31.08.2017
Kaspar Oja Economist at Eesti Pank
  • The output gap is positive
  • The economy does not need any additional stimulus
  • Rising export prices are helping profits to recover and are alleviating the imbalances that have built up

Estonian GDP was up... more

30.08.2017
Working Papers of Eesti Pank 8/2017 This paper conducts growth accounting for 11 EU countries from Central and Eastern Europe for the years 1996–2016. Its contributions include the estimation of new capital stock series, adjustment for the utilisation of the capital stock and a time-... more
31.05.2017
Kaspar Oja Economist at Eesti Pank
  • Growth accelerated in the first quarter in many countries
  • GDP growth was boosted by a recovery in output in the oil shale sector
  • Investments increased substantially

The Estonian economy grew by 4.4% over... more

28.02.2017
Kaspar Oja Economist at Eesti Pank
  • Growth in the economy was broadly based in the second half of 2016, with only a few sectors declining
  • The consequence of growth in labour costs is a shortage of profit and investment
  • Surveys show that companies have... more
11.11.2016
Kaspar Oja Economist at Eesti Pank
  • The economy is not doing as badly as it might seem from GDP alone, and additional stimulation might cause harm rather than good
  • Various sources indicate that economic activity increased in the third quarter
  • Further... more
11.08.2016
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
12.05.2016
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
11.02.2016
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

11.11.2015
Kaspar Oja Economist at Eesti Pank

The flash estimate from Statistics Estonia shows that the economy grew in the third quarter by 0.5% year-on-year and was down 0.5% quarter-on-quarter. The flash estimate gives a worse picture of growth than might have been expected from the... more

12.08.2015
Kaspar Oja Economist at Eesti Pank

The flash estimate from Statistics Estonia shows that the Estonian economy grew by 1.9% over the year to the second quarter, and by 0.8% over the quarter, adjusted seasonally and for the number of working days. The growth in manufacturing... more

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