Global credit rating agency Standard and Poor’s (S&P) lowered Estonia’s economic outlook from “positive” to “stable” due to the impacts of Russia’s war in Ukraine. It did not change Estonia’s AA- status. The agency believes the war will impact Estonia’s economic growth and increase budget expenditures due to higher spending on defense, compensation of household…
The first volunteer-made camouflage nets have been sent to Ukraine, part of an initiative set up by two friends to combine recycling with military aid, following Russia’s invasion. The netting is around six meters in length, and also takes into account the time of year, fashion designer and co-founder of the initiative, dubbed “Aitan Kaitsta”…
This February, the turnover of retail trade enterprises stood at EUR 683 million. Compared with February 2021, turnover increased by 4% at constant prices, Statistics Estonia said on March 30. On-year growth in turnover was 8% in January, but slowed down in February, Statistics Estonia analyst Johanna Linda Pihlak said according to a press release.…
In addition to expenses tied to refugee accommodation and civil protection, Estonia’s supplementary state budget aims to bolster energy security. Plans are in place to develop capacity to handle large quantities of liquefied natural gas (LNG), with investments to connect small renewable energy producers to the grid also on the table. The coalition is still…
On March 28, Finnair once again started offering direct flights between Tartu and Helsinki five days a week. Flights are scheduled to take place on weekdays, with the Finnish airline offering daytime flights two days a week and evening flights three days a week, Tartu city government has said in a press release. The daytime…
The Estonian Association of Construction Entrepreneurs has sent a letter to the Ministry of Finance in which it threatens to terminate public sector construction contracts signed before Russia’s invasion of Ukraine, if the state is not willing to pay more for ongoing projects. The address suggests current material prices make it impossible to finish the…
The Ministry of Economic Affairs and Communications is working on plans to mitigate the impact of declining trade flows between Russia and Belarus, and ports in Estonia. While shipping of Russian origin had not made up a significant part of trade totals in Tallinn prior to the sanctions issued in the wake of Russia’s invasion…