Wages continue to grow fast, especially given that the purchasing power of households has been helped by lower inflation. Wages rose more slowly at the end of the year though than the 8.2% seen in the third quarter, and data from... more
The labour market was in an extraordinarily good place in the fourth quarter of 2019, as unemployment remained low at 4.1% and employment was up 0.4% over the year. The data do indicate though that the labour market is cooling.
- The Estonian economy will grow by 3.4% this year and 2.3% in 2020
- Growth in the economy will slow in the next three years as the outlook for foreign markets is poor and the previously strong growth in employment will start to fade
- Unemployment will rise in... more
Data from Statistics Estonia show that the average gross monthly wage was up 8.2% over the year in the third quarter of 2019. The rapid growth in wages and the recently published estimates of employment and unemployment show that the... more
The unemployment rate fell to the exceptionally low level of only 3.9% in the third quarter of 2019. The labour force survey also estimates the unemployment rate to be at its lowest ever since Estonia regained independence.
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
Three factors are having a significant impact in the Estonian labour market this year, and these are the loss of momentum in growth in the economy, the loss of competitiveness in the oil shale sector, and the large number of foreign... more
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
- 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