• The economy is in its best position since the crisis
  • The economy will grow more slowly in the years ahead, as the strong growth in foreign markets is fading and available production capacity in the economy is becoming exhausted
  • The government is giving an additional... more
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
Orsolya Soosaar Economist at Eesti Pank
  • Economic activity picked up and productivity growth increased at the same time that wage growth slowed
  • The fastest wage growth in the industrial sector was in construction and oil shale
  • Wage growth is slower in... more
Orsolya Soosaar Economist at Eesti Pank
  • The alignment of growth in labour productivity and in wages improved in the second half of 2016 as growth accelerated in productivity and slowed a little in wages
  • Whether companies can improve their profitability as... more

The IMF has concluded their annual official staff visit (or ‘mission’) to Estonia. The mission team commended the country’s economic policy and reform plans, but expressed concerns about weak productivity growth. They said Estonia will have to find ways to balance productivity and wage growth... more


Speaking at a conference for industry on Tuesday, Ülo Kaasik said that there have been a series of positive changes in exports in the first half of the year. External markets are growing, albeit slowly, but industrialists are under constant pressure from wages.

“Despite slow economic... more

Ardo Hansson Governor of Eesti Pank

The annual meeting of the International Monetary Fund (IMF) is being held in Washington this week, and the discussion will focus on the state of the global economy, the main obstacles to faster development, and economic policy... more

Orsolya Soosaar Economist at Eesti Pank
  • The growth rate of gross monthly wages slowed a little, especially in local government administration
  • Given that productivity declined in the second quarter, growth in the average wage remained strong
  • 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

Orsolya Soosaar Economist at Eesti Pank
  • In the fourth quarter of last year the employment rate rose 1.4% and unemployment stood at 6.4%
  • The number of registered unemployed increased and there were more redundancies in the fourth quarter than a... more
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