The effects of the pandemic have made their effects known within the construction sector and related industries, though not always in ways envisaged. Prices internationally of materials like timber have tripled since May, for instance, though in the US they have started to fall again. At the same time, construction projects are ongoing, leading to…
The Bank of Estonia (Eesti Pank) has urged caution on the part of two significant banks in issuing home loans and instigated specific requirements for the two banks in particular, in order to mitigate risk against any potential future downturn and at a time when the real estate market is particularly active. The central bank…
In the second quarter of 2021, the construction price index increased by 5.2% QoQ and by 6.2% YoY, data from Statistics Estonia showed. The construction price index shows the change in construction expenditures taking into consideration the price changes of three basic inputs: labor force, building materials and building machines. The calculation of the construction…
The producer price index of industrial output rose by 9.4% YoY in June, state agency Statistics Estonia reported on July 20. The index rose by 2.6% between May and June. “Falling prices in mining and quarrying and in the manufacture of beverages had an opposite effect on the index,” Eveli Sokman, leading analyst at Statistics…
The share of renewable electricity in Estonia’s total electricity consumption was 28.9% in the second quarter of this year, up from 24.7% in the same three-month period in 2020, the country’s transmission system operator Elering said on July 19. In the second quarter, Estonian power plants produced 602 gigawatt-hours of renewable electricity, up by 23%.…
Swedbank Estonia reported first half of 2021 profits of EUR 89.2 million, a rise of a little under 2% YoY. The increase in profit, of EUR 1.6 million, was mainly the result of increased income for the bank. Olavi Lepp, Swedbank AS CEO, said: “Restrictions related to the COVID-19 pandemic were eased in the second…
Estonia’s state spending in the first five months of 2021 was not as excessive over revenue as planned in the state budget. On July 14, the Estonian public broadcaster reported that from January to May general government budget deficit reached 1.6% of the gross domestic product and was EUR 467 million. Set against the end…