Posts published in Society

Lidl to replace Rimi in North Tallinn

Monday, November 30, 2020

The German chain store Lidl wants to build a new store on its plot on Paavli Street. A building owned by Rimi is currently on the plot which the company promised to keep open as long as possible. This week, the Tallinn City Government initiated a detailed plan where Lidl Estonia wants to build a new store on on Paavli 6a, 8, 8a and 10 plots. However, a Rimi supermarket…

Estonian retail trade enterprises did better in October than last year

Monday, November 30, 2020

According to Statistics Estonia, in October 2020, the turnover of retail trade enterprises was €665 million. Compared to October 2019, turnover increased by 6 percent at constant prices. Jaanika Tiigiste, leading analyst at Statistics Estonia, said turnover increased in enterprises engaged in the retail sale of automotive fuel as well as in grocery stores and in stores selling manufactured goods. “Among these three types of retail trade enterprises, turnover increased…

Estonian economy shrank by 1.9 percent in third quarter

Monday, November 30, 2020

In the third quarter of 2020, Estonia’s gross domestic product (GDP) decreased by 1.9 percent year on year, data from Statistics Estonia showed, the GDP at current prices was seven billion euros. Leading analyst Robert Müürsepp said the economic decline in the third quarter (July, August and September) was primarily driven by the economic activities of transportation and storage, and manufacturing. “A significant negative impact came also from real estate…

Bank of Estonia signs up to €380 million loan facility to IMF

Sunday, November 29, 2020

The Bank of Estonia (Eesti Pank) and the International Monetary Fund (IMF) have signed a loan agreement where Estonia’s’ central bank will loan up to €380 million to the IMF as needed. The loan is standard practice in bilateral agreements between the IMF and member states. The Bank of Estonia said the final sum will be clear early in 2021 and is likely to be around half the maximum figure.…

Central bank: Wages grew in Q3 2020 despite pandemic

Friday, November 27, 2020

Wages have grown through summer, though at a slower rate than prior to the coronavirus crisis, the Bank of Estonia says. The central bank noted Statistics Estonia data recently released which revealed the average gross wage had grown by 3.2 percent on year to the third quarter of 2020 (Q3 2020) despite the pandemic, now standing at €1,441. Much of this resulted from a rebound in the economy in the…

Enterprise Estonia reopens applications for tourism sector compensation

Friday, November 27, 2020

Tourism sector businesses can apply for one-time grants of between €2,000 and €60,000 from Enterprise Estonia to help with the effect of the ongoing coronavirus crisis. Accommodation establishments, travel companies, attractions, conference organizers, international passenger service operators and providers or tourism service, including guides, can apply for the support funding. The amount of crisis aid given will depend on the company’s ara of activity, size, loss of turnover, labor taxes…

Ireland pays Estonia €37.5 million for statistical energy transfer

Thursday, November 26, 2020

Ireland’s Cabinet on Tuesday signed off on plans to pay Denmark €12.5 million and Estonia €37.5 million for a total of 3,500 gigawatt-hours of renewable electricity, The Irish Times reported. Even though the transfer means the energy counts towards Ireland’s renewable energy targets, it only takes place on paper. The Irish government confirmed the transfer was needed as Ireland was set to fall short of its overall target to meet…

Swedbank: Better grasp on pandemic mitigating worst economic effects

Thursday, November 26, 2020

Swedbank says that while the second coronavirus wave will lead to a slowdown in the economy in the fourth quarter of 2020 (Q4 2020), Q3 had nonetheless seen improvement despite rising coronavirus rates. While wage growth in Q3 outstripped that of the previous quarter (3 percent versus 1 percent) as economic activity picked up in the summer after spring phase of the pandemic, this will peter out somewhat, the bank…

Finance ministry opens new Estonian-Russian infrastructure project tenders

Thursday, November 26, 2020

Ministry of Finance is waiting for ideas for large-scale infrastructure projects in the Estonian-Russian cross-border cooperation program. The finance ministry says it is awaiting proposals for large-scale, cross-border projects on Estonia’s eastern frontier. The time-frame is 2021-2027 and projects much have a cross-border impact affecting both Russia and Estonia, for instance environmental activities, the ministry says. The program is set for the years 2021-2027 lena Musthallik, ministry adviser, told ERR:…

Souvenir makers want tax break, income compensation after 90 sales drop

Wednesday, November 25, 2020

The Estonian Association of Souvenir Manufacturers and Sellers argues that to ensure the sector’s survival, the support measures applied to the tourism sector must be extended to it, the sector should be compensated for losses caused by the emergency situation and exempted from all taxes until the end of 2021. In a letter to the Riigikogu finance and economic affairs committees and ministries, Madis Medri, board member of the association,…