Business

Estonian biotech startup Äio has raised €6.1 million in venture capital to build a demonstration plant in Estonia to produce environmentally friendly oils and fats from wood and agricultural residues as an alternative to conventional oils in the food industry. Founded in 2022 as a spin-off from Tallinn University of Technology – known as TalTech […]

According to Statistics Estonia’s survey on information technology, the use of artificial intelligence-based technologies increased significantly in 2024 compared with the previous year – five per cent of companies used AI technology in 2023, but by 2024 the figure had risen to 14 per cent. Tiina Pärson, a senior analyst at Statistics Estonia, the country’s

The Estonian e-Residents’ International Chamber Association (EERICA) is urging the government to reconsider the proposed corporate income tax and temporary profit taxes; EERICA argues that these changes could undermine Estonia’s unique business environment, which has attracted entrepreneurs worldwide. The group warns that the new tax measures may harm the appeal of the e-residency programme and

In the first half of 2024, the Estonian e-residency programme directly impacted the country’s economy by €31 million; additionally, e-residents contributed over €11 million to Estonia’s economy in 2023 through local business services. In the first half of the year, 76% of taxes paid by Estonian companies founded by e-residents, amounting to €22 million, were

The Dutch company, Power2X, is planning to build Europe’s largest methanol plant in the Estonian resort town of Pärnu. The methanol plant, together with an electrolyser, is planned for the Niidu industrial area in the southwestern Estonian resort town of Pärnu. The plant would produce 500,000 tonnes per year of green bio and e-methanol, which

In the second quarter of 2024, the unemployment rate in Estonia was 7.6%, the employment rate was 69.7%, and the labour force participation rate was 75.4%; the number of unemployed people was down by 1,100 compared with the previous quarter; however, compared with Q2 2023, the number of the unemployed increased by 7,600. According to

According to Statistics Estonia, the consumer price index rose by 0.3% in July compared with June and by 3.4% compared with July 2023; goods were 1.7% and services 6.3% more expensive than in July last year. Viktoria Trasanov, the team lead of consumer price statistics at Statistics Estonia, the country’s official statistics agency, said that,

Estonian, Latvian and Lithuanian private and venture capital funds raised a record €778 million as investments last year, increasing the amount of raised capital by 16 per cent compared with the previous year, it appears from an analysis carried out by the KPMG Baltics Deals team and the venture capital associations of the three Baltic

According to Eurostat, more than 75 per cent of the European Union’s 20 to 64-year-olds, or altogether 195.7 million people, were employed in 2023; in Estonia, the employment rate reached 82.1 per cent, which was the third highest indicator among member states. Among the EU countries, the highest employment rates were recorded in the Netherlands