Ülo Kaasik Deputy Governor of Eesti Pank

After the rapid growth in demand for labour in recent years, the economy is losing more and more momentum, and this is starting to restrain the growth in wages and consumption, said Deputy Governor of Eesti Pank Ülo Kaasik at the... more

Orsolya Soosaar Economist at Eesti Pank
  • The labour market remains favourable for employees
  • The unemployment rate was 5.1% in the second quarter
  • The number of short-term workers from abroad rose noticeably
  • Employers in industry have become... more

The Estonian economy will grow by 3.3% this year and 2.1% next. Growth in the economy will slow as export markets are weaker than before and there are still shortages of labour in Estonia. Wages will continue to rise despite the slower economic growth, but they will do so at a lower rate. Rising... more

The labour market review by experts from Eesti Pank covers developments in the supply, demand and prices of labour in Estonia. The central bank observes the labour market for two reasons. Firstly, labour is an important production input, as a change in the supply or activity of labour can... more
Orsolya Soosaar Economist at Eesti Pank

Statistics Estonia finds that the average gross wage in the first quarter of this year was 1341 euros a month, which is up 7.9% on a year earlier. The average wage has been rising faster in the public sector than in the private sector... more

Orsolya Soosaar Economist at Eesti Pank

Employment increased by 1.7% in the first quarter of 2019, while unemployment was at 4.7%, which is very low. Although a fall in confidence in foreign trading partners indicates the economy may be cooling, this has not yet had any... more

Working Papers of Eesti Pank 2/2019  We use firm-level survey data from 25 EU countries to analyse how firms adjust their labour costs (employment, wages and hours) in response to shocks. We develop a theoretical model to understand how firms choose between different ways to adjust their... more
Orsolya Soosaar Economist at Eesti Pank

Growth in the economy was faster in Estonia in the second half of 2018 than expected, and as a result, demand for labour increased. The labour market remained hot: wage growth picked up pace, people switched jobs often, and corporate... more

Ülo Kaasik Deputy Governor of Eesti Pank

The Estonian economy has been one of the fastest growing in Europe in the past three years, and although that growth will slow this year, the labour market will not cool down so much, said Ülo Kaasik, Deputy Governor of Eesti Pank, to... more

Natalja Viilmann Economist at Eesti Pank

Data from Statistics Estonia put the yearly growth in the average gross wage at 8.9% in the final quarter of last year. This was mainly because of special bonuses, which were one third larger than a year earlier. Wage growth continues... more

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