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

Orsolya Soosaar Eesti Panga ökonomist
  • Growth in employment slowed in the first half of 2016, though it was still faster than forecast
  • Employment in the industrial sector was down slightly, but it was up in services
  • Growth picked up in the average... 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
This paper analyses how the statutory minimum wage has affected the wage distribution in Estonia, a country with virtually little collective bargaining and relatively large wage inequality. The computations follow Lee (1999) but the effects of the minimum wage are identified by the... more
  • An improved external environment and higher productivity are boosting economic growth
  • Rising food and energy prices will put an end in the second half of the year to the deflation that has been present for two years
  • Wage pressures have not eased, and growth in the... 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 directly... more
Orsolya Soosaar Economist at Eesti Pank
  • Higher wages and lower consumer prices increased the capacity of households to consume
  • The growth in average wages in manufacturing accelerated from 5.4% to 8% in the fourth quarter of last year
  • Companies have... more

Governor of Eesti Pank Ardo Hansson told the Riigikogu on Tuesday that the Estonian government has acted correctly by keeping its budget in balance, as now is not the time from the economy’s perspective to increase spending significantly.

He explained that the central bank does not give... 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
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