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Swedbank: Records in the labour market in Estonia

16.08.2024

SwedbankPeople’s willingness to work has reached record-highs. Rapidly rising prices motivate people to look for additional income. The participation rate, i.e., the share of people who are either employed or are actively looking for a job, rose to 75.4% of the working-age population in the second quarter.

The number of job seekers increased especially among young people. Since it is harder for young people to find work, unemployment in this age group is three times higher than the country’s average.

The downturn in the economy and the increase in the number of jobseekers have lifted the number of the unemployed. In the second quarter, the unemployment rate reached 7.6%, slightly down from 7.8% in the first quarter.

The number of the employed also set a record. Employment rose in the second quarter due to the increase in the number of entrepreneurs. The number of wage-earners did not change significantly – it increased in the public sector but decreased in the private sector, especially in industry, construction, and transport.

In the second half of this year, we expect the economy to start growing again. The recovery will be gradual, however. Estonia’s main export markets are not doing very well currently. Domestic demand is being held back by low sentiment, high prices and future tax increases. Unemployment will decrease next year, but only slightly. In the private sector, demand for labour is rather modest. The government’s austerity policy limits employment and wage growth in the public sector.

Seonduvad uudised

  • 12.05.2016 Acceleration of GDP growth was expected
    According to the flash estimate of Statistics Estonia, GDP growth in Estonia accelerated to 1.7% yoy in 1Q 2016, while compared to the previous quarter (seasonally and working day adjusted) remained flat. On the supply side, continued robust growth o         
  • 28.02.2020 Swedbank: Last year’s economic growth surprised on the upside
    In 2019, Estonian GDP growth was 4.3% y/y in real terms and 7.7% y/y in nominal terms. Although, the growth slowed from previous year, it was still strong and exceeded our expectations – our forecast, published in January, was 3.7%.         
  • 30.11.2021 Swedbank: Estonia: robust demand contributes to the economic growth
    GDP expanded 8.6% y/y and 0.7% q/q (swda) in 3Q – the growth met our expectations. GDP has increased 8.5% y/y in the first three quarters of 2021. In 3Q, more than half of the GDP growth came from four…         
  • 04.03.2022 Swedbank: Prices will grow faster than wages this year
    Wage growth was rapid in the fourth quarter of last year (+7.3%, over the year), but uneven, and lagged price rises. Swedbank estimates that the average net wage will increase by 6% this year, but consumer prices will increase even         

Meist

Tõnu Toompark on kinnisvaraanalüütik, -konsultant ja koolitaja, kelle tegevusvaldkonnad on valdavalt: * elamispindade turg, turutrendid, tehingud, hinnad ning turuülevaated; * uute korterite arendamise mahud, müük, hinnad ja analüüsid; * üürituru pakkumine, tehingud ja hinnad ning üüriinvesteeringud, tasuvusarvutused; * elamispindade kättesaadavus numbrilisena; * koolitused eeltoodud valdkondades. Koolituste valdkonnaga on Tõnu Toompark seotud üle 25 aasta. Ta on avaldanud sadu ja sadu kinnisvarateemalisi analüüse, artikleid ja kommentaare. Tõnu Toompark on läbi viinud koolitusi nii kesk-, kutse-, kõrg-, kui ülikoolides, lisaks mitmetes koolitusettevõtetes. Näiteks Kinnisvarakool, Tallinna Tehnikaülikool, Eesti Ettevõtluskõrgkool Mainor, Estonian Business School, Tartu Ülikool, Tallinna Majanduskool.

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