The Estonian PM is not alone with being somewhat disappointed. The major banks in Estonia, the Estonian Ministry of Finance and Eesti Pank have all cut their forecasts on Estonia’s GDP growth in 2013. For example Swedbank and SEB who cut their 2013 forecasts down to 1,9% and 1,5% respectively.

Furthermore, a recent survey commissioned by the Ministry of Economic Affairs and Communication says that foreign investors define Estonia’s biggest problems as a lack of long-term vision, shortage of skilled workers and low international awareness of Estonia.

However, despite the setbacks there are positive signs and PM Ansip mentioned some of them:

Estonia is still among the best performers in the EU

The country’s total tax revenues in 2013 are better than expected

A stronger outlook also for EU from 2014

As for the PM’s EU outlook, his opinion is supported by Eurostat; “The eurozone has moved out of recession. The eurozone’s, as well as the entire EU’s, economic output rose 0,3%, and the statistics indicate that the European economy is recovering faster than expected and could post an overall growth rate for 2013,” said the unexpectedly positive mid-August report from the EU's statistical agency.

- The event was well attended and provided an excellent opportunity to network with members from other chambers. Andrus Ansip continued with his traditional "state of the nation" presentation highlighting the successful track Estonia has taken in comparison to many other European countries and as ever he answered a wide range of questions from the audience. Overall well done to all the organizers for a fine event, comments Martin Dungay, Partner at SCCE’s member PerCapita.

I agree with Martin and on behalf of the SCCE Council, I would like to thank AmCham for a good cooperation and a good set up of the annual Prime Minister Speaker Luncheon.

Sincerely,

Kristiina Sikk
SCCE Ombudsman