The production of food decreased the least

According to Statistics Estonia, in October 2009 compared to October of the previous year, the production of industrial enterprises decreased 21%. In the earlier months of this year, the decrease remained within 30% compared to the same period of the previous year.

As a sharp decline in the industrial production began at the end of the [...]

Decrease of sales of specialised stores 41 pct

According to Statistics Estonia, in October 2009 compared to October of the previous year the retail sales of goods of retail trade enterprises decreased 17% at constant prices. Since July the decrease in retail sales has been relatively stable compared to the same month of the previous year.

In October, the retail sales of goods of [...]

Financial behaviour of enterprises and households continues to be cautious

Compared to September, the corporate and household loan and leasing stock declined in October by 0.4%, i.e., 1.1 billion kroons. The speed of the portfolio decrease has been relatively even across months in 2009 and October was no different in this respect.
Financing portfolios have shrunk by 5.7% year-on-year, constituting 255.2 billion kroons. The volumes of [...]

Report of the central bank about wages

Firms have multiple options at the time of adjusting their wage bills. However, previous literature has mainly focused on base wages. Bank of Estonia broadens the analysis beyond downward rigidity in base wages by investigating the use of other margins of labour cost adjustment at the firm level. Using data from a unique survey, we find that [...]

Construction volumes decreased by a third compared to last year

According to Statistics Estonia, in the 3rd quarter of 2009 compared to the same period of the previous year, the total production of Estonian construction enterprises decreased 29%. In the 1st quarter of the present year the production was 31% and in the 2nd quarter 28% smaller than a year ago.

In the 3rd quarter of [...]

31pct less tourists in Latvian hotels this year

In comparison with the 3rd quarter of 2008, number of visitors in hotels and other accommodation establishments in Latvia in the 3rd quarter of 2009 decreased 31%, reports Baltic Course.
Of all visitors 30% were Latvian residents and 70% – foreign visitors. The number of foreign visitors has reduced by 24%. The number of visitors from [...]

Media company sales increased

The consolidated sales proceeds of the Estonian media group Ekspress Grupp totalled 88.3 million kroons (EUR 5.6 mln) in October, 6% more than in September, the company said.
The group’s operating profit before depreciation (EBITDA) was 8.5 million kroons in October. The normalised September EBITDA was five million kroons, the company informed the stock exchange.
The sales [...]

Cruise passengers left 6.7mEUR in Tallinn

A total of 416 000 cruise passengers passed through the Port of Tallinn during the past season, making purchases worth an estimated 105 million kroons (EUR 6.7 mln) here, the state-owned port company said on Thursday.
Other revenues earned by Estonian businesses from cruise tourism include port fees, pilot fees and charges of the Maritime Administration, [...]

Webmedia ranked 2nd on Baltic IT services market

The software developer Webmedia placed second in the latest list of the Baltic countries’ top IT companies compiled by the investment bank Prime Investment, one notch higher than in the previous semi-annual ranking published in spring.
The revenue of Webmedia Group in the first half of 2009 was 112 million kroons (EUR 7.16 mln), exceeding the [...]

Moody’s praises Estonia’s fiscal policy

 In its fresh sovereign credit report on Estonia, the international ratings agency Moody’s Investors Service praised the country’s financial strength and flexibility in the deteriorated economic situation.
Moody’s specifically said that Estonia’s A1 government bond ratings with a negative outlook are based on its high economic, institutional and government financial strength, but are constrained by lingering [...]