In the first half of the year, the gradual recovery of the Estonian economy continued, but the economic environment remained affected by geopolitical uncertainty and fluctuations in energy prices. According to the latest published forecasts, Estonia’s 2026 economic growth is…
COMMENTARY FROM MANAGEMENT Merko Ehitus generated revenue of EUR 93 million in the second quarter of 2026 and EUR 150 million in the first half of the year. Net profit amounted to EUR 8.5 million for the second quarter and…
Construction market: The war in the Middle East and the resulting sharp rise in energy prices in the first quarter of the year have caused the previously optimistic economic growth forecast to be revised downwards. Growth for this year is projected…
The global economy has been struck by a fresh shock. In addition to the drag from higher tariffs and elevated uncertainty during the past year, the outbreak of the war in the Middle East adds strain on economies. Downside risks…
In the fourth quarter of 2025, Estonia’s real GDP increased by 0.7% y/y, but declined by 0.1% over the previous quarter (seasonally and working day adjusted – swda), according to Statistics Estonia. Overall, GDP grew by 0.6% in 2025, indicating…
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…
