Sale of Estonian euro coin starter kits starts on Wednesday

On Wednesday, branches of commercial banks and offices of Eesti Post will start selling starter kits that contain all the Estonian euro coins so that residents of Estonia could familiarise themselves with the new coins.

Starting from tomorrow it will also be possible to exchange kroons for euro banknotes at the central rate and without a service fee. Both the starter kits and the exchange of euro banknotes are intended for natural persons.

One starter kit costs 200 kroons and it is possible to purchase up to five starter kits at a time.

The starter kit consists of 42 euro coins worth 12.79 euro. The kit also contains a security chip confirming the authenticity of the coin set.

A total of 600,000 euro coin starter kits will be released for sale by Eesti Pank, so that each household would get one. Around 450,000 kits will be on sale from 1 December, the rest will reach sales counters in mid-December. The central bank is also ready to order more starter kits for December.

The starter kits are intended to allow residents to familiarise themselves with the new euro coins and to ensure people can start using cash as from 1 January, the €-day.

Eesti Pank has commissioned the kits from the Mint of Finland. The production of the starter kits is co-funded by the European Commission.

The coins in starter kits will become valid as from 1 January 2011, when euro becomes legal tender in Estonia.

The starter kit contains the following euro coins: seven 1-cent coins, six 2-, 5-, 10- and 20-cent coins, five 50-cent coins, four €1 coins and two €2 coins.

Click here to see the photo of the starter kit’s front side, here to see its back and here to see the security chip.

Source: Bank of Estonia

Industrial production grew significantly

According to Statistics Estonia, in October 2010 the production of industrial enterprises grew 37% compared to October of the previous year.

The moderate growth reported at the beginning of 2010 was followed by a rapid increase in spring; in summer enterprises gave over 20% and in September slightly over 30% more production than in the corresponding months of 2009. The growth in October was the biggest during this year. The growth of production has been mainly influenced by the increase in external demand as previously.

In October, the production of manufacturing increased about 40% compared to October 2009. Export sales of the manufacturing production increased significantly (54%). More than two thirds of the whole production of manufacturing was sold on the external market. The demand on the domestic market was considerably lower — the domestic sales increased 13% compared to October of the previous year.

In October, the production exceeded the volume of the previous year in most branches of industry. The growth in the production of manufacturing was most influenced by the branches holding bigger shares — manufacturing of electronic products where the production increased by more than four times, and manufacturing of wood where the production grew by a quarter. With respect to the branches of manufacturing holding smaller shares, the production increased considerably in the manufacturing of motor vehicles, machinery and equipment mainly due to the increase in exports. The rapid growth in production was partly also influenced by the low reference base in 2009; this effect will last until the end of 2010. Regardless of the rapid increase, the summed up ten months’ industrial production just reached the level of 2005.

In October 2010 compared to September, the seasonally adjusted industrial production rose 5%; the production of manufacturing grew 6%.

In October 2010 compared to October 2009, the production of electricity increased 65% and the production of heat fell 7%. The increase in energy production was mainly caused by a growing demand for energy induced by more active manufacturing as well as by the growth in the exports of electricity.

The volume index and trend of production in manufacturing, January 2000 – October 2010 (2005 = 100)

Diagram: The volume index and trend of production in manufacturing, January 2000 – October 2010

Read more from Statistics Estonia

Retail sales slightly increased

According to Statistics Estonia, in October 2010 compared to October of the previous year the retail sales of goods of retail trade enterprises increased 1% at constant prices. The retail sales slightly increased for the second month in succession.

The decrease in retail sales of retail trade enterprises that had lasted for almost two and a half years compared to the same month of the previous year, turned to 1% rise in September this year. A slight growth also remained in  October.

In October, the retail sales of goods of retail trade enterprises were 4.8 billion kroons (305 million euros). The increase in retail sales of goods was most influenced by the stores selling manufactured goods, where the retail sales increased by 6% compared to October of 2009. The sales increased in most economic activities. The growth in retail sales was the highest in stores selling textiles, clothing, footwear and leather goods, where the retail sales increased 18% during the year. The increase was continually fast in other specialized stores, such as stores selling computers and their accessories, photography supplies, books, sports equipment, games and toys, etc. In those stores the retail sales increased 17% compared to October of the previous year. The sales in stores selling household goods and appliances, hardware and building materials also slightly recovered, but the retail sales of these stores could not gain growth yet in yearly comparison and the retail sales in these stores stayed at the same level as in October of the previous year.

The retail sales in grocery stores decreased 1% compared to the October of the previous year. The decrease in sales volume in these stores was caused by price increase of food products that had accelerated in October.

In October compared to the previous month, the retail sales in retail trade enterprises increased by 4% at constant prices. According to the seasonally and working-day adjusted data the retail sales stayed at the same level compared to the previous month. During the ten months of 2010 (January-October), the retail sales in retail trade enterprises decreased 5% at constant prices compared to the corresponding period of the previous year.

In October the revenues from sales of retail trade enterprises were 5.9 billion kroons (376 million euros), out of which retail sales of goods accounted for 81%. Compared to October of the previous year, the revenues from sales increased 8% at current prices. Compared to the previous month, this indicator increased 4%.

Retail sales volume index of retail trade enterprises and its trend, January 2002 – October 2010 (2005 =100)

Diagram: Retail sales volume index of retail trade enterprises and its trend

Source: Statistics Estonia

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