Posts published in Day: October 7, 2021

Bank of Estonia: Inflation to slow down next year

Thursday, October 7, 2021

Although prices have increased in the fastest rate of the last 12 years, the inflation is set to slow down next year, the Bank of Estonia assessed on Thursday. “Our estimates show that price increases will remain between 3 and 4 percent next year,” the central bank’s economic research department head Martti Randveer told ERR on Thursday. Data fromStatistics Estoniashows that the consumer price index rose by 1.2 percent from…

Record natural gas prices affecting both companies and regular consumers

Thursday, October 7, 2021

The price of natural gas hit a new record on Wednesday, reaching a price of €160 per MWh. The price of natural gas has grown sixfold in the past year, affecting both companies and household consumers. Tatjana Gassova’s family bought a place to live in a terraced house in Laiaküla in the vicinity of Tallinn a few years ago primarily because it was cheaper to maintain with gas heating. Gassova…

Latvian house prices have doubled since 2010

Thursday, October 7, 2021

According to data published October 7 by Eurostat, average house prices in Latvia almost doubled in little more than a decade,. Rents and house prices in the EU have continued their steady increase in Q2 2021, going up by 1.3% and 7.3% respectively, compared to Q2 2020. Between 2010 and Q2 2011, house prices and rents in the EU followed similar paths, but since Q2 2011, those paths have diverged…

How little Lithuania dragged the EU into its showdown with China

Thursday, October 7, 2021

The country isn’t the first to tangle with Beijing — but it’s unusual in that Vilnius has little to lose from the spat. The diplomatic showdown between Lithuania and the world’s second-largest economy began with just one word. In August, Vilnius authorized Taiwan’s request to set up a “Taiwanese” representative office in the country. Using that name offended Beijing, which insists the island is part of China and prefers “Taipei”…

European Commission: Renewables development can ease electricity inflation

Thursday, October 7, 2021

Kadri Simson, European Commissioner for Energy, emphasized that in countries where the use of renewable energy sources is more widespread, electricity prices have been kept lower. Estonia’s European Commissioner, Kadri Simson, says that member states where renewable energy sources are more widespread than they are in Estonia have also seen lower electricity prices. The commission is trying to curb rising electricity prices via new rules for the single market. Speaking…

Latvia announced state of emergency in healthcare system

Thursday, October 7, 2021

Health Minister Daniels Pavļuts told newswire LETA on October 7 that it had been decided to announce a state of emergency in Latvia’s healthcare system. State Operative Medical Commission (VOMK) decided to impose the technical measure so that medical authorities will have more autonomy in handling their resources to provide the necessary medical assistance to Covid-19 sufferers and other urgent patients. The state of emergency in Latvia’s health care system was…

Statistics: number of Finnish tourists fell by half in August

Thursday, October 7, 2021

Far fewer Finnish, Latvian and Lithuanian tourists visited Estonia this August, data from Statistics Estonia shows. Domestic tourists provided a boost to the sector. The number of foreign tourists visiting Estonia was significantly smaller than in August 2019, before the coronavirus crisis, and in August last year. There were 97,000 accommodated foreign tourists, which is 66 percent less than in August 2019 and 13 percent less than in August 2020.…

Latvia in ‘Pandora Papers’

Thursday, October 7, 2021

A new investigation by the Organized Crime and Corruption Reporting Project (OCCRP) based on leaked documents claims a company spun off from collapsed Latvian bank ABLV “went on to cut deals with dozens of politically sensitive clients to help them recover their frozen funds”. The documents are part of the ‘Pandora Papers’, a massive leak from 14 offshore service providers obtained by the International Consortium of Investigative Journalists, and reveal details of the…

Price of compressed natural gas in Estonia up 70 percent from summer

Thursday, October 7, 2021

While the price of compressed natural gas (CNG) in Estonian fueling stations was around €0.90 per kg in the summer, the price has now increased to €1.50 per kg. Alexela board member Tarmo Kärsna told ERR on Wednesday that prices for CNG in the summer were between €0.899-0.934 per kg, but they have increased to €1.47-1.51 as of Wednesday. He said the price of CNG is related to the global…

Lidl stores open across Latvia

Thursday, October 7, 2021

Supermarket chain Lidl launched its operations in Latvia on Thursday, October 7, 2021, with simultaneous openings at 15 stores across the country. The German  chain opened the doors at stores in Rīga, Liepāja, Ventspils, Tukums, Jelgava, Ogre, Valmiera, Jēkabpils, Rēzekne and Daugavpils. According to the company’s own figures it has created over 2000 new jobs and invested over 200 million euros in Latvia, including the construction of 15 stores and a regional logistics center, and investments…