ICT-innovation plus market-competition: the formula is worth +108% export
The Estonian IT sector is the most competitive in CEE, thanks to its business environment and the implementation of online services.
The Estonian IT sector is the most competitive in CEE, thanks to its business environment and the implementation of online services.
The culture of knowledge and experience sharing attracts more talent and creates the breeding ground for more innovation and European leadership.
In Estonia, the consumer basket price was 24.8% higher YoY. Orders have declined, making harder to pass the higher costs to the final products. Competitiveness is at stake.
Even in uncertain times, Estonia’s FDI inflow as a percentage of the GDP is the 4th-largest in Europe, thanks to the business legislation and government’s efficiency.
In Estonia, inflation over the year has reached 22.8%. Meanwhile, growth in retail sales and industrial output has slowed down.
In Estonia, consumer prices rose 21.9% in June over the year, whereas the share of energy in the consumer basket is higher only in Latvia.
In May, inflation in Estonia touched 20% over the year, with higher energy costs being passed through to the prices of goods and services.
In Q1 employment in Estonia rose by 5.1% YoY, giving hope on the ability to absorb the shock of a fiscal and monetary tightening.
Although growth in employment accelerated, and the restrictions did not deliver any major setback, the labor force participation rate fell.
Following a record GDP growth (8.5%) in 2021, the Estonian economy will slow in 2022, still maintaining a strong pace (+4%).