City of Tallinn to build 1000 apartments in 6 years

The Tallinn City Council is reading the draft housing construction programme that is targeted at young families and aims to provide housing for employees required by the city.
This is the second such programme as the first was approved in October 2005 under the slogan “A home for every young family.”
Deputy Mayor Eha Võrk said that [...]

Latvian wages up 28.1 pct in Q1

Latvia’s average wage rose an annual 28.1 pct in the first quarter, the slowest pace in a year, as public-sector wage growth waned, Bloomberg reports.

Wage growth in the previous quarter was 29.8 pct on the year, the statistics department said today. Private sector wages grew faster than public sector pay for the first time since the [...]

Innovation is the main growth source of a developed economy

Today, May 29, Deputy Governor of Eesti Pank Andres Sutt participated in the Äripäev conference dedicated to county entrepreneurs, giving a presentation “A version update in the Estonian economy”, where he spoke about the changes taking place in our economy and the next years’ possibilities.
Andres Sutt discussed the Estonian economic development of the past 15 [...]

Modest beginning on the construction market

According to Statistics Estonia, in the 1st quarter of 2008 compared to the same period of the previous year, the total production of Estonian construction enterprises in Estonia and in foreign countries decreased 4%.

The construction market which had shown a rapid growth in recent years slowed down during 2007 and turned to the decline at [...]

In April the retail sales remained on the same level

According to Statistics Estonia, in April 2008 compared to April of the previous year the retail sales of goods of retail trade enterprises stayed at the same level in constant prices.

In April, the retail sales of goods of retail trade enterprises were 4.6 billion kroons. In grocery stores the retail sales of goods decreased one [...]

Decrease in electricity production suppressed the growth in industry

According to Statistics Estonia, in April 2008 compared to April of the previous year the industrial production decreased 0.2%, but compared to March the production increased.

In April 2008, the seasonally adjusted industrial production of Estonia rose 5% compared to March.
In comparison with April of the previous year, the industrial production decreased 0.2% due to the [...]

Government approves waste action plan for next five years

Today, 29 May 2008, the Estonian government approved the national waste action plan for 2008-2013, which is designed to drastically reduce the amount of waste being used for landfill and the danger associated with waste produced as well as to increase recycling.
The key aspects of the waste action plan for the next five years are [...]

What happened to the Estonian economy?

Aare Kilp writes in Äripäev that the economic recession in Estonia was not caused by the cooling of the world economy. Kilp who is former CEO of Go Group writes in Äripäev that the main driver behind the Estonian growth in recent years was not the world economy, but the inflow of cheap loans from [...]

EU may not finance Estonia in the future

Estonia is unlikely to receive aid from European Union Cohesion Fund starting from 2014.
EU will not support Estonia because compared to European average, Estonia is statistically too wealthy, Eesti Ekspress writes. The Cohesion Fund aid is for countries that gross national product (GNP) per capita is less than 75 pct of the EU average.
According to Kalle Killar of [...]

Minister Wishing To Warm Up Plan of Listing State-Owned Companies

Estonian Economic Affairs Minister Juhan Parts said it would be positive if the government would again table the plan of listing state-owned companies and would look for new opportunities of growth for them.
He said there was currently no common view in the government, but due to significant fall in economic growth it was necessary to [...]