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. Last Updated: 07/27/2016

Estonian Economy Experiences Mini-Boom

TALLINN, Estonia — Estonian producer prices rose 0.9 percent month-on-month, boosted by increases in the textile, peat and chemical industries, the statistics office said Monday.

The office said in a statement that producer prices in October rose 0.9 percent month-on-month, putting the year-on-year rise at 5.8 percent. In September, producer prices rose 0.4 percent month-on-month for an annual rise of 5.5 percent.

Analysts have said the overall rise in producer prices in 2000 reflects the improving economy and competitiveness of Estonian firms, which were hit by last year’s recession after the loss of key Eastern markets in the wake of the August 1998 financial crisis.

The office added that, on a monthly basis, producer prices in the textile industry rose 8.1 percent in October, in the peat industry by 4.6 percent and in the chemical industry by 1.6 percent.

Producer prices in the mining sector rose 0.8 percent in October versus September and by 4 percent when compared to October 1999. Prices in primary industry were 1.1 percent higher month-on-month and up 7.1 percent on a yearly basis, the office said.

The office added Estonian export prices rose 4.6 percent month-on-month in October, putting the year-on-year rise at 8.3 percent. Import prices last month edged 0.6 percent higher on a monthly basis that for a 6.7 percent annual gain.

In a separate statement, the office said the average gross monthly wage in the third quarter was 4,694 kroons ($255), down 6.7 percent from the second quarter of 2000 but up 10.1 percent from the third quarter of 1999.