Business, Competition, Estonia, Good for Business
International Internet Magazine. Baltic States news & analytics
Wednesday, 24.04.2024, 16:01
Institute: Competitiveness of Estonian businesses has improved
According
to the experts, the situation of investments and private consumption remains
positive, EKI said. The competitiveness of Estonian businesses has improved
during the past three months, with businesses in the beverage industry and
paper industry seeing the biggest increases in output ahead. Businesses are
also expecting an increase in export orders. Insufficient inventories are an
indicator of high demand as well, according to EKI.
Estonia
ranked 31st on the IMD international scoreboard of competitiveness of nations,
one place lower than last year. At the same time, the Estonian score of 78.5%
compared with the United States, the top ranked nation, is the best result of
all time. Of Estonia's major trading partners, Sweden ranked 9th, Finland 16th,
Lithuania 32nd, Latvia 40th and Russia 45th. The IMD rankings are based on
statistics for 2017 and a survey of entrepreneurs conducted at the beginning of
2018. The IMD survey, carried out in 63 countries worldwide, is compiled in
Estonia by EKI.
"Demand
at Estonia's main trading partners remains strong and expectations as regards
the future positive," said Priit
Tinits, head of economic analysis at the Estonian Ministry of Economic
Affairs and Communications.
Tinits said
that from the end of July, Estonian companies will be able to seek a subsidy
for participation in fairs abroad from Enterprise Estonia that will enable them
to take part in specialist fairs with a separate stand rather than as part of a
joint stand of Estonian businesses.
"The
support will help Estonian businesses strengthen their position on export
markets also when the major powers and the European Union start to regulate
global trade by means of imposing protective tariffs," the official said.
The
indicator of the economic standing of households is at an all-time high since
the consumer barometer was introduced in 1991. The ratio of families able to
save money, 53%, is higher than the ratio of families able to make ends meet,
which is 43%.
Consumers'
feeling of security depends largely on the social group they come from. Feeling
the most secure are 16 to 29-year-olds and feeling the most insecure over
65-year-olds.
The
situation of the Estonian economy is expected to continue improving in the
second half of the year, according to the economic climate indicator, which
stood at a higher level in June than in March.