Posts published in Day: September 14, 2020

Minister of Finance: Cuts would hinder Estonia’s economic recovery

Monday, September 14, 2020

The Estonian economy is coping better than anticipated in the spring, Minister of Finance Martin Helme (EKRE) said on Monday, and the government is not planning cuts as it would slow down the country’s economic recovery. In the spring, at the height of the emergency situation, several forecasts predicted Estonia’s GDP would fall by between 10 and 14 percent this year. But the Ministry of Finance is summer forecast expects…

Feature Late-night alcohol sales ban hits Tallinn, Tartu bar owners hard

Monday, September 14, 2020

Late-night alcohol sales have been banned in several Estonian counties in recent weeks including the three most populated – Harju, Tartu and Ida-Viru counties – following coronavirus outbreaks. ERR News caught up with bar owners and managers to see how the ban has affected them so far. On Friday, the Police and Border Guard Board (PPA) lifted the restrictions in Tartu County which has been in place for several weeks…

Finance ministry: 2020 coronavirus recession will be -5.5 percent

Monday, September 14, 2020

Gross Domestic Product (GDP) will see a real decline of -5.5 percent this year, the finance ministry says, as the effects of the coronavirus pandemic make themselves known. At the same time, real GDP is predicted to grow 4.5 percent next year, with wage growth expected to recover the year after, in 2022, after a fall next year. In short, the economy has lost two years, due to the pandemic,…

Tourism declined by a third in July compared to 2019

Monday, September 14, 2020

In July, 346,000 tourists stayed in Estonian accommodation establishments, data from Statistics Estonia shows. Compared to July 2019, the number of tourists dropped by a third, but the number was higher than in the last few months. Helga Laurmaa, an analyst at Statistics Estonia, said July is the high point of the tourist season in Estonia. “Compared to last year, domestic tourism recovered faster and even grew. 210,000 domestic tourists…

Finance ministry: GDP nominal growth 6.4 percent in 2021

Monday, September 14, 2020

Estonia’s nominal Gross Domestic Product (GDP) is forecast to grow by 6.4 percent as a nominal figure, the Ministry of Finance says, representing a recovery from an unofficial 2020 forecast of a -5.6 percent contraction. The finance ministry is to fully publish the 2021 forecast Monday, which also includes a real GDP growth forecast of -5.5 percent for 2020 and 4.5 percent for next year, ERR’s online news in Estonian…

Estonia turning to court over European Union mobility package

Monday, September 14, 2020

Minister of Economic Affairs and Infrastructure Taavi Aas (Center) said Estonia definitely intends to turn to court regarding the European Union mobility package. “We are currently clarifying with like-minded member states as to who is filing an action themselves and who intends to join another country’s action,” Aas told BNS. The minister added that the deadline for bringing an action before the Court of Justice of the European Union is…

Fear of quarantine sees surge of Estonian customers at Latvian border shops

Monday, September 14, 2020

There was an increase in Estonian customers visiting alcohol shops on the Latvian border this week due to fears the Latvian government would impose a two-week quarantine on anyone crossing the border from Estonia. ETV’s “Aktuaalne kaamera” (AK) on Friday that car parks outside alcohol shops the Latvian-Estonian border were full of Estonian cars on Friday. Politicians in both countries had thought it likely Latvia would impose movement restrictions on…

Ratas: I do not support balancing the budget in 2021

Monday, September 14, 2020

Estonia’s state budget will remain in deficit for years, Prime Minister Jüri Ratas (Center) said on Friday, and attempts to balance it in 2021 would require cuts totalling several billion euro. Speaking on Vikerraadio’s program “Uudis ” Ratas said the world is experiencing a health and financial crisis which will leave Estonia and Europe in deficit. But he does not support the goal of trying to balance Estonia’s budget next…

Finance minister mulls voucher compensation scheme to help tourism industry

Monday, September 14, 2020

Finance Minister Martin Helme (EKRE) has proposed the idea of ​​consumer vouchers to help the struggling tourism industry rather than continuing to pay wage compensation. At the end of August, the tourism industry sent a letter to the government asking for the scheme to be extended, as has been done in other countries such as Germany. The government does not want to extend the wage compensation scheme – which ended…

Passengers using Tallinn Airport increased by 11.5 percent in August

Monday, September 14, 2020

In August, approximately 84,400 passengers passed through Tallinn Airport – an 11.5 percent increase on July. However, even with this increase, this number is only 26 percent of the passenger volume recorded in August 2019. Passenger numbers increased at the start of August but fell at the end of the month as coronavirus rates started to rise across the European Union limiting flights, ETV’s “Aktuaalne kaamera” reported on Thursday. Commercial…