The Estonian Ministry of Finance expects zero growth of the country’s economy at the end of the current year.
According to the forecast published by the Ministry, the reduction in external demand in the second half of last year was stronger than expected, and the expected turn to economic recovery did not take place. This will have the consequence of the lack of growth in the current year.
The Ministry of Economy notes that last year, the exchange of goods contracted globally, driven by the cooling of the Chinese economy and geopolitical tensions. In developed countries and Europe, this was compounded by the rapid rise in interest rates, which was launched to curb inflation, and the deterioration in capital- and energy-intensive activities due to the energy crisis.
Nevertheless, according to the Ministry’s assessment, the factors restraining the development of the Estonian economy have been receding in recent years: price growth has slowed down, wage growth has continued, interest rates have gradually decreased, and there is no high unemployment.
The Estonian Ministry of Finance prepares a financial and economic forecast twice a year, in spring and summer.
Estonia’s GDP in 2023 has decreased by 3.1%. At the end of March 2024, the Bank of Estonia gave a forecast that the country’s GDP decline would slow down to “minus” 0.6% this year and the economy would grow by 3.2% in 2025.
Earlier Experts Club think tank and Maxim Urakin released a video analysis of how the GDP of the world’s largest economies has changed over the past decades, more video analysis is available here –
https://youtu.be/w5fF_GYyrIc?si=BsZmIUERHSBJrO_3
Subscribe to Experts Club YouTube channel here – https://www.youtube.com/@ExpertsClub
ECONOMIC GROWTH, ESTONIA, EXPERTS CLUB, GDP, MACROECONOMICS, MINISTRY OF FINANCE, URAKIN
Ukraine’s Cabinet of Ministers is considering raising electricity tariffs in the wake of Russia’s new attacks on the energy sector, Energy Minister Herman Galushchenko said in an interview with Bloomberg.
“Depending on the situation in July and August, we will ask people to save as much as possible. The Russians will not be able to cause a repeat of the blackouts of 2022 and 2023. Even in the event of huge losses, we will have a basic generation that will cover 30% to 50% of our needs,” the minister said.
At the same time, Galushchenko did not rule out an increase in electricity tariffs for households and said that the government is exploring various ways to finance the repair of its energy assets.
“Today the situation is even more complicated than last year, as we have lost a lot of hydropower production and are forced to carry out scheduled repairs of nuclear power units,” he said.
The minister emphasized that Russia’s bombing of Ukrainian energy facilities in recent weeks was more extensive and better planned than the attacks of the previous two years, disabling generating capacity and limiting electricity supplies. As a result, restoring equipment and protecting the power grid have become key priorities for the government, although it is struggling to assess the extent of the damage.
“The destruction was extensive – in power generation and transmission. The situation is complicated. We still do not understand the extent of the damage, as many facilities are still in ruins and we cannot get to them,” explained Galushchenko.
In addition, in the spring of 2024, thermal and hydroelectric power plants became the main targets of Russian strikes. These attacks threaten not only electricity losses but also environmental disasters, Galushchenko said.
“Attacks on hydroelectric power plants are terrorist acts and war crimes, as they affect not only energy production but also the operation of dams on rivers,” the minister said.
Russia’s goal is to destroy Ukraine’s economy, Galushchenko said, adding that more damage to the power system would make it harder to overcome this summer’s consumption peaks.
“We will definitely communicate with people. Everyone wants to live comfortably, but we have to take into account the fact that there are restrictions now,” the minister concluded.
Bloomberg, CABINET OF MINISTERS OF UKRAINE, ELECTRICITY, Herman Galushchenko, tariff increase
Change in consumer prices in 2023-2024
Source: Open4Business.com.ua and experts.news
On Sunday, April 7, at night in most of the northern, central and southern regions of Ukraine are expected small, in Kirovograd, Odessa and Mykolayiv regions moderate rains, according to Ukrhydrometcenter.
In the rest of the territory, in the afternoon in Ukraine without significant precipitation.
The wind is predominantly north-westerly, 5-10 m/s.
The temperature at night 4-9° of heat, during the day 14-19°, in Transcarpathia up to 23°.
In Kiev, light rain at night, without significant precipitation during the day. The wind is northwest, 5-10 m/s. The temperature at night is 7-9° of heat, during the day 16-18°.
According to the Central Geophysical Observatory named after Boris Sreznevsky. Borys Sreznevsky, the highest temperature during the day on April 7 in Kiev was recorded in 1975, it was 26.5 °, the lowest at night – 5.8 ° frost in 1929.
On Monday, April 8, in Ukraine without precipitation, wind of variable directions, 3-8 m/s.
The temperature at night 5-10° warm, during the day 17-22°.
In Kiev without precipitation, wind of variable directions, 3-5 m/s. The temperature at night is 8-10° of heat, during the day 20-22°.
2022-2024 goods trade balance forecast (USD bln)
Source: Open4Business.com.ua and experts.news
Since August 2023, the sea corridor created by the Ukrainian Navy has exported almost 36 million tons of cargo, said Oleksandr Kubrakov, Vice Prime Minister for Reconstruction of Ukraine, Minister of Community Development, Territories and Infrastructure (Ministry of Reconstruction).
“More than 36 million tons of cargo have been exported via the Ukrainian sea corridor since August 2023. This is higher than the figures of the Grain Initiative for the year of its existence,” Kubrakov wrote on Facebook on Saturday.
According to him, 195.7 thousand tons were loaded on the largest of those that called after the full-scale invasion of Ukrainian ports, the Panamanian-flagged CAPTAIN LEONIDAS at Pivdennyi port. The vessel is 300 meters long, 50 meters wide, and has a deadweight of over 203 thousand tons.
Since August 2023, 1,286,000 vessels have sailed through the Ukrainian sea corridor, exporting 25 million tons of agricultural products to Asia, Africa, and Europe. There are 135 vessels waiting to enter the Black Sea ports, which are expected to export another 4 million tons of cargo.
“The Ministry’s team is working hard to ensure the stable movement of exports by sea and reach the targets by 2022,” Kubrakov wrote, emphasizing that the Ukrainian corridor is an effective logistics route, the rhythmic operation of which is the result of joint efforts of the state, the Joint Defense Forces and the entire maritime infrastructure team.
Earlier it was reported that exports via the Ukrainian sea corridor reached 33.8 million tons in 7 months.
