Compared to the optimistic forecasts at the beginning of the year, Estonia’s economy grew modestly by 1%, according to preliminary estimates. The construction market stabilised, with a slight increase in activity in the second half of the year in both…
In Q4 2025, Estonia’s real GDP increased by 1% y/y and remained unchanged over the quarter (seasonally and working day adjusted – swda), according to the flash estimate from Statistics Estonia. The Estonian economy emerged from the downturn last year,…
Alike in previous quarter, the market remained active in the fourth quarter of 2025. A total of 60 sales contracts (contracts under the law of obligations) were signed during the quarter (Q3 2025: 60; Q4 2024: 34). In the 12…
In Q3 2025, Estonian GDP increased by 0.9% y/y and by 0.4% q/q (seasonally and working day adjusted – swda) in real terms, according to Statistics Estonia. In the first three quarters, real GDP grew by 0.3% over the year.…
The impact of falling interest rates is fading. Policy changes and rising net incomes will continue to support market activity in 2026. Housing affordability saw only a marginal improvement in the third quarter of 2025, which comes as no surprise.…
Compared to the optimistic estimates at the beginning of the year, the economic growth forecast for 2025 has become increasingly modest. Estonia’s economic growth continues at a slow pace, with the latest forecasts estimating annual growth at 0.6%. The construction…
In the third quarter of 2025, the market remained active. During the quarter, several previously made reservations were converted into contracts under the law of obligations (sales contracts), particularly in development projects with construction scheduled for completion in 2026. A…
Throughout the summer, the US administration continued to reshape its global relationships. The prevailing uncertainty, together with the higher tariffs, will weigh on global growth ahead. Global manufacturing will struggle to adapt to a new normal, and the outlook for…
The Estonian economy continues to grow slowly, with the latest forecasts estimating annual economic growth at 1.2%. The construction market is showing signs of stabilisation. Within the buildings segment, there are indications of a slight increase in orders from the…
Macroeconomic indicators give reason to believe that the decline in the Estonian construction market has halted and that the market is stabilizing. The Infrastructure segment is also supported this year by the volume of work related to Rail Baltica, while…
In early April when the US administration communicated its reciprocal tariffs, shock waves hit the global economy. Trump’s tariffs and the related uncertainty on policy will hit the US economy and inevitably also weigh on the global economy. We have…
In Q1 2025, Estonian GDP increased 1.2% y/y in real terms, while it rose 0.1% q/q (seasonally and working day adjusted – swda), according to the flash estimate of Statistics Estonia. As the economy is doing better and export opportunities…
A proposal is made to the General Meeting of Shareholders of Hepsor AS (hereinafter ‘Hepsor’) that the current Chairman of the Management Board, Henri Laks, would join the Supervisory Board of the company. The new candidate for the Member of…
Extraordinary General Meeting (hereinafter the “General Meeting”) of Baltic Horizon Fund unit-holders and Swedish Depositary Receipt (hereinafter the “SDR”) holders (hereinafter together the “Investors”) took place on 27 March 2025 in Tallinn, Estonia. Proposed agenda of the meeting, as proposed…
At the request of a unitholder whose units represent more than 1/10 of all the votes, Northern Horizon Capital AS invites Baltic Horizon Fund unit-holders and Swedish Depositary Receipt (hereinafter the “SDR”) holders (hereinafter together the “Investors”) to attend an…
