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Bank: The economic downturn is starting to hit home on the Estonian residents estonianworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from estonianworld.com Daily Mail and Mail on Sunday newspapers.
Prevailing labor shortages, rapid inflation and businesses' strong financial results for 2022 have brought with them a large increase in the average wage in Estonia, which is likely to continue for some time, Mihkel Nestor, analyst at SEB Estonia, says. ....
The number of building permits issued for new apartments in Tallinn in the first quarter of 2022 fell to almost a quarter of the figure recorded at the same time last year, while a sharp rise in construction prices have also made real estate developers more cautious. ....
While wages will continue to grow in 2022, prices will balloon faster still, the Bank of Estonia and commercial banks SEB and Swedbank find in their recent forecasts. Retail trade and services are nevertheless forecast to continue growing in volume, suggesting that consumers remain confident. ....
While analysts forecast price advance to slow down in the second half of the year, Russia's attack on Ukraine has created new uncertainty, with the prices of energy and food now believed to continue growing. ....