Gross Domestic Product (GDP) fell by 6.9% YoY in the second quarter of 2020, according to the state agency Statistics Estonia. GDP at current prices stood at EUR 6.4 billion. Robert Muursepp, leading analyst at Statistics Estonia, says most economic activities experienced an economic downturn as a result of the emergency situation. “Accommodation and food…
Testing of the digital trade route from Estonia to Poland starts, during which the Estonian Tax and Customs Board and the Police and Border Guard Board will try to use real-time document management systems to reduce paperwork in the logistics sector in the future. During testing, it will no longer be necessary to stop the…
In the second quarter of 2020, the average monthly gross wage and salary was EUR 1,433, up by 1% YoY, data from statistics Estonia showed. The year-on-year growth has not been as modest for ten years. In the second quarter of 2020 the average monthly gross wages and salaries were the highest in Harju County…
Construction firms’ total production fell by 8% YoY in April-June, state agency Statistics Estonia reported. At the same time, the volume of residential buildings completed rose. The figures include construction by Estonian companies abroad, taking the home market alone, construction volume fell by 5%, Statistics Estonia said. The production value for construction enterprises totaled EUR…
Grid distributor Elering paid out EUR 8 million in renewable energy support and high-efficiency cogeneration support in July to several generators and other companies. Enefit Green, renewable energy subsidiary of state-owned Eesti Energia group, received EUR 440,900 and its subsidiary Enefit Wind got over EUR 1.7 million in renewable energy subsidies over the month of…
Ratings agency Standard and Poor’s (S&P) has affirmed its long-term rating on Estonia at the current high level of AA-, while revising the outlook to stable from positive on COVID-19 related risks, the Ministry of Finance has said. The short-term rating was affirmed at A-1+. “Like all European economies, Estonia is severely affected by the…
Airline Wizz Air will start flights between Tallinn and the Norwegian city of Bergen from mid-October. According to the airline’s website, the first flight to Bergen will take place on October 15. Flights will be operated twice a week, on Thursdays and Sundays. (ERR/Business World Magazine)