The Estonian Economy and Monetary Policy is an Eesti Pank review released four times a year that summarises the main recent events in the global and Estonian economies. Twice a year, in June and December, the review also contains the forecast for the Estonian economy for the current year and the... more

The Estonian economy will grow by around 3.5% this year and next, and by 2020 growth will slow to close to 2%. One reason that growth will slow is that fewer people enter  the labour market. Another reason is the problem of competitiveness at companies, which is indicated by a decline in Estonia... more

Kaspar Oja Economist at Eesti Pank
  •  Living standards in Estonia are at almost 80% of the European Union average
  • Further growth in the economy will be restrained by the fall in investment by companies and the slow growth in productivity
  • The economy... more
  • Growth in the economy will be around 3.5% in 2018-2019, but it will slow to 2.5% in 2020
  • Inflation will start to slow to 2.9% in 2018, 2.5% in 2019, and 1.9% in 2020
  • Wage growth will remain fast until 2020 at around 6-7%
  • The low level of investment by companies... more

Governor of Eesti Pank and member of the Governing Council of the European Central Bank Ardo Hansson says there is no reason to hope that interest rates on loans will forever remain as low as they are now.

  • The central banker believes that the Estonian economy is already simmering... more
Ülo Kaasik Deputy Governor of Eesti Pank

Ülo Kaasik, Deputy Governor of Eesti Pank, told a finance conference in Pärnu that 2017 was a good year for the Estonian economy, but that long-term success will need companies to invest a lot more than they are at present.

“... more

  • The central bank has allocated one quarter of last year’s profit, or 1.1 million euros, to the state budget
  • Eesti Pank’s capital has increased by around 0.5 billion euros and the long-term goal is to increase its capital to 1.4 billion euros
  • Eesti Pank’s share of the... more
  • The economy was driven upwards mainly by a burst of growth in demand
  • Increased investment is required for the economy to continue to succeed
  • An increase in employment rather than in investment has brought the labour market very close to overheating

The year... more


The International Monetary Fund (IMF) finds that the Estonian economy is performing well, but recommends that a part of the spending planned in the state budget for the years ahead be postponed, and that investments that boost productivity be preferred. Eesti Pank shares this opinion.

... more


At the regular meeting of the Supervisory Board of Eesti Pank this week, the board confirmed the current strategy for profit distribution, whereby the central bank gives the state between 0 and 25% of its profit from the previous year.

The Supervisory Board will start to discuss the... more

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