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picture News December, 5 2022
image: Mismatches in the Estonian Economy Mismatches in the Estonian Economy

- The mismatches in the Estonian economy have increased, said Eesti Pank's deputy director Ülo Kaasik at the 19 January Business Lunch, jointly arranged by the Swedish and Finnish Chambers of Commerce in Estonia.


- While the employment level, average wage paid out and retail sales increased on an annual basis in the third quarter 2015, GDP growth was small and production per employee at constant prices, corporate investments and goods exports at current prices, as well as company profits decreased, continued Ülo Kaasik.


- Though the cheaper euro has improved the competitiveness of the countries in the euro area, Estonia's competitiveness is under pressure. Estonian exporters have to cope with product prices falling and wage costs rising at the same time. 2015 actually saw the market share of Estonian exports decline.


- Estonia's economic growth is currently below its potential. Given the current production capacity, the economy should be capable of growing at 3%, but in 2015 it grew by a modest 1,2%. Faster growth will need a recovery in external demand and an improvement in the companies' competitiveness.


- Our economy is at a crossroads and the state of the economy in the years ahead will depend on how the mismatches that have arisen are resolved. Faster growth will mainly depend on increasing the potential for growth through higher productivity.


- However, Estonia's capacity for growth is supported by stable government finances, low sovereign debt, our flexible labor market, lower debt levels in the private sector, and favorable financing conditions, concluded Ülo Kaasik.


A more comprehensive overview on the Estonian, Swedish and international economy will follow in the first issue of focus 2016, the magazine of the Swedish Chamber of Commerce in Estonia.


On behalf of the SCCE, I would like to thank Ülo Kaasik for a very interesting presentation. My thanks also go to Kelli Püss and FECC for a great cooperation in arranging our joint Business Lunch, and to Radisson BLU Hotel Olümpia for a very nice set up and a delicious Business Lunch Buffet.




Kristiina Sikk

SCCE Ombudsman

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