Stable decrease in industrial production

According to Statistics Estonia, in August 2009 compared to August of the previous year, the production of industrial enterprises decreased 28%. Since February the decrease in production has been within the limits of 30% compared to the same month of the previous year.

During August, the situation in manufacturing did not change significantly — the production [...]

2008 was profitable for private persons

According to Statistics Estonia, tax benefits turned the year 2008 an unprecedented profitable tax year for the residents of Estonia, enabling substantially to reduce the tax burden of the employed persons.

During the last five years several tax changes profitable for private persons have taken place. The income tax rate was lowered from 26% to 21% [...]

2008 budget deficit was 2.7 pct of GDP

According to adjusted data of Statistics Estonia, the Estonian general government sector deficit in 2008 was 2.7% and gross debt level was 4.6% of Gross Domestic Product (GDP). General government budget’s deficit remained within the limits set out in the Maastricht Treaty.

In 2008, the total expenditures of the general government sector budget exceeded the revenues [...]

Harvesting period is timely this year

According to Statistics Estonia, by 15 September, 81% of the sown area of cereals, 21% of the sown area of rape and turnip rape, and 42% of the area under potatoes had been harvested.

Compared to the previous year when climate conditions were extremely unfavourable during harvesting period, the harvesting period is timely this year and [...]

Immigrants who speak Estonian are more successful on the labour market

According to Statistics Estonia, the Immigrant Population Survey reveals that in case of immigrant occupational career the skill of the Estonian language is more important than the immigrant background.

In spite of the rapid changes on the labour market recently, which have been mainly expressed through the growth of unemployment big differences of occupational division remained [...]

Glamox to move its factory from Norway to Estonia

Norwegian industry group  Glamox will close one of four offices in its home country and will move production to Keila, Äripäev reports.
Lighting producer Glamox HE will create 15 new jobs. 
The move will help Glamox to save money and increase productivity.
“The production volume will increase by about 1/3. We’ve done earlier preparations since we lacked room [...]

Laar: Eesti Energia will be listed

Mart Laar, the chairperson of Pro Patria and Res Publica Union (IRL) said at the conference Business Plan that listing Eesti Energia has been decided, aripaev.ee reports.
“Officially not,” Laar answered to Meelis Mandel’s question if he heard correctly and Eesti Energia will be listed.
Source: BBN

Estonia will collect 3.5 bEEK from the sale of Eesti Telekom

The state will improve its budget balance by EEK 518 mln already this year, but not all small shareholders and analysts are pleased about the state accepting the offer, Äripäev reports.
Yesterday the Ministry of Finance announced that the state has agreed in principle to sell its holding in Eesti Telekom. The price for the holding would [...]

The growth of overdue loans slowed in August

The share of loans overdue by more than 60 days in the loan portfolio increased less in August than in previous months. The respective indicator grew by 0.2 pp, reaching 6.5% of the entire portfolio. The quality of loans issued to the construction and transport sector and to the hotel and restaurant sector improved somewhat, [...]

Petroleum products gave quarter of Estonia’s total imports

According to Statistics Estonia, in July 2009 exports of goods at current prices decreased 26% and imports 36% compared to the same period of the previous year. The decline in trade was announced in most commodity sections, the biggest decrease was in exports and imports of machinery and equipment.

In July 2009, exports of goods from [...]