In April, the total production of industrial enterprises increased by 17% YoY, data from Statistics Estonia showed. Production increased by 17% in the energy sector and by 18% in manufacturing, but decreased by 1% in mining. Industry is the largest sector of the Estonian economy and an important driver of economic growth. The index of…
In May, the consumer price index increased by 0.9% MoM and by 3.6% YoY. Rising prices of motor fuel and electricity were behind the increase. Goods were 2.9% and services 4.4% more expensive than in May last year. Viktoria Trasanov, lead analyst at Statistics Estonia, said, compared to May 2020, the consumer price index was…
Almost 55,000 passengers used Tallinn Airport in May, the highest number in nine months. Flights were 46% full on average. Eero Pargmae, the commercial manager of Tallinn Airport, said demand for travel had built up and tickets were selling well. “Vaccination, of course, plays a very important role in the recovery of travel, and vaccine…
The Narva Power Plants Trade Union has big doubts about workers’ futures after Eesti Energia has said it will abandon most of its oil shale production in Estonia until 2030. The union said energy production based on renewable sources would not be able to completely replace electricity produced from oil shale and provide the population…
Bankruptcies rose by 26% YoY to 2020, which was also the first year the bankruptcy rate had increased since the last economic downturn. While the situation is not as bleak as it had been in the last downturn over 10 years ago, the pandemic has brought about a situation where start-ups without significant assets are…
The European Commission has approved EUR 173.2 million in additional support for Estonia via its cohesion policy funding. The extra funding results from changes to the Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU) funding, which aims to revitalize the economy, mitigate the effects of the COVID-19 crisis and support transition to a…
More people are expecting the rate of inflation to continue rising, according to a recent survey, as economies emerge from the coronavirus crisis. The consumer survey, compiled by the Institute of Economic Research (Eesti Konjunktuuriinstituut), found that the consumer barometer the organization routinely compiles showed the number of people expecting prices to rise in the…