kraavik Economist at Eesti Pank The...

The coronavirus storm clouds have not yet dispersed from the Estonian labour market
Orsolya Soosaar Economist at Eesti Pank The labour...

The end of the emergency situation saw Estonians go shopping, as card payments were up 6% in the third quarter
Tiina Soosalu Eesti Pank Payment and Settlement Systems...

Prices in Estonia have reacted flexibly to the economic crisis
Sulev Pert Economist at Eesti Pank Data from...

An uncertain future means we need plans A, B and C says Madis Müller
Governor of Eesti Pank Madis Müller spoke at the Äriplaan 2021 economic conference on Tuesday, where...

The government can dispel the uncertainty about the future
The contraction in the Estonian economy in the second quarter was smaller than had been feared, but...

Prices continued to fall in August
Sulev Pert Economist at Eesti Pank Data from...

The better performance of the economy than expected allows the government to intervene less
Kaspar Oja Economist at Eesti Pank Gross Domestic...

Banking sector profits are still solid despite loan provisions
Madis Laas Economist at Eesti Pank The banks...

The emergency situation did not substantially impact the Estonian economy in the first quarter
Eesti Pank will publish the statistics for the financial account for the second quarter...

The emergency situation led people in Estonia to use contactless payments more in the second quarter
Tiina Soosalu Eesti Pank Payment and Settlement Systems...

Prices continued to fall in June because economic activity was weak
Sulev Pert Economist at Eesti Pank Consumer prices...

Businesses remain cautious about making investment decisions
Raido Kraavik Economist at Eesti Pank The coronavirus...

It is time to move from emergency crisis aid to a long-term plan
Estonia is going through a global pandemic with wide-ranging economic consequences that will leave...

Exports fell broadly in the first quarter
Mari Rell Economist at Eesti Pank The spread of the...

Prices fell by more in Estonia than in the euro area in May
Sulev Pert Economist at Eesti Pank The consumer...

Residents of Estonia managed to go shopping more often in May
Tiina Soosalu Eesti Pank Payment and Settlement Systems...

The effect of the crisis is that labour shortages will be replaced by shortages of jobs
At the end of the first quarter of this year the coronavirus crisis hit the global economy,...

Speech by the Governor of Eesti Pank to the Riigikogu Presentation of the Annual Report of Eesti Pank for 2019
Madis Müller Governor of Eesti Pank Honourable...

Exiting the crisis successfully will require support for retraining says Madis Müller
Governor of Eesti Pank Madis Müller told the Riigikogu in his speech on Tuesday that the state...

Future development in the economy will depend mainly on foreign markets
Kaspar Oja Economist at Eesti Pank Data from...

The coronavirus crisis has slowed the growth in wages
Orsolya Soosaar Economist at Eesti Pank Growth in...

The issue of the collector coin for the Tokyo Olympic Games is being postponed
Following the postponement of the summer Olympics in Tokyo, the Eesti Pank programme of issuing...

Payment holidays have slowed the pile-up of overdue loans
Raido Kraavik Economist at Eesti Pank Restrictions...

Estonia had 200,000 fewer tourists in the first quarter because of the coronavirus crisis
Eesti Pank produces statistics on foreign travel because one task of the central bank is...

The crisis hit the service sector when it was at a peak
Orsolya Soosaar Economist at Eesti Pank Employment...

The moderate fall in consumer prices will probably continue in the second half of the year
Sulev Pert Economist at Eesti Pank The consumer price...

The buffers built up previously will help the banks to cope with larger loan losses
The latest financial stability review from Eesti Pank finds that the banks have sufficient capital...

Eesti Pank issued 208 million euros of cash in the first quarter of 2020
Martti Näksi Eesti Panga cash analyst at Eesti...

The emergency situation has left clear traces in how residents of Estonia behave when making purchases and handling cash
Tiina Soosalu Eesti Pank Payment and Settlement Systems...

Smaller demand for car leases showed the loan market is cooling
Raido Kraavik Economist at Eesti Pank The sharp...

A longer lasting crisis will inevitably lead to changes in the economy
Senior managers of Eesti Pank attended a meeting of the Economic Affairs Committee of the Riigikogu...

The balance between the restrictions and the state aid package will decide the extent of the recession
Like elsewhere in the world, the most topical question affecting the Estonian economy is what impact...

The central bank will support the financial position of the state with an exceptionally large share of its profit
The Supervisory Board of Eesti Pank decided at its meeting on Tuesday to transfer 18.9 million euros...

Inflation was slowed in March by coronavirus
Sulev Pert Economist at Eesti Pank Data from...

The central bank recommends focusing on easing the immediate impact of the crisis
Governor of Eesti Pank Madis Müller, who attended the meeting of the finance committee of the...

The economy is likely to shrink by more than 6%
The economic crisis has so far affected services businesses and the transport sector the...

Eesti Pank is cutting the capital buffer requirements for the banks by 110 million euros
Eesti Pank is reducing the systemic risk buffer for the commercial banks from 1% to 0%. This will...

Bank services and card payments have worked without any hitches during the state of emergency
Tiina Soosalu Eesti Pank Payment and Settlement Systems...

The quality of the loan portfolio of the banks was very good before the uncertainty caused by the coronavirus
Raido Kraavik Economist at Eesti Pank Eesti Pank...

Eesti Pank says that cash is circulating without interruption
Eesti Pank is in constant contact with the banks and all the ATMs are working without interruption,...

Having risen a long way over the year, prices for tourist services could be brought down by the virus
Sulev Pert Economist at Eesti Pank Data from...

Growth in the economy in the fourth quarter was supported largely by the IT sector
Kaspar Oja Economist at Eesti Pank Data from...

Estonian Economy and Monetary Policy 2/2021
The Estonian Economy and Monetary Policy is an Eesti Pank review released four times a year that...

Labour Market Review 1/2021
The labour market review by experts from Eesti Pank covers developments in the supply and demand of...

Estonian Economy and Monetary Policy 1/2021
The mood of optimism that prevailed around the world at the start of the year has cooled. It...