The European Commission suggested establishing a regional LNG terminal either in Estonia or in Finland. The survey found that the best option for the terminal that would service also Latvia and Lithuania would be on the shore of the Gulf of Finland. Terminal’s total estimated cost was € 1.3 billion. (Postimees, November 24, 2012, page 8).
Comparison of counties* reveals high salary differences in Estonia. While in eight counties of Estonia the average wage is below 700 euros and in six counties below 800 euros, people in Tallinn and Harju County earn in average about 1000 euros per month. According to Statistics Estonia, average wage in Estonia in the III quarter was 855 euros, i.e. 5.7 per cent increase year –over-year. Analysts expect salary pressure to increase. For instance, SEB bank’s economist Ruta Arumäe noted that public sector’s increasing wages also affect the general trends and Pille Mihkelson from the Finance Ministry noted that the increase will continue in the following quarters. (Postimees, by Kristina Traks, November 27, 2012, page 7).
Estonian economy together with Luxembourg and Germany are the healthiest in the Eurozone. A report ’2012 Euro Plus Monitor’ by Hamburg-based Berenberg Bank and the Lisbon Council, a think tank based in Brussels rated Eurozone countries in regards to the “fundamental health” and “adjustment progress” of the Eurozone economies. In addition to healthy environment, Estonia is also quick in making reforms and adapting to situations. (Äripäev, November 27, 2012, page 9).
OECD raised its predictions for Estonia's economic growth. It now expects it to be at 3.1 per cent for 2012 and 3.7 per cent for 2013, while its projections made in May expected the growth to be 2.2 per cent and 3.6 per cent respectively. OECD also predicts the economic growth to accelerate in 2013, because better foreign conditions will improve exports.
(Postimees, page 9, November 28, 2012).
Estonian economic growth accelerated in the III quarter. According to the second estimates of Statistics Estonia, in the III quarter of 2012 Estonian GDP growth was 3.5 per cent YOY. Construction contributed the most to the economic growth already for the fourth quarter in succession. The GDP growth is expected to slow down due to the current cooling down of Swedish and Finnish economies.
(Postimees, page 9, December 11, 2012).