|WEEK 28th 2004
Monday, 5th of July, 2004
Decision to accept euro made Estonia risk free
Last Sunday we found out surprisingly that Estonia together with Lithuania and Slovenia will join the ERM2 exchange mechanism. Äripäev stock exchange editorial office director Tõnis Oja believes that this decision to join the euro zone in 2007 or even in the middle of 2006 is a very important decision. Estonian economy grows much faster than the economy of the euro zone. Q1 economic results show 6,8% growth in Estonia. In the euro zone countries this growth was but 1,3%. Fast economic growth bring with itself higher inflation, but if economic growth in the euro zone will remain similar for two-three years, the inflation will also remain low, this in itself is very beneficial for Estonia
Tuesday, 6th of July, 2004
Economy develops at a stable pace
Estonian economic analytics believe that Estonian economy continues to develop at a steady pace. Estonian DGP, employment, export and industry output all have positive trends of growth. Estonian Institute for Economic Research expects the growth of export to be stable 10,1% annually and economic growth to be 5,3% annually. The Institute prognosticates 6% economic growth this year.
Wednesday, 7th of July, 2004
The number of Estonian Air passengers increased by 40%
In June Estonian Air serviced 52 050 passengers. In comparison to last years June the number of passengers increased by 40%. Out of 13 flight destinations the majority of passengers traveled to Stockholm -7077, Copenhagen 11 760 and London 6369. In June Estonian Air made 51 order flights transporting 3729 passengers.
Half a year turnover of Valga meat factory is EEK 150 million
Half a year turnover of Valga meat factory reached EEK 150,4 million, which is 7,4% more than during the same period last year. Valga meat factory chairman of the board Elmut Paaveli said that the increase in turnover happened due to the increase of export and sales on the local market.
Friday, 9th of July, 2004
Fitch rating agency raised Estonian risk rating
Rating agency Fitch improved risk ratings of Estonia, Latvia, Lithuania and Slovenia. Improved risk rating supposed to bring a new life to the economies of these countries. Estonia, Lithuania and Slovenia may join the euro zone already in the end of 2006 or in the beginning of 2007.
The share of Hansapank is most expensive among Swedish banks
Yesterday the share of Hansapank rose by 0,7% reaching the same level as a day before EEK 107,65. Share turnover constituted to EEK 22,65 million. Comparing three ratios: price/profit, price/accounting value and price/sales ratio it is obvious that the share of Hansapank is more expensive than the shares of other Swedish banks: SEB, Svenska Handelsbanken, Swedbank and Nordea. The share of Hanasapank is highly evaluated due to the fact that the bank is strongly developing in three Baltic states and Russia in addition the shares of Hansapank are highly appreciated in Central and Eastern Europe.
Baltic Weekly MonitorA