The stock of deposits at credit institutions in November was €27.8 billion, which is €5.1 billion or 22.3 percent more than a year earlier, the Bank of Estonia announced on Tuesday.
Bank of Estonia governor Madis Müller said the tourism sector is set to be hit with a labor shortage as it begins to recover from the coronavirus crisis.
According to the latest economic forecast by the Bank of Estonia, economic growth will be 8 percent this year, while next year economic growth will slow down to below 3 percent.
Bank of Estonia governor Madis Müller told ERR that although the rapid inflation has been a bad surprise, the Estonian economy is growing and the country is approaching several Western European countries. The central bank forecasts that the average wage will grow to €2,000 in a few years.