Estonia Q4 GDP falls 9.4 pct y y

Estonia, hoping to join the euro zone in 2011, reported a smaller-than-expected 9.4 percent drop in gross domestic product in the fourth quarter and the first quarterly rise in output in two years, data showed on Thursday. The data showed that the country s recession-hit economy has bottomed out, helping lift the gloom on the Baltic region, the worst affected in the European Union by the global crisis. The statistics office said in a statement that the year-on-year contraction came after a rise in GDP of 2.6 percent during the final quarter of 2009, seasonally and working-day adjusted. The last quarter-on-quarter rise was in the fourth quarter of 2007, before the recession struck. The median forecast in a Reuters survey had been for an economic contraction of 12.6 percent year-on-year after a 15.6

Estonian Coalition Party to Block Prime Minister s Tax Proposal

Estonia s junior coalition party, Isamaa ja Res Publica Liit, plans to block proposals by Prime Minister Andrus Ansip s Reform Party to raise taxes or scrap tax exemptions, showing growing splits in the minority Cabinet. Estonia needs to speedily cut its tax burden, which has become the main obstacle to raising the Baltic country s competitiveness and creating new jobs, Isamaa Chairman and former Prime Minister Mart Laar said at a party convention yesterday, according to an e-mail from his office. Ansip s two-party coalition, which commands 50 seats in the 101-member parliament, has been cutting spending at the expense of domestic demand to fulfill its main goal of euro adoption next year. The government expects the currency switch to spur new investments by eliminating currency risks for companies, helping cut a record-high unemployment rate of 14.6

Estonia lays out euro adoption timetable

The Estonian government re-affirmed Thursday that the Baltic state is on course to adopt the euro as its currency next year. An overview of Estonia s economic convergence plans published by the country s Finance Ministry said that all of the Maastricht criteria, the rules governing euro entry, had been met well ahead of a European Commission (EC) deadline at the end of January. The forecast predicted Estonia s gross domestic product would decline by just 0.1 per cent this year and would return to growth of 3.3 per cent in 2011 - a stark contrast to 2009 s predicted decline of 14.5 per cent. Inflation would remain under control at an average of 0.4 per cent for 2010, the Finance Ministry said, allowing Estonia to become the third Eastern European country to enter the eurozone, alongside Slovenia and Slovakia.

Russians clean up at Europeans

Led by defending Olympic champion Evgeny Plushenko, Russians won three of the four titles in Tallinn, Estonia, at the European figure skating championships, which ended Saturday. Carolina Kostner of Italy broke the Russian stronghold by winning the women s event on Saturday, while Russian Alena Leonova finished seventh and Russian champion Ksenia Makarova finished ninth. But with an array of mistakes, Kostner hardly figures in the Winter Olympics picture for the women s event next month in Vancouver. Kostner fell on a triple loop and popped a triple flip into a single. She landed a triple flip - triple toe loop combination, but it wasn t perfect. Her final point total of 173.46 pales in comparison to the world record of 210.03 set by Kim Yu-Na of South Korea earlier this season, or even to Canadian champion Joannie Rochette s best score of 191.29,

Plushenko, Lambiel in focus at Euros

Just weeks before the Vancouver Olympics, and will face each other on the ice for the first time since winning gold and silver at the last Winter Games in Turin in 2006. Plushenko and Lambiel, both making comebacks after retirements, are competing at the European Figure Skating Championships this week in Tallinn. They will be up against European champion Brian Joubert. The competition begins Tuesday with compulsory dance and the pairs short program, but the men s event that starts Wednesday is likely to be the highlight of the championships. Plushenko and Lambiel returned to competition this season. Their performances this week should show whether they will be contenders at the Vancouver Games, which start Feb. 12. Plushenko dominated the sport during the last Olympic cycle but, until late last year, the Russian hadn t competed internationally since winning gold in Turin.

ISU European Figure Skating Championships 2010

177 skaters couples from 38 ISU members have been entered for the Championships. The ISU European Figure Skating Championships 2010 will open in Tallinn, Estonia, on January 19. Estonia is hosting an ISU Championship for the first time in history. 177 skaters couples from 38 ISU members have been entered for the Championships. All skaters couples will compete in the Short Program Compulsory Dance and Original Dance, and the top 20 Men and Ladies and the top 16 Pairs Ice Dance couples will proceed to the Free Skating. Overview over the top contenders Reigning European Champion Brian Joubert (FRA) will face stiff competition from Olympic Champion Evgeni Plushenko (RUS) and two-time World Champion Stéphane Lambiel (SUI) who both returned to competition this season. Joubert posted a seasons best of 232.70 points at the NHK Trophy, while Plushenko scored 240.65

Wanted By Nazi-Hunters Dies in Costa Rica

An Estonian alleged by Nazi-hunters to have murdered Jews during World War II has died in his adopted homeland Costa Rica aged 89, according to officials in the Baltic state. Harry Mannil died Monday in the Costa Rican capital San José, Edgar Savisaar, mayor of Estonia s capital Tallinn and a close friend, said in a statement. Savisaar paid tribute to Mannil, the godfather of his daughter, as an outstanding expatriate Estonian businessman and did not mention the accusations against him, dropped by Estonian prosecutors in 2005. Mannil nonetheless remained on a wanted list drawn up by the Simon Wiesenthal Center, a Los Angeles-based Jewish organization that tracks Nazi war criminals. Mannil, then aged 21, was recorded as having served from September 1941 to June 1942 with the German security forces during the Nazi occupation of Estonia.

Estonian Consumer Price Decline Eased a 2nd Month in December

The decline in Estonia s consumer prices slowed in December for a second consecutive month as fuel prices increased. Consumer prices slid 1.7 percent from a year earlier, following a 2.1 percent decline in November, the Tallinn-based statistics office said on its Web site today. In the month, prices rose 0.1 percent, the first increase in four months. The 23 billion economy has bottomed out after export demand rose and demand stabilized, the Finance Ministry and central bank have said. The smallest of the three Baltic states is set to become the euro region s next member and targets adopting the single currency by 2011. Estonia s government raised taxes on alcohol, fuel and electricity from Jan. 1 to boost budget revenue and to stay on track with its euro adoption goal.

Anti-crisis Christmas cheer in Estonia

Locked in one of Europe s deepest recessions, Estonians in dire need of some anti-crisis cheer are flocking to their capital s annual Christmas market, a magnet for locals and tourists alike. Spread across the centre of Tallinn s picturesque Old Town, the market showcases the hugely popular handicraft traditions of this small Baltic nation of 1.3 million people. Despite the recession there are plenty of customers. But you can see times are hard because of the increase in the number of thieves, who act quickly, like rabbits, Mahe Jarmut, a grandmother from the island of Saaremaa, wearing traditional costume and a sheepskin jerkin to fight off the winter chill, told AFP. The Estonian economy is forecast to contract a whopping 14 percent this year after a spectacular boom turned to bust.

Estonia euro adoption

Estonia s hopes of becoming the next European Union member state to adopt the euro as its national currency received a slight boost Monday with comments from EU Economic and Monetary Affairs Commissioner Joaquin Almunia suggesting the Baltic state could receive an invitation to the eurozone as early as June 2010. Estonia could secure approval in June 2010 to adopt the euro currency in 2011 if everything goes well, Almunia told Austrian weekly Profil. The news was welcomed in Estonia, where the government of Prime Minister Andrus Ansip has made euro adoption its exit strategy for a deep economic recession. Finance Minister Jurgen Ligi told the Baltic News Service that Almunia s comments were generally welcome but were simply an opinion rather than a strong statement, and would have no effect on Estonia s plans.