Observer Eesti Oü

WEEK 48th 2003

Tuesday, 2nd of December, 2003

Eesti Pank expects economy to grow 5.2 percent in 2004
Estonian central bank Eesti Pank published its forecast for 2004, which says Estonia's economic growth should be 5.2 percent in 2004, however, it will only reach 4.4 percent in 2003.
Eesti Pank expects additional growth to come from the Estonian export industry and the upturn in global economy. If export volumes fail to increase and the current-account deficit remains high, economic growth could slow down to 2.5 percent, the central bank said in its overview. The bank expects the current-account deficit to fall to 11 percent of GDP in 2004. Current-account deficit is expected to reach 14 percent in 2003.

Wednesday, 3rd of December, 2003

Banks expect GDP to grow 4.4 - 4.5% in the 3Q
Analysts of Estonian banks prognosticate the GDP to grow by 4.4 – 4.5 percent in the third quarter.
Ühispank prognosticates GDP to grow 4.5 percent, considering the rapid growth of private consumption, increasing amounts of construction and strong growth of industrial output, explained Ruta Eier, analyst of Ühispank.

Estonia's real estate market is most attractive in Baltics
Estonia's real estate market is on the fourth position among the acceding EU candidate states, leaving Latvia and Lithuania behind.
Cushman & Wakefield Healey & Baker published the research about the real estate markets of acceding EU countries.

Thursday, 4th of December, 2003

Suprema raised Hansapank stock's target price to EEK 376
Investment bank Suprema raised Hansapank's target price from EUR 17.30 to EUR 24 (EEK 376).
The old target price was given to Hansapank stock in March. With raising the target price, Suprema changed the recommendation "accumulate" to "buy". Investment bank regards the sector's risk level as average and the potential as good.

Amount of Credit Bank deposits up by 35 percent this year
The amount of Credit Bank's deposits increased by 35.6 percent by November 30 compared to the situation in the beginning of the year.
By the end of November, the amount of deposits on the accounts of Credit bank clients was EEK 923.7 million.

Trade enlivened in the 3Q
In the 3Q of this year, the net turnover of trade companies increased by 6 percent, announced the statistics board.
Revenues grew more than expenses. Total profit went up by 8 percent.

Friday, 5th of December, 2003

Hansabank ranks 16th in Central and Eastern-European chart
Hansabank ranks highest of all Baltic banks in 16th position in Central and Eastern European bank chart made by banking publication The Banker. Ühispank under SEB control ranks on 45th, its Lithuanian affiliate Vilniaus Bankas on 43th and Latvian Unibanka on 58 thposition. Parex Banka ranked highest of all the Latvian banks with 47th position. The leader of the chart is Polish Bank Handlowy.

Estonian economy grows 4.3 percent in Q3
By preliminary estimations the economic growth in Estonia was 4.3 percent in the third quarter when compared to the same period a year earlier.
The statistical office reported today that the estimate is issued for the economy as a whole. Calculations are based on the data received from administrative databases and monthly statistical surveys. The preliminary gross domestic product (GDP) calculated in accordance with the internationally recognised methodology for Q3 will be published on 30 December 2003.

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