Mari Rell Economist at Eesti Pank

Falling foreign demand has reduced foreign trade volumes since the start of this year. The fall became much steeper in the second quarter, as the impact of restrictions introduced in international markets because of the pandemic peaked in... more

Working Papers of Eesti Pank 4/2020 This paper investigates whether various measures of capacity pressure or available production capacity may help predict the dynamics of exports from the EU countries in Central and Eastern Europe. The analysis uses annual panel data for the 11 countries from... more
Natalja Viilmann Economist at Eesti Pank

Uncertainty plays an important role in saving. The performance of the Estonian economy is overshadowed by uncertainty that has accompanied the stalling of efforts to find solutions to several global problems. Many issues like tariff... more


The latest financial stability review from Eesti Pank indicates that risks to the financial sector are small. The probability has increased though of the cooling economy making it harder for businesses to make their loan payments.

Governor of Eesti Pank Madis Müller said that the risks... more

Natalja Viilmann Economist at Eesti Pank

Weakening global economic activity, the spread of protectionism, general uncertainty and obstacles to demand growth in important trading partners for Estonia all threatened seriously the outlook for Estonian exports in the first... more

  Ilmar Lepik Economist at Eesti Pank

Estonian exports of goods and services have grown more slowly in the first nine months of 2018 than in 2017, and imports have grown faster. Exports may have grown more slowly not only because growth in foreign demand has stalled, but also... more

Kristo Aab Economist at Eesti Pank
  • The biggest boost to the current account surplus came from exports of services
  • The inflow of direct investment was at the same level as in 2016
  • The threat of external imbalances has declined

The year... more

The Estonian Competitiveness Report has been published once a year by Eesti Pank since 2013. Competitiveness can be analysed in various ways and so each report considers multiple groups of competitiveness indicators.
  • A favourable external environment has encouraged Estonian exports and the economy
  • Faster growth will need investment to increase substantially
  • A more stable tax environment would help revive investment and growth
  • Competitiveness depends on the ability of... more

Speaking at a conference for industry on Tuesday, Ülo Kaasik said that there have been a series of positive changes in exports in the first half of the year. External markets are growing, albeit slowly, but industrialists are under constant pressure from wages.

“Despite slow economic... more

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