Estonian Prime Minister Kaja Kallas said that the likely nomination of Dutch Prime Minister Mark Rutte as NATO’s new secretary general raised the question of whether the alliance has first-rank and second-rank members, Politico reported. She pointed out that Rutte would be the fourth NATO chief from the Netherlands. “Are we equals or are we…
Estonia’s GDP totalled EUR 37.7 billion at current prices in 2023, which was down 3% from 2022, according to data from Statistics Estonia, ERR reported. Robert Müürsepp, national accounts team lead at Statistics Estonia, said that Estonia’s economy was in broad-based recession in 2023, with decline recorded in most major sectors. Information and communication had…
Estonia’s real GDP will continue to decline by 0.3% in 2024 but will increase by 2.8% in 2025, according to Swedbank’s latest macroeconomic forecast, ERR reports. The bank expects the current recession in Estonia to end in the middle of 2024. Moderate growth will return in 2025, driven by stronger domestic demand and exports. Annual…
International rating agency Moody’s has reaffirmed Latvia’s credit rating at A3 with a stable outlook, LSM reported. The agency noted the stability of Latvia’s public finances and general government debt. Moody’s expects the general government deficit to be around 2.9% of GDP in 2024 and to gradually decline to 2.6% in 2025 and to 1.7%…
Estonia’s GDP declined by around 3% over a year in the fourth quarter of 2023, according to Statistics Estonia’s flash estimate, ERR reports. Robert Müürsepp, team lead of national accounts at Statistics Estonia, said that the current recession has slowed down compared to preceding quarters. Compared to the third quarter of 2023, the GDP remained…
International credit rating agency Fitch Ratings has affirmed Estonia’s long-term foreign-currency issuer default rating at A+ with a stable outlook, ERR reports. The rating reflects Estonia’s strong governance standards and institutions, low public debt, and net external creditor position, Fitch stated. At the same time, Estonia’s lower income per capita and small economy expose the…
Latvia’s annual GDP declined by 0.6% in 2023, according to the Central Statistical Bureau’s (CSP) provisional data. In the fourth quarter of 2023, the GDP dropped by 0.5% over a year, according to seasonally and calendar unadjusted data. Growth in manufacturing stood at 3.6%, while services went down by 0.7%. According to seasonally and calendar-adjusted…
Lithuanian President Gitanas Nauseda has called a meeting of the State Defence Council (VGT) for 23 January 2024, BNS reports. The meeting will discuss a strategic threat assessment from the Lithuanian intelligence services, the structure of the national defence system, and the economic and financial measures for building an army division. Lithuania plans to establish…
Estonia’s debt to GDP ratio rose in the third quarter of 2023 but was still the lowest in the EU, according to Eurostat data, ERR reports. Estonia’s general government gross debt totalled EUR 6.789bn, which was up from EUR 5.585bn in the third quarter of 2022. The country’s debt to GDP ratio stood at 18.2%,…