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International Internet Magazine. Baltic States news & analytics Wednesday, 23.09.2020, 20:30

Average salary in Estonia to raise to 1,297 euros in 2018

BC, Tallinn, 11.04.2018.Print version
Estonia's economic situation is still good, Institute of Economic Research said on April 11th, forecasting a 4% economic growth and an average salary raise to 1,297 euros in 2018, reports LETA/BNS.

Estonia's economic growth remains good because of the positive developments in the economy of the European Union, but especially due to positive developments in the economies of Estonia's main partner countries. The strengthening of the foreign environment is reflected in Estonia's exports and is also carried over to domestic economy. This has raised the confidence of enterprises as well as households and has increased their willingness to invest, it can be seen from the institute's fresh publication.

The institute's experts and analysts assessed the present state of the economy with a maximum score of 100 in March, which is 5 points more than in December.

For the fourth quarter in a row, experts gave a positive assessment to the state of investments, which was also the highest assessment since 2007. The positive assessment was a result of a broad-based growth of investments, both in enterprises as well as the government sector.

According to the experts, the present state of private consumption is also good and for the fourth year in a row their private consumption rating exceeds 50 points. In March, for the first time after the economic crisis the experts all gave the economic state a good assessment.

"We see that households can save more, which increases the confidence of families. Hereby we have to mention that an important role in the improved economic situation of households is also played by tax-free income minimum being raised to 500 euros at the start of the year, as a result of which 75% of employees get up to 64 euros of more money each month," Minister of Entrepreneurship and Information Technology Urve Palo said in a press release.

The institute forecasts Estonia's economy to grow 4% this year and the average monthly salary to rise to 1,297 euros.

The institute's experts expect Estonia's economy to remain at the present good state for the next six months.

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