Ministry of finance report about financial stability

The banks operating in Estonia are not facing any liquidity or solvency problems. However, we have recently witnessed several occasions where situation has changed considerably in just a few days as the global developments have wider impact. The briefing below gives an overview about the Estonian financial sector, describes potential risks and explains how these [...]

85 bEEK accrued to the state budget last year

According to the initial information by the Ministry of Finance, 84.9 billion kroons accrued to the budget of the Estonian state in 2008, i.e. 94.1 percent of the budgeted revenue. The expenditure of the state budget reached 90.1 billion kroons, i.e. 94.4% of the budgeted expenditure.
As of the end of the year the state budget [...]

Estonian Air to increase flights to Moscow

The Estonian national carrier Estonian Air is going to increase the frequency of its flights between Tallinn and Moscow, making five weekly flights instead of the present three from June.
Starting from 4 June, Estonian Air will increase the frequency of flights on the Tallinn-Moscow route, adding a Friday return flight departing at 13.25 from Tallinn [...]

862 000 tons of cereal production in 2008

According to preliminary data of Statistics Estonia, in 2008 the cereal production was 862,300 tons, which was 2% smaller than in the previous year.

In 2007 the cereal production of 880,000 tons was the largest during the last 16 years. In 2008 the cereal production was influenced by rainy harvesting period, which was the reason why [...]

The adoption of the euro is a strategic goal for Estonia and Lithuania

Today, Prime Minister Andrus Ansip met with Andrius Kubilius, the Prime Minister of Lithuania, with whom the topics of energy and economy were mainly discussed. At the meeting, both Prime Ministers stated that regardless of the financial crisis in the world, in the Baltic region, it is essential to continue the movement towards the adoption [...]

Exports and imports decreased by one fifth

According to Statistics Estonia, in November 2008 compared to November 2007, both exports and imports of goods decreased by one fifth at current prices. Imports of goods were last on such a low level at the beginning of 2006.

The value of exports of goods was 9.6 billion kroons, compared to November 2007 exports decreased by [...]

1,340,300 people live in Estonia

According to Statistics Estonia, by preliminary estimation the number of population in Estonia on 1 January 2009 was 1,340,300. Due to the increase in the number of births and to the decrease in the number of deaths the decline in population number slowed down last year.

In 2008, the number of population decreased by about 600 [...]

The state supports businesses with 4 bEEK

 On jan 21 a working group led by Minister Juhan Parts gathered at the Ministry of Economic Affairs and Communications to discuss the state support package prepared by the Ministry for the financing of exports of Estonian companies. The total potential volume of business support activities reaches four billion kroons, including the direct financial contribution by [...]

Estonian exporters’ aid package got green light from entrepreneurs

The aid package worth EEK 4 bln got approved yesterday and Juhan Parts, the Minister of Economic Affairs and Communications will take it to the government in February, Äripäev reports.

Aivar Rehe, the CEO of Sampo bank, who represented Banking Association at the meeting said, he endorses and praises the prepared package.
“We got surety that the [...]

The state will establish a company to support export of enterprises

On Jan.9, the Minister of Economic Affairs and Communications, Juhan Parts sent the draft for the State Export Guarantee Act for interministerial approval, pursuant to which a state company dealing with credit insurance for state export guarantee for enterprises will be established.
Pursuant to the draft, the state will establish a company, where KredEx will obtain [...]