Postimees Digest, Wednesday, August 28

Copy
Please note that the article is more than five years old and belongs to our archive. We do not update the content of the archives, so it may be necessary to consult newer sources.
Photo: Toomas Huik

Banks lower growth forecasts.

Swedbank, SEB and Danske Bank have all cut their annual economic growth forecasts with the most optimistic estimate now set a 2 percent (Danske). Swedbank lowered its forecast from the previous 3.3 percent to 1.9 percent yesterday while SEB's estimate came down to 1.5 percent. Swedbank's analysts say growth will favor highly developed economies in the near future and that while the combined economy of the Eurozone has improved notably over the past four months, Estonia's main trade partners are struggling to restore growth. Estonia's most successful export markets currently include Latvia and Lithuania, both looking to join the Eurozone in the coming years.

Government looking to buy ferries.

The Ministry of Economic Affairs and Communications plans to propose to the government the state procure four ferries with which to take passengers to and from the islands of Muhu, Saaremaa and Hiiumaa. The scheme would be similar to the one currently used on the railroad where the state would own the infrastructure and have a contractor operate it. The ministry's plan would end Vjatšeslav Leedo's long time ferry monopoly in the Suur Strait as his firm's contract will expire in three years. The contract between Leedo's Väinamere Liinid and the state currently sees the latter cover the difference between operating expenses and ticket revenue, estimated at 15.3 million euros this year. Ministry officials say they cannot be sure whether the state is getting a fair deal as there are many ways for the ferry operator to hide actual income and expenses however. The ministry will probably task a state-owned company with procuring the ferries whereas it is not out of the question Estonia will buy Leedo's ferries currently servicing the strait.

Comments
Copy

Terms

Top