Observer Eesti Oü

WEEK 14th 2003

Saturday, 5th of April, 2003

The Bank of Estonia earned a record profit
Last year, the Bank of Estonia earned a record profit that reached over EEK 600 million. In the chart of Estonian profitable enterprises, the central bank is on the fourth position and exceeds also the results of Southern neighbors' central banks. Latvian central bank earned EEK 367 million and Lithuanian EEK 469 million of profit in 2002. Only three enterprises managed to earn more profit than the Bank of Estonia - Hansapank (EEK 1.87 billion), Estonian Telecom (EEK 1.04 billion) and Pakterminal that has not publicized the exact number yet. The profit of the central bank exceeds Estonian second largest commercial bank's profit by more than one and a half times. Ühispank earned EEK 379 million of profit last year. In 2002, the profit of the Bank of Estonia was EEK 601.4 million. Compared to 2001, the Bank of Estonia managed to increase profit by 13%.
Postimees, Erkki Erilaid

Friday, 4th of April, 2003

Income per member of household increased more than expenses
Last year, the average monthly net income per member of household increased by 9%, expenses by 6%, announced the Board of Statistics. The average net income per member of household was EEK 2500; expenses reached EEK 2465. Compared to last year, net income increased by 10% in the city (EEK 2668) and by 7% in the country (EEK 2119). The average net income per member of household was greatest in Tallinn - EEK 3147, exceeding Estonian average by 26%.
Äripäev

Hansapank shareholders receive EEK 476 million
Yesterday, Hansapank shareholders divided EEK 476 million, affirming the biggest proprietor's income in history - EEK 6 per share. Proprietor's income will be paid on April 25. Mae Reigo, Hansapank small shareholder admits that Hansapank is a good investment, because in addition to dividends, shareholder's assets grow also due to the increase of share price. Tiina Mõis, the member of the Hansapank board, will receive the highest private person proprietor's income - EEK 1.2 million.
Äripäev, Kaja Koovit

Thursday, 3rd of April, 2003

Most developed pension system is in Estonia
Among the three Baltic countries, voluntary pension collection system or the second pillar is most developed in Estonia. Latvians started to develop the second pillar 21 months ago. The system has not yet been launched in Lithuania. Today, 15 funds are collecting second pillar pension in Estonia. In Latvia, there are only 7 funds. In Estonia, 6% of the wage goes to the second pillar. In Latvia, the percentage is 2.
Eesti Päevaleht, Anti Ronk

Wednesday, 2nd of April, 2003

Computer vendors praise successful March
Estonian greatest computer manufacturer Ordi increased its production in March by almost 100% compared to last year. Also other manufacturers demonstrated growths. Sulev Sisask, the head and owner of AS Ordi affirms that the company's turnover in March was EEK 22.7 million, which is 40.7% greater than in March a year ago. He notes that the turnover could have been even bigger when counting the amount of sold computers, but the decreased prices kept the turnover lower. AS MicroLink Arvutid, the second biggest computer manufacturer sold 1025 computers in March. Mait Rahi, the chairman of MicroLink Arvutid admits that the increase compared to last year was 28%.
Äripäev, Viktoria Korpan

Economic growth remains in spite of foreign storms
The board of statistics noted that the fourth quarter GDP increased faster than formerly calculated: not 5.2%, but 5.9%. Annual economic growth in fixed prices was 5.8%. Comparing the numbers with Latvia and Lithuania it must be recognised that economy increases equally strongly in all the three countries. Last year's economic growth in USA was 2.9% and in Germany 0.2%, therefore, Estonia's 5.8% is enviable. But it must be noted that it is easier to achieve great economic growth from a lower level, like in Estonia.
Postimees, Aivo Kangus

Tuesday 1st of April, 2003

Ministry: growth due to domestic demand
Acceleration of economic growth last year was due to the increase of domestic demand, claims the Ministry of Finance in the commentary to economic situation. According to the board of statistics, real growth of GDP in 2002 reached to 5.8%. The growth accelerated in the second and third quarter. The real growth accelerated the most in construction and hotel-restaurant business. Private consumption increased up to 8.6%. Import of goods and services increased by two times in 2002.
Äripäev

Estonia will receive an electric cable to Finland
Estonian, Latvian and Lithuanian electricity companies plan to establish an EEK 1.7 billion sea cable between Estonia and Finland by the end of 2005. The cable would increase the export and supply security of the local electricity. Yesterday, the project of Estlink sea cable that connects Harku and Espoo substations received the last signatures of the representatives of Eesti Energia, Latvenergo, Pohjolan Voima and Helsinkin Energia.
Postimees, Aivar Reinap

Monday 31st of March, 2003

Profit of saw industry increased significantly last year
Estonian major saw industries that managed to increase their profits significantly last year due to good conjuncture, hope to receive good results also this year. Greatest increase was achieved by Estonian second biggest saw mill AS Paikuse Saeveski that reached from EEK 0.7 million of loss in 2001 to EEK 46 million of profit in 2002. According to Tõnu Järv, the executive director of AS Paikuse Saeveski, the prices of saw production should stay stabile this year. This promises good profit margins also in 2003.
Äripäev, Väinu Rozental

Price level is equalising
Former major price differences in three Baltic countries are diminishing. According to the statistics the cheapest electricity is in Estonia, rye bread in Latvia and potatoes and pork are cheapest in Lithuania. In Estonia, cars and fuel are still cheaper than in other Baltic countries. The average wage of Estonians exceeds Lithuanian wages by 14% and Latvian wages by a quarter. The overall development of economy is led by Estonia. It takes a few years for Latvia and Lithuania to reach the level of Estonia.
Postimees, Erkki Erilaid

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