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    Estonian Ambassador to Latvia: fiscal prudence has become the basis for the introduction of the euro  

     Estonian Ambassador to Latvia

    Estonian Ambassador to Latvia Mati Vaarmann was a guest of the Diplomatic Economic Club (DEC). Facts and figures, Mr. Ambassador illustrated the correctness of the chosen policy, you can quickly deal with the crisis.
    Mati Vaarmann is economist. On the diplomatic service since 1992. Prior to the Latvian Ambassador to Estonia, has worked in Finland and the Czech Republic.

    Following strong economic growth for several years, in 2008, Estonian GDP decreased by 3.6%, and in 2009 — by 14.1%.But already in 2010 there has been a growth of 2.3% and 2011 + 7.6%.

    The structure of GDP in the first place industry — 17.8%, followed by trade — 11.5%, the activity of the real estate market — 10.0%, transport and communications — 9.1%, public administration and defense, social security — 6, 9%. Finance and insurance occupy 3.5% of GDP.

    Major trading partners on exports of Estonia — Sweden (15.6% of total exports), Finland (15.0%), Russia (11.0%), Latvia (8.0%), USA (6.2%). The five partners in imports is as follows: Finland (12.6%), Latvia (10.8%), Sweden (10.6%), Germany (10.2%), Russia (8.3%).

    Public debt in Estonia, in Estonia the lowest in the EU was in 2008, 4.6% of GDP. In comparison, 15.6% in Lithuania, Latvia 19.5%. And the EU average 61.5%.

    Strict fiscal discipline and reduction, or as a result of the recession wages allowed Estonia to enter the euro zone on January 1, 2011. As a narrative, Mr. Ambassador, «Fiscal prudence has become the basis for Estonia’s social well-being and created a favorable environment for business.»

     Estonian Ambassador to Latvia

    As of December 31, 2011, foreign direct investment in Estonia in the EU amounted to 10 631.8 million or 83.3%. Invest in Sweden amounted to 28.7%, Finland 23.8%, Netherlands 10.4%.

    Not bad compared to other countries in the Baltic state of affairs in Estonian labor market. Mr. Ambassador said that today the official number of registered unemployed to the total workforce in the country is 7.5%. Along with unemployment, there is an acute shortage of skilled workers, particularly in industry and in IT. At the same time, there is overproduction of managers, marketers.

    A special place, Mr. Vaarmann led development in the Estonian telecommunications and IT. In its annual ranking of information technology for the years 2011-2012, which is calculated by experts of the World Economic Forum (WEF), Estonia ranked 24th, Lithuania — 31 and Latvia 41 seats.

    The country has 77% of the population (aged 16 to 74 years) using the Internet. 71% of households have internet at home.

     Estonian Ambassador to Latvia

    Forecasts of favorable economic development in Estonia. In the next four years is expected to moderate GDP growth of 3 to 3.5% from 17 billion euros in 2012 to 20.5 billion euros in 2015.

    Club President Cornelis J. Groeneveld thanked the Ambassador of Estonia Mati Vaarmanna and presented him a souvenir.

    The meeting was attended by:
    O. Pavuk, O. Butenko, L. Soldatits, A. Ghropenko, A. Volkov, E. Tikhonov, R. Tartarka, A. Ilyin, D. Tomaszewski, I. Zakharchuk,  R. Haug, V. Roldugin, W. Buhler, A. Pankova, B. Poltorakevich, E. Ozolins, M. Preminin, B. O’Beern, V. Lapatko, D.Zhemoldinova and other.

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