Luminor notified its clients that as of January 1, 2019 the bank would be closing the accounts of Estonian e-residents. Hannes Oja, head of Anti-Money Laundering at Luminor Estonia, said that based on the Money Laundering and Terrorist Financing Prevention Act, banks were required to update the data of all of their customers. As a…
According to Statistics Estonia, the gross domestic product (GDP) of Estonia grew by 4.2% in the third quarter of 2018 compared to the same period of the previous year, with quarterly growth reaching EUR 6.5 billion at current prices. The seasonally and working day-adjusted GDP increased by 0.4% QoQ. However, compared to the third quarter…
According to Statistics Estonia, in the third quarter the average monthly gross wages and salaries of enterprises, institutions and organizations was EUR 1,291, up by 7.5% YoY. The growth in average monthly gross wages and salaries was 1.1% faster than in the previous quarter. The average monthly gross wages and salaries stood at EUR 1,296…
The decrease in construction permits issued in Estonia indicates that a significant slowdown is to be expected in the construction market, SEB analyst Mihkel Nestor said. Nestor noted that the current growth in construction volumes was no surprise, as the interest in purchasing and developing new housing was currently very high. “First, the situation on…
According to information released by Statistics Estonia on November 20, last month the producer price index (PPI) of industrial output increased by 0.3% MoM and by 2.8% YoY. Compared to the previous month, the PPI in October was affected more than average by a price increase in the manufacture of electronic equipment and in mining…
The Estonian Competition Authority on November 19 rejected a complaint by Eleon Group, an energy company owned by Andres and Oleg Sonajalg, which contested the authority’s decision to allow the merger of renewable energy producer Nelja Energia and the Estonian state-owned energy group Eesti Energia. The Estonian Competition Authority said that it had not violated…
Following an announcement that it was shutting down three regular routes from Tallinn, Estonian national airline Nordic Aviation Group AS, operating under the Nordica brand, announced that it would be cutting eight routes from the Estonian capital next summer. While Nordica flew to 21 destinations this summer, beginning next summer, the flag-carrier airline will operate…