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Observer Eesti Oü

WEEK 23. 2005

Tuesday, 7th of June, 2005

“Made in Estonia” to grow economy fast
Estonia’s economic growth grew 7 percent in the 1Q compared to respective period last year and that especially due to export that grew more than 20 percent. Analysts expect economy to grow rapidly also during following quarters. In April, unemployment decreased to 7.9 percent in Estonia.
Share of export in AS Kitman, manufacturer of commercial furnishing, was 69 percent of total turnover. AS Ensto Ensek, producer of electrotechnical appliances, exports 90 percent of production. Garments manufacturer Klement exports 60 percent of production. The aim is to grow export 15 – 30 percent a year.

Estonian economy should grow faster than EU’s
Estonian economy should grow faster than the one of the “old Europe” as otherwise, we would never be able to discuss about harmonization of the levels of development, writes Prime Minister Andrus Ansip. Stable economic growth throughout the years indicates to the correctness of Estonian economics policy that favours free entrepreneurship. Estonia has managed to avoid principal changes in economics policy during several government exchanges and changes in government unions. Thanks to this, Estonia has earned a status of a stable and trustworthy country.

Wednesday, 8th of June, 2005

Leaders of economic growth are small
Estonia’s 7% economic growth should be fastest in Europe, announced Bloomberg. Only Latvia that will publish its preliminary estimation tomorrow might surpass Estonia. Small member states, especially those that joined recently, have faster economic growths than big ones. That is why the newspaper BusinessWeek writes that the French “no” is a possibility to strengthen European economy. EU constitution is mainly the work of France and Germany. At the same time, those two countries that initiated European economic and monetary union, are no longer positive economic models. They have become states that incline towards nationalistic protectionism and have been annoyed by the low taxes of Poland and Ireland (actually also Estonia). As more competitive member states are starting to lose patience, the power lines in the EU are starting to change and that is good.

Sale of construction materials grew 33 percent
For producers of construction materials, the first quarter was noticeably better than expected. The total sale turnover of companies that belong to The Association of Construction Material Producers of Estonia reached EEK 1233 million in the 1Q of 2005, which is 33 percent more than last year.

May brought a sales record in the market of new cars
In May, 2290 new cars were sold in Estonia. This is an all-time record in the history of Estonian car sales. In May this year, 200 cars were sold more than in respective period last year. Most sold car brand was Toyota with 285 cars.

Friday, 10th of June, 2005

Tourists to crowd in East-Europe
In May this year, TripAdvisor, one of the world’s best and popular travel portals organised a survey about people’s travel preferences. Turns out that countries of East-Europe have become very popular among western tourists. 91 percent of repliers claimed of having a vacation in some East-European country this summer. Michele Perry, representative of TripAdvisor admits that smart travellers go to East, as there are many such things that do not exist in West anymore – untouched nature, genuine living environment and sincere people. Thanks to the EU expansion, travelling to East-Europe is easier than ever before. Based of the survey, Internet portal compiled a list of places in East-Europe that must definitely be visited. One of such places in also Tallinn’s Old Town.

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