The Estonian economy shrank by 2.9% YoY in 2020, state agency Statistics Estonia reported, while gross domestic product (GDP) fell by 1.2% in the fourth quarter of 2020. The culprit was primarily the COVID-19 pandemic and its ensuing restrictions, though foreign trade actually fared well given the conditions. Manufacturing, trade, accommodation and food services were…
Minister of Public Administration Jaak Aab (Center) said the government would propose the reintroduction of wage support for areas hit by the latest round of restrictions. Speaking at a February 25 press conference, Aab said: “We’ve agreed to make a proposal to the Unemployment Insurance Fund’s council to weigh wage support in some form in…
The number of foreign tourists visiting Estonia in 2020 fell to a level last seen 20 years ago, the Estonian Tourist Board at Enterprise Estonia (EAS) said in a survey on accommodation services and Airbnb for 2020. While in the first two months of last year the tourism sector hit new records just like it…
Estonian fintech unicorn firm Transferwise has shortened its name to Wise, the company has announced. The name change resulted from the company’s growth beyond its original incarnation as a secure money transfer platform, branching out into international banking and other services, the company says. “For generations, banks have been defined by borders,” co-founder and CEO…
The state railtrack company Eesti Raudtee estimates the freight capacity for the ongoing year to stand at 12.5 million tons, up by 1 ton from 2020. In January, the freight volume on Estonian railroads reached 1.2 million tons, up by 32% YoY. According to Eesti Ruadtee commercial director Arthur Raichmann, a similar trend should continue…
Estonian pensioners have withdrawn more than 112 million euros from their second pillar pension fund since the new rules came into force on January 1. Money withdrawal from the second pillar is subject to a 20% income tax, but this drops to 10% for those over 60 this way discouraging younger people from taking the…
Latvian state-owned carrier airBaltic has added five new destinations to its Tallinn routes this week, bringing its total to 15. The airline says it will still need state aid this year, however. Changes in coronavirus rates and/or restrictions have helped boost the list, with exemptions granted for direct flights to Warsaw, Copenhagen, Frankfurt, Riga, Helsinki…