Kaspar Oja Economist at Eesti Pank
  • Economic growth is supported by favourable monetary and fiscal policies
  • Potential threats include the political uncertainty in Italy and restrictions on free trade
  • Growth in private consumption and exports... more
Kaspar Oja Economist at Eesti Pank
  • Economic situation did not differ much from the first quarter based on various indicators
  • Retail sales grew faster, and imports of capital goods and tax declarations indicate an increase in investment
  • Brexit will... more
Kaspar Oja Economist at Eesti Pank
  • Retail sales volumes grew more slowly in March, but still faster than GDP
  • Seasonally adjusted exports grew fast in quarterly terms
  • Corporate investment increased
  • Growth in industrial production indicates... more
Orsolya Soosaar Economist at Eesti Pank
  • The rise in employment did not slow down in the second half of 2015
  • Unemployment was low in 2015 at 6.2%, but the number of registered unemployed rose in the second half of the year
  • Productivity fell in the... more
Orsolya Soosaar Economist at Eesti Pank
  • The average gross wage rose more slowly in the last quarter of 2015, but still did so faster than productivity
  • The average net wage increased about 1.5 percentage points faster than the gross wage did because of the cuts... more
Kaspar Oja Economist at Eesti Pank
  • Expectations of companies for the coming months have improved
  • Reduced investment is a dangerous sign

The flash estimate from Statistics Estonia shows that the economy grew in the fourth quarter of 2015 by 0.7%... 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
Orsolya Soosaar Economist at Eesti Pank

Both seasonally adjusted quarterly wage growth and average annual wage growth were faster than in the second quarter

Wages in accommodation and catering rose by 16.9%

Data from Statistics Estonia show that the average... more

Orsolya Soosaar Economist at Eesti Pank
  • The share of the working age population in employment has been higher than it was at the peak of the boom for four quarters now
  • Slower GDP growth and faster growth in employment mean that productivity growth slowed in the... more
Ardo Hansson Governor of Eesti Pank

Ardo Hansson, Governor of Eesti Pank, finds that the harmonisation of Estonian incomes with those of elsewhere in Europe will slow as the productivity growth of employees in Estonia is less far above the European average than it was.

... more
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