The contraction in the Estonian economy in the second quarter was smaller than had been feared, but a new outbreak of the coronavirus will push the recovery of the economy further into the future. Once the restrictions introduced under the emergency situation were lifted, the economy started to... more

Orsolya Soosaar Economist at Eesti Pank

Data from Statistics Estonia show that the average wage was 1% higher in the second quarter than it was at the same time a year earlier. The seasonally adjusted average wage was lower than in the first quarter. The lowest point in the... more


 Orsolya Soosaar, economist at Eesti Pank

Unemployment increased to 7.1% in the second quarter of 2020 and employment decreased by 3.6% year-on-year. The decline in employment was due to the service sector, which suffered the most... more

The labour market review by experts from Eesti Pank covers developments in the supply and demand of labour in Estonia, and the cost of it in wages. 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... more

Estonia is going through a global pandemic with wide-ranging economic consequences that will leave the economy 10% smaller than it was last year if the virus fades away and restrictions are not re-imposed. The economy has already started to recover as the restrictions that have been introduced... more


At the end of the first quarter of this year the coronavirus crisis hit the global economy, including Estonia, and had a major impact on the labour market. Demand for labour fell at companies that were hit most by the crisis, as economic activity was hindered by restrictions introduced in... more

Orsolya Soosaar Economist at Eesti Pank

Employment was 1.3% higher in the first quarter of 2020 than a year earlier, and active participation in the labour market was increasing. The growth in employment last year and in the first quarter of this was supported mainly by the... more

Like elsewhere in Europe and other countries around the world, the most topical question affecting the Estonian economy is what impact the steps taken to combat the COVID-19 pandemic and the restrictions they have placed on the activities of households and businesses will have. This issue of Eesti... more
Orsolya Soosaar Eesti Panga ökonomist

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

Orsolya Soosaar Economist at Eesti Pank

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.

... more

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