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Sunday 22.10.2017 | Name days: Irīda, Īrisa
EstoniaEstonia

Estonia’s budget loses 45.5 million kroon due to envelop wages

After ending investigation of 745 detected cases, when employees' salaries were paid in envelopes, it was found that in 2010 the Estonian Treasury has missed out 45.5 million kroon (LVL 2.04 mln).

Prices in Estonia surge faster than European ones

Spiking global prices of fuel and food added to the climbing prices in February, but still, prices in Estonia are surging at a faster pace than in Europe in total, according to economic expert of the Development Fund of Estonia Heidi Vitsura.

Estonia’s retail sales down 2% in January

This year in January, the volume of Estonia’s retail trade sales edged down 2%, compared with the indicators a year before, according to Statistics Estonia’ data.

Estonian businessmen fight against shadow economy

Black market is not profitable, because businessmen lose money due to unfair competition. Realizing that, businessmen themselves take part in fighting the shadow economy, according to the experts Sven Kirsipuu and Sören Meius.

Estonia eases restrictions for EU citizens and companies to purchase land

Starting from May 1, Estonia is doing away with yet another restriction for foreigners to purchase land. Foreigners will be allowed to buy land plot larger than ten hectares near the Estonian border without asking for permission from the county's governor.

Estonians do not think of profit when saving money

Among Estonians, who are able to save up money by regularly putting aside part of the salary, 38% keep their savings on a bank account used for every-day expenses, while 24% stock up cash.

Estonia aims at joining TOP5 richest European countries by 2020

In order to attain the goal, set by the Estonian Prime Minister Andrus Ansip, to enter the list of Europe’s top 5 richest countries by 2020, Estonia’s average GDP growth rate should be at least 8%.

Estonia to introduce progressive income tax

Progressive income tax could be introduced in Estonia as a result of certain conditions, however it is not advisable to do it rapidly, local and foreign economy experts say.

Estonian alcohol producers sold more on the domestic market

Estonian producers sold 0.59 million liters of hard alcohol on the domestic market in January, a 61 percent increase compared to the same month of last year, according to data from the Alcohol Producers' Association.

Average savings of Estonians only cover some months of household costs

In the event of losing a steady income, 52 percent of Estonians would not be able to sustain their households for more than six months, according to research agency Faktum & Ariko’s recent study.

Foreign investor interest in Estonia picking up again

Foreign investor interest in Estonia is growing again - over 100 foreign investment projects are currently being processed by Enterprise Estonia, which is much more than in the two previous years put together.

Estonian Air new aircraft brings new challenges

The long-awaited Bombardier aircraft owned by the Estonian national airline Estonian Air arrived in early 2011. The new aircraft can significantly reduce noise level and fuel costs. Despite all this, passengers will have to face unexpected additional costs as well.

Estonian economy grew 3.1% in 2010

Estonian gross domestic product increased 6.6% in the 4th quarter of 2010 compared to the same quarter of the previous year. This means that the GDP for 2010 grew by 3.1% compared to the previous year, according to the flash estimate of Statistics Estonia.

Foundation: LNG projects in Latvia and Lithuania can be mutually compatible

Projects of liquefied natural gas (LNG) reception terminal with a re-gasification plant can break Gazprom’s monopoly in the three Baltic States and Poland, creating a competitive regional market through supply diversification and mutual interconnection.

Second largest bank of Russia may expand to Estonia

Russia’s second-largest bank VTB in which the Russian state owns 85.5% may become a controlling shareholder in Estonian Credit Bank if its bid to acquire 100% of Bank of Moscow that owns Estonian Credit Bank is successful.

Analyst: zero inflation means Estonia is not used to euro

The euro introduction is the key reason for Estonia registering zero inflation in January, the first month after joining the euro zone, SEB bank senior analyst in Estonia Hardo Pajula says.

Prices in Estonia surge 6.5% within a year

Compared to the previous year, in January 2011 the consumer price index in Estonia has risen by 5.3%, but compared to December 2010 – by 0.0%.

Baltic States no longer an isolated energy island

In 2015 Estonia, Latvia and Lithuania will become a part of the common European Union energy market due to new gas and electricity supply channels.

40% of Estonians still against the euro

Thanks to the smooth transition to the EU single currency the euro, the number of its supporters has surged, however the figure of those against it still amounts to 40% of the respondents.

Estonia retail sales surge for fourth consecutive month

Estonia retail sales soared 5% in December 2010, compared to October 2009. Moreover the rise has been ongoing for the fourth consecutive month already. A 1% growth in September and October 2010 replaced the two and a half years long retail sales drop.

Huge wave of foreign-investor interest in Estonia

Estonia joining the eurozone and the Organization for Economic Cooperation and Development have boosted foreign investors interest in Estonia.

Transition to euro cost Estonia several million kroon

The European single currency euro has been in use for only a couple of weeks in Estonia, but the preparatory work for this transition lasted almost for a year, demanding large sums of money.