Observer Eesti Oü

WEEK 24th 2004

Monday, 7th of June, 2004

Estonian economy to gain in prosperity
The news that the Estonian economy grew 6.8 percent in the first quarter is welcome news and may be the first sign of a strengthening export industry.
Finance ministry affirms that export would continue increasing, whereby growth of import would continue as well in relation to consumption goods and intermediate consumption goods.

Kalev earned the biggest quarterly profit in history
Estonia’s largest confectionery industry Kalev reported to have ended the first quarter with a profit of EEK 28.9 million. This is six times more than a year ago and is the company’s best-ever quarterly result.

Estonian consumer price index up 3.7 percent year-on-year in May
Estonian consumer price index in May was 2.1 percent higher than in April and 3.7 percent higher than a year ago. Price of goods was up 3 percent, price of food, alcohol and tobacco increased 2.6 percent, price of manufactured goods increased 3.4 percent and price of services was up 0.2 percent.

Estonia's imports up 47 percent in a year - April figures
According to preliminary data, Estonia's imports were up 47 percent in a year in April while exports were up 7 percent in a year. In comparison with March 2004, imports increased 22 percent. Compared to March 2004, exports decreased 16 percent.

Fast growth of Estonian economy to continue
According to analysts, Estonian economy will grow faster than the average of rich EU countries until the year 2010. Growth is 1.5 – 3 percent faster than the average of rich EU countries in past 20 years. Estonia will continue the 5% economic growth. Decrease of unemployment is one of the hints to economic growth.

Tuesday, 8th of June, 2004

May was the best car selling month
Even though this years car sales were below last years EU result, it nevertheless is one of the all time high results. Accession to the European Union brought stability in car sales. Altogether 1768 new cars were sold in Estonia, which is 190 cars more than in May 2002 and 285 more than last May. Toyota sold 195 cars, Mazda- 151 and Peugeot- 150 cars.

Bank of Austria raised the rating of Estonian Telecom
CA IB that belongs to Bank Austria Creditansta announced yesterday in its overview of the telecommunications sector that it increases the rating of Estonian Telecom from “sell” to “keep”.
Organization that deals with share market analysis said that it increased the rating of Estonian Telecom share when the share dropped last week by 8,7% and costs now less than 10% or EUR 7,40 (EEK 115,80) which was determined by CA IB.
CA IB prognosticates that Estonian Telecom sales this year will make EEK 4,97 billion (3,3% growth), EBITDA is expected to be EEK 2,2 billion and net profit – EEK 1,04 billion.
ÄP Online

Wednesday, 9th of June, 2004

Newsweek ranked Tallinn among world’s top wireless-Internet cities
Newsweek Magazine has ranked Tallinn as one of the world’s most-advanced cities by wireless Internet access. In its cover story from June, Newsweek writes that Estonia has managed to jump into the cyber elite of Europe with relatively little costs. Tallinn shared the top ten ranking with New York, London, Tokyo and Seoul.

Economic growth of Baltic States the fastest in the EU
Last week, Estonian statistics board announced of a 6.8 percent economic growth. For this year, analysts predict 5.5 percent of economic growth in Estonia, 6.5 percent in Latvia and 7.25 in Lithuania. According to news agency Bloomberg, economic growth in Baltic States is fastest in the European Union.

Thursday, 10th of June, 2004

Tieliikelaitosto to set up business in Estonia
The decision of Tieliikelaitos, Finnish state owned road building enterprise, to establish a company in Estonia has surprised Estonian road builders who claim that this will be distorting competition.
According to Heikki Koivisto, head of Tieliikelaitosto, the road-building company plans to invest EUR 500,000. In Finland, Tieliikelaitosto is a market leader in the field of infrastructure and fifth biggest construction company.
Äripäev Online

Expected wealth to arrive in 18 years
Yesterday, the Bank of Estonia prognosticated up to 6 percent of economic growth in coming years. In this case, Estonia will reach the living standard of the European Union in approximately 20 years. Vahur Kraft, President of the Bank of Estonia admits that in such a pace, Estonia will catch up with Finland in about 20 years or less, but this does not depend on us, it depends on the European Union.

Editorial: we have stamina for a 10% growth
Äripäev writes in its editorial that the growth forecast published by Estonian central bank yesterday for the years 2004-2006 are too modest since the economy is likely to be growing at a faster rate, perhaps as fast as 8 percent a year.

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