In Q1 2023, GDP contracted 3.2% y/y (non-adjusted) and 0.6% q/q (swda) in real terms. GDP contraction met our expectations. In nominal terms, Estonian economy expanded 9.3%, above the long-term average. Estonian economy has contracted five quarters in a row…
The situation in the labor market is still good, despite the year-long recession in the economy. The number of the employed is record-high (up by 3.2%, over the year) and the unemployment rate is relatively low. According to Statistics Estonia,…
COMMENTARY FROM MANAGEMENT Q1 2023 revenue for Merko Ehitus was EUR 76 million, representing 11% growth compared to the same period a year ago. Net profit for the first quarter was EUR 5.9 million – nearly double that of Q1…
A smaller but not the final interest rate hike We reiterate our forecast of two more 25 basis points hikes in June and July As widely expected, the ECB governing council decided to raise all three key interest rates by…
Uncertainty in the economy has not disappeared with the arrival of the new year, and the dynamics of the construction market is a direct reflection of this. Many private developments are frozen or on hold, public construction procurements have not…
AS Merko Ehitus consolidated audited financial results for 2022 remain unchanged compared to the preliminary disclosure on 9 February 2023. STATEMENT OF THE CHAIRMAN OF THE MANAGEMENT BOARD 2022 was a year of good financial results for Merko. Revenue broke…
In Q4 2022, GDP contracted 4.1% y/y (non-adjusted) and 1.6% q/q (swda) in real terms. Quarter-on-quarter GDP fell throughout 2022. In 2022, GDP fell 1.3% in real terms, but expanded 15.1% in nominal terms – the fastest result of the…
The economy heat index (EHI) rose rapidly over 2022. Rapid post-pandemic recovery and economic stimulus led to a strong growth in demand and a labour market recovery. Meanwhile, war-induced disruptions and energy shock adversely affected the supply side. Strong demand,…
The Governing Council raised all key interest rates by another 50 basis points and expects to raise them significantly further Despite expected recession, the ECB revised inflation projection upwards As widely expected, the Governing Council today decided to raise all…
Inflation in the Baltics has been two times faster than the EU average. There are many supply- and demand-side factors at play. Pandemic-related supply-side bottlenecks were exacerbated by the war in Ukraine, which cut trade ties with Russia that were…
MANAGEMENT REPORT CEO summary The third quarter of 2022 continued the trend we have seen in Q2, with a strong demand for real estate assets in the Baltic countries (particularly Estonia and Lithuania). The market still seems resilient, despite the…
COMMENTARY FROM MANAGEMENT Merko Ehitus revenue was EUR 110 million in Q3 2022 and the revenue for the first nine months of the year amounted to EUR 266 million, while the respective figures for net profit were EUR 9.8 million…
Consolidated revenues of Hepsor for Q1 2022 amounted to 1.3 million euros and net profit to 0.02 million euros (including 0.005 million euros attributable to the owners of the parent company). The Group’s revenues and profitability are directly dependent on…
In February consumer prices rose by 12.0%, year-on-year, and 1.5%, month-on-month. Prices were lifted mainly by energy and food, although the increase in consumer prices is becoming more widespread, as rising production costs and supply disruptions are affecting a large…
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…
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