Eesti Telekom, Microsoft Estonia top the executive pay list

According to a pay survey made by Äripäev, the highest executive monthly pay in 2011 was in Eesti Telekom and Microsoft Estonia, which paid their executives in average 10,583 euros and 6,114 euros a month. The highest-earning executive in 2011 was Vladimir Volohhonski, founder of fertilizer terminal DBT who made over 70,000 euros a month.

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Retail sales growth reflects improvement in consumer confidence

The growth in Estonian retail sales indicates a rise in consumer confidence and the weaker sales results at the beginning of the year might rather have been caused by the cold spring and high heating expenses, analysts believe.

The 7% increase in retail sales last month was the highest since September 2012, Swedbank analyst Tõnu Mertsina observed. Consumer confidence in general and in regard to personal financial situation has improved since last December, with a significant improvement recorded in March, Mertsina pointed out. “With the end of the heating period, the impact of higher electricity prices will decrease, which ought to leave consumers room for other outlays,” he said.

Slowdown of inflation together with the acceleration of real wage rise will also have a positive effect on consumption growth, he added.

Retail sales of goods by retail trade enterprises grew 7% at constant prices in March compared to the same month of the previous year, Statistics Estonia said on Tuesday. In January retail sales increased by 4% and in February by 2% year on year. The annual growth accelerated somewhat in March.

Source: Estonian Review