Estonia’s industrial production output declined by 12.7% at constant prices in May 2023, compared to the same period of 2022, according to data from Statistics Estonia, ERR reports. Output fell by 31.5% in electricity production and 13.1% in manufacturing. Meanwhile, output rose by 36.3% in mining and quarrying. Helle Bunder, leading analyst at Statistics Estonia,…
Several growth companies on Estonia’s Tallinn Stock Exchange (Nasdaq Tallinn), including Clevon, ELMO Rent, and Hagen Bikes, saw significant losses in 2022, ERR reports. ELMO Rent’s annual turnover was only half of the forecasted amount, resulting in losses that were more than double the expectations. Despite the declining share prices and growing panic among shareholders,…
The Estonian Association of Media Enterprises (EML) strongly opposes a proposal for the Estonian Consumer Protection and Technical Regulatory Authority (TTJA) to function as an independent media regulator for the entire media market, ERR reports. The Ministry of Culture has shared the draft proposal with over 40 organisations and institutions, seeking their feedback. EML emphasised…
Estonian shipping company Tallink Grupp carried a total of 1,541,081 passengers in the second quarter of 2023, which was down 0.7% from 1,552,174 in the same period of 2022, The Baltic Times reports. The drop was mostly due to the fact that the company has chartered out 7 of its 15 vessels. Tallink transported 85,359…
Latvia’s Competition Council has allowed Estonian investment company Dragad to merge into Estonia-based holding Maral Invest, Baltic News Network reports. Following the merger, Dragad will be removed from the commercial register. Dragad’s Estonian subsidiary, Võru-based Cristella VT, produces various bakery products. Maral Invest owns three major bakeries in the Baltic states: Estonia’s Eesti Pagar, Latvia’s…
Only 56% of legal entities in Estonia managed to submit their annual reports on time by the 30 June 2023 deadline, according to the Ministry of Justice, BNS reports. Out of approximately 290,000 entities obligated to report, which make up about 95% of all legal entities, altogether 162,689 submitted their reports on time. Margit Veskimäe,…
For the first time since the restoration of independence, the number of prisoners in Estonia has dropped below 2,000, BNS reports. There are now a total of 1,994 prisoners in Estonian prisons, with 202 of them serving sentences in open prisons. The number of offenders under the supervision of probation officers on a daily basis…
Estonian property developer Kapitel plans to build a new five-storey apartment hotel on Kalasadama Street in Tallinn’s Kalamaja neighbourhood, ERR reports. Martin Rebane, development director at Kapitel, estimated the construction costs at EUR 30-40mn. He said that the hotel would cater to both short-term and long-term accommodation. The 4,170 m2 hotel will have 206 rooms,…
Following the imposition of sanctions on Russian timber, Estonia has seen a surge in heavy timber imports from unexpected countries, where forests are assumed to be scarce, Postimees reports. Henrik Välja, CEO of the Estonian Forest and Wood Industries Association (EMPL), said that Russian timber continued to flow into Estonia through an illegal scheme whereby…