The planned synchronisation of the Baltic electricity grids with Western Europe in February 2025 will slightly increase electricity prices for consumers, according to Lithuanian Energy Minister Dainius Kreivys, BNS reports. The impact on prices will be minimal, around a few percent, he said. Lithuanian power grid operator Litgrid estimates that the synchronisation will cost consumers…
Estonia’s consumer price index rose by 2.8% on year in June 2024, according to preliminary data from Statistics Estonia, ERR reports. Compared to May 2024, consumer prices rose by 0.5%. In May 2024, the annual inflation rate stood at 2.9%. In 2023, annual inflation was 9.%.
Nearly half (45%) of Estonians have seen their financial situation worsen in the past year, according to a Norstat poll for SEB in December 2023, BNS reports. Consumers are therefore cutting back on expenses, including by taking advantage of discounts (62%), planning purchases more carefully (49%), and eating out less often (45%). Other cost-saving measures…
Lithuanian farmers and grain processors are expressing increased concern over the import of Russian grain into the EU, LRT reports. Ausrys Macijauskas, chairman of the Lithuanian Grain Growers Association (LGAA), noted that 12mn tonnes of Russian grain was imported into the EU in 2023, including over 3mn tonnes via Latvia and Lithuania. Macijauskas said that…
Estonia’s ruling coalition has abandoned a plan to change the current renewable energy fee, which would have raised EUR 60mn annually and shifted costs from consumers to the state, ERR reported. The senior party in the coalition government, the Estonian Reform Party, rejected the plan, citing concerns about the plan’s financial viability. The changes were…
Estonia’s capital, Tallinn, ranked the highest in the Baltic States on Serbian database Numbeo’s Quality of Life index in 2024, BNS reported. Tallinn ranked 17th out of 195 cities worldwide. Lithuania’s capital, Vilnius, ranked 36th on the index, while the Latvian capital, Riga, ranked 88th. Numbeo’s index assesses various factors affecting quality of life, including…
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…
The EstLink 2 submarine power cable between Estonia and Finland went offline on the night of 25-26 January 2024, ERR reported. The cause and exact location of the outage are still unknown. Estonia’s transmission system operator, Elering, assured that there was no threat to the security of electricity supplies to Estonia. The EstLink 1 power…
Estonia’s three-party ruling coalition will meet on 30 January 2024 to discuss the state of the coalition, according to Foreign Minister Margus Tsahkna, chairman of Estonia 200 (E200), ERR reports. Tsahkna said that E200 would propose ways to revitalise the economy, including measures to reform education, ensure labour and capital availability, and stabilise energy prices…