Posts tagged as economy

Latvian politics risks causing considerable damage to economy

By Viktors Domburs on Monday, June 7, 2021

According to bnn-news.com, behaviour of Latvian Minister of Foreign Affairs Edgars Rinkēvičs risks causing a wave of bankruptcies in Latvia. Thus, after basking in the VIP area together with people of questionable reputation during the opening game of the World Ice Hockey Championship in Riga, Edgars Rinkēvičs demonstrated an act of true diplomatic short-sightedness that has effectively shut down Latvia’s diplomatic relations with Belarus and has caused considerable damage to…

EU should see China’s rise as an opportunity

Thursday, April 8, 2021

Europe must make correct judgments about China independently and demonstrate true strategic autonomy, Chinese President Xi Jinping told German Chancellor Angela Merkel on Wednesday. In a telephone conversation, Xi urged Germany and the European Union  to recognise China’s rise as an opportunity, promote cooperation with mutual respect and “exclude external interference”, as tensions between the two sides have been rising over issues like human rights and Brussels regarding Beijing as a…

With the diminishing impact of the pandemic, banks stand ready to finance economic recovery

Tuesday, March 23, 2021

The ongoing pandemic has had its toll on Lithuania’s economy and credit demand. Despite the fact that its implications on different economic sectors greatly vary, the overall economic impact of the second wave of COVID-19 tends to be less severe. Such economic resilience allows for an improved outlook for GDP growth: as compared to December 2020, it was increased by 1 percentage point, to reach 2.9%. “The services sector has…

Estonian economy shrank nearly 3 percent in 2020

Monday, March 1, 2021

The Estonian economy shrank by 2.9 percent in 2020, state agency Statistics Estonia reports, while gross domestic product (GDP) fell by 1.2 percent year on year to the fourth quarter of 2020 (Q4 2020). The culprit was primarily the COVID-19 pandemic and its ensuing restrictions, though foreign trade actually fared well given the conditions. Manufacturing, trade, and accommodation and food services were the main contributors to the economic decline, Statistics…

Latvian economy will see turbulence in coming months, says budget watchdog

Friday, December 18, 2020

Latvia’s economy will return to the turbulence zone in the coming months, according to the Fiscal Discipline Council (FDP) monitoring report published December 18. The government’s approved aid instruments in the COVID-19 crisis are adequate for today’s situation, according to FDP. At the same time, government action to tackle the effects of the crisis should be more preventive and rapid. According to the FDP, the economy will return to the turbulence…

Bank of Estonia: Estonia’s economy is doing better than expected

Wednesday, December 16, 2020

Estonia’s economic growth in 2020 will be negative but the outlook is better than initially feared during the emergency situation in the spring, Governor of the Bank of Estonia Madis Müller said on Wednesday. Speaking on ETV’s morning show “Terevision” before the publication of the central bank’s economic forecast later today, Müller said: “In Estonia, our lives and economy were less affected by the virus and restrictions than European countries on…

Harju County service sector main driver of 2019 economy

Monday, December 14, 2020

According to Statistics Estonia (Statistikaamet), the service sector represented 72 percent of the €28 billion GDP Estonian economy in 2019 with Harju County accounting for €18 billion of total GDP. Harju county was followed by Tartu and Ida-Viru counties which accounted, respectively, for 11 percent and 6 percent of Estonia’s gross domestic product (GDP). Hiiu and Põlva counties held the smallest shares, as each contributed less than one percent of…

Report: Crisis will speed up digitalization of Estonian economy

Friday, December 11, 2020

A report on the impacts of the coronavirus crisis on the Estonian economy presented by the Foresight Center on Tuesday concludes the crisis is further accelerating the trends towards the automatization and digitalization of processes and will quicken the changes in the structure of the economy. “On the back of the corona pandemic, a change in global economic relations is gaining momentum. The winners will be those sectors of the…

Nordic-Baltic region is fifth-largest economy in Europe. It should have more clout – Estonian ambassador

Wednesday, December 2, 2020

Baltic and Nordic countries should deepen and strengthen the area’s economic and defensive cooperation, as well as their clout, the newly appointed Estonian Ambassador to Finland Sven Sakkov told Finnish web magazine Verkkouutiset in an interview on Sunday. Three Baltic states and five Nordic countries have a combined population of 35 million, making it the tenth-largest population block in Europe, with a combined GDP close to 1.7 trillion euros. That…

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…