Most job vacancies in information and communication

According to Statistics Estonia, there were more than 7,000 job vacancies in the enterprises, institutions and organisations of Estonia in the 1st quarter of 2012. The number of job vacancies increased nearly one fifth compared to the same period last year. The rate of job vacancies was 1.3%.

The rate of job vacancies is the share of job vacancies in the total number of jobs (sum of occupied posts and vacancies).

The rate of job vacancies was the highest in information and communication (2.6%), and the lowest in mining and quarrying (0.0%).

Compared to the 1st quarter of 2011, the rate of job vacancies increased the fastest in electricity, gas, steam and air conditioning supply activity (1.4 percentage points.)

The increase in the number of job vacancies was the biggest in construction, where there were nearly two times more vacancies, compared to the 1st quarter of 2011.

31% of the job vacancies were in the public sector and 69% in the private sector. The rate of job vacancies was 1.4% in the public sector and 1.3% in the private sector. The public sector includes also companies owned by the state or local government.

Rate of job vacancies, 1st quarter 2005 – 1st quarter 2012

Diagram: Rate of job vacancies, 1st quarter 2005 – 1st quarter 2012

In 2011, an average of 64,200 employees per quarter were engaged and left their jobs in total (the labour turnover). The increase of labour turnover was 16.7% compared to 2010.

A job vacancy is a paid post that is newly created, unoccupied or becomes vacant when an employee leaves, and for which the employer is actively trying to find a suitable candidate from outside the enterprise, institution or organisation concerned.

The data are based on the job vacancies and labour turnover survey conducted by Statistics Estonia since 2005. In 2012, the sample included nearly 11,700 enterprises, institutions and organisations.

Source: Statistics Estonia

Renewable energy production grew 13 pct

Production of electricity from renewable sources in Estonia grew last year by 13% compared to 2010, Statistics Estonia reports. During the last five years the share of electricity produced from oil shale has decreased by nearly a tenth while electricity production from renewable sources has grown eight times, the statistics agency observed.

Wind energy output increased last year by nearly a third, hydro energy production by more than 10%, and the production of electricity from biomass by more than 5% in annual comparison. The share of electricity generated from renewable sources in the total electricity consumption increased from 11% to 13% during the year.

Estonia’s electricity output totalled 12,893 gigawatt-hours, 1% less than the year before. Consumption contracted by 4% year-on-year, amounting to 7.1 terawatt-hours. Smaller consumption and increased gross domestic product has reduced the energy intensity over 7% compared to 2010.

Estonia remains a large-scale exporter of electricity. In 2011 production exceeded consumption by 60%. The export of electricity increased by more than 20% year-on-year. The share of electricity exported to Latvia and Lithuania grew by 30%.

Oil shale production totalled 18.7 million tons last year, an increase of 4% against the previous year. The growth was mainly due to the increase in the production of shale oil. At the same time the production of other fuels declined. Due to smaller external demand the production of peat, peat briquettes and wood pellets decreased by nearly a tenth compared to 2010.

At the end of 2011 the electricity price per kilowatt-hour for the household end consumer averaged 0.1 euros. Due to the increased cost of the network service the price of electricity grew by 3.8% during the year. The price of electricity in Estonia is one of the lowest in Europe.

Source: Estonian Review

Eesti Pank to lead pursuit of SEPA-compliance

Representatives of the central bank, the Estonian Banking Association, the Ministry of Finance and market participants gathered at Eesti Pank yesterday to launch their cooperation aimed at ensuring a smooth transition to SEPA-compliant payments and settlements.

Established in April, the primary objective of the Estonian Payment Environment Forum is to ensure, in cooperation with the market participants, the compliance of ordinary payments and direct debits effected in Estonia with the pan-European SEPA conditions by February 2014. This will provide individuals and companies with the possibility of using a single bank account and payment card for effecting euro payments all over Europe. The central bank, the Ministry of Finance and, above all, the Estonian Banking Association, will base their decisions regarding migration to SEPA on the discussions to be held within the framework of the forum.

“The aim of the forum is to involve all parties in the preparation of the SEPA-related changes – banks, companies, traders, state agencies and consumer representatives. It is also crucial for the IT system and accounting software developers to facilitate the migration to SEPA and assist companies in the process. The forum has been designed to engage the know-how and skills required for a smooth transition to SEPA payments, which will affect all Estonian people in 20 months’ time,” said Madis Müller, deputy governor of Eesti Pank.

By the beginning of 2014, all commercial banks must have developed new payment solutions, with companies required to upgrade their accounting software and improve invoice management. Eesti Pank must upgrade the inter-bank retail payment system in order to maintain the current quality of domestic inter-bank payments, allow for the settlement of cross-border euro payments and ensure equal conditions of competition for all banks involved.

The Estonian Payment Environment Forum was established in April 2012 in cooperation with Eesti Pank, the Estonian Banking Association and the Ministry of Finance. Madis Müller, deputy governor of the central bank, serves as the chairman of the forum.

Further information on SEPA is available on Eesti Pank’s website at

Source: Bank of Estonia