Wage growth in Estonia is much slower than before the crisis, as labor shortages are notably smaller than they were in previous years, Bank of Estonia (Eesti Pank) economist Orsolya Soosaar has said, commenting on recently published average wage data. On March 2, Statistics Estonia published data showing the average gross wage in Estonia in…
According to state data agency Statistics Estonia, the average monthly gross wages and salaries in Estonia in 2020 were EUR 1,448, up by 2.9% YoY. Trade, accommodation, catering and arts and entertainment however saw a decline in average wages during the corona-riddled year. The nearly 3% increase is the first time in ten years the…
The Estonian Traders’ Association has introduced new rules to stop the transmission of coronavirus inside shopping malls this week, but issues around a lack of security staff and non-member centers still persist. Last week the government said shopping malls could remain open but only as long as owners and retailers took extra precautions to enforce…
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…