Analytics, Economics, Estonia, GDP
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Thursday, 18.04.2024, 08:14
FinMin downgraded Estonia’s economic growth outlook for 2014-2015
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Minister of Finance Jürgen Ligi noted at a press conference on Monday that the budget is structurally in surplus, and nominal surplus is expected in the year 2016. “It would be nice, but there will be elections in the meantime,” he added, commenting on the long-term budget plans.
In its spring outlook, the ministry had expected GDP to grow by 2% in 2014 and by 3.5% in 2015.
The ministry predicts that average pay would grow by six% in 2014, and a similar growth pace would be maintained next year. If demand will improve and nominal growth in countries that are Estonia’s main exports partners will recover, nominal pay growth is expected to accelerate, but real pay growth would decelerate slightly as inflation rate is expected to speed up.
According to the outlook, the unemployment rate will continue falling, to 7.5% this year, 6.8% in 2015 and if economic developments will remain favourable, close to 6% during future years.
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