• The risks to financial stability in Estonia in the near future are small
  • The ability of households to repay their loans remains good and is supported by rapid growth in incomes
  • The ability of companies to repay loans may deteriorate in future if profitability continues... more
  • Real household incomes and sales by companies in the domestic market have increased rapidly, but goods exports declined further
  • The fall in corporate profits over several years indicates that the economy will have to adjust through faster productivity growth or slower wage growth... more
  • Tensions in the labour market have led rapid consumption growth to diverge from slow GDP growth
  • Stimulation of domestic demand by the government would increase the imbalances that have arisen
  • Labour productivity and a reduction in the market share of exports this year... more
  • Growth has been satisfactory in the Estonian economy given the difficulties in several of Estonia’s main export markets
  • Growth is accelerating to between 3% and 4%, which is the current growth potential
  • Stresses have not increased in the labour market, but falling... more

The risks to financial stability in Estonia are small, as they were last year. The biggest risk in the coming half year is that a deterioration of the external environment could provoke a recession and damage the loan quality of the banks. Nordic real estate prices and credit levels have... more

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