natgillin/translations-raw huggingface dataset:
The joint forecast written by the central banks of the euro area sees that economic growth should be positive in the euro area in 2014.
Euroala keskpankade koostöös valminud prognoosi järgi pöördub euroala majanduskasv positiivseks aastal 2014.
Prices have been rising in the euro area more quickly than allowed by the inflation target of slightly less than two per cent over the medium term.
Seni on hinnakasv euroalal olnud kiirem kui seatud inflatsioonieesmärk (veidi alla kahe protsendi keskpikas perspektiivis).
Inflation will fall below two per cent in the euro area in 2013.
Alla kahe protsendi langeb euroala inflatsioonimäär aastal 2013.
Markets expect interest rates to remain at their record low levels in the euro area throughout the forecast period, stimulating growth in the region.
Turgudel oodatakse, et intressimäärad jäävad euroalal rekordmadalaks kogu prognoosiperioodi vältel, stimuleerides piirkonna majanduskasvu.
Extraordinarily low base interest rates throughout the forecast period will encourage borrowing.
Erakordselt madal baasintressimäärade tase soosib kogu prognoosiperioodi ajal laenuvõtmist.
The high capitalisation levels of the Estonian banking sector and the rapid expansion in deposits provide a strong base for financing businesses and households.
Eesti pangandussektori kõrge kapitaliseeritus ning kiirelt kasvanud hoiused moodustavad hea aluse ettevõtete ja majapidamiste rahastamiseks.
Favourable borrowing conditions, a better outlook for growth than in other euro area countries, and sound economic policy together create a favourable environment for businesses to make investments and expand production capacity.
Soodsad laenutingimused, majanduskasvu parem väljavaade euroala teiste riikidega võrreldes ja usaldusväärne majanduspoliitika loovad Eestis ettevõtetele soodsa keskkonna investeeringute tegemiseks ja tootmisvõimsuse suurendamiseks.
However, demand for loans is likely to remain modest, as businesses faced with uncertain conditions look for ways to finance investment from their own resources.
Laenunõudlus jääb aga ilmselt tagasihoidlikuks, kuna ettevõtted otsivad ebakindlates tingimustes järjest enam võimalusi rahastada investeeringuid omavahenditega.
Households will also generally remain cautious about taking loans due to the uncertainty.
Ka majapidamised jäävad üldist ebakindlust arvestades laenamise suhtes pigem ettevaatlikuks.
For this reason, the baseline scenario of the forecast predicts that the loan stock will grow more slowly than nominal Gross Domestic Product (GDP) and the ratio of loans to GDP will fall further in the future.
Seetõttu kasvab laenujääk prognoosi põhistsenaariumi kohaselt nominaalsest sisemajanduse koguproduktist (SKP) aeglasemalt ning laenude suhe SKPsse väheneb ka edaspidi.
Labour market developments have been favourable in 2012, with employment rising and unemployment falling continuously.
Tööturu areng on 2012. aastal olnud soodne, hõive on püsivalt suurenenud ning tööpuuduse määr alaneb jätkuvalt.
The financial circumstances of households will improve in future as wages and employment both continue to grow, though the rate of numbers being added to the ranks of the employed will slow.
Majapidamiste rahaline olukord paraneb tänu palkade ning hõive kasvule ka tulevikus, kuigi uute inimeste hõivesse lisandumine on varasemast aeglasem.
The shortage of labour has become an increasingly important limiting factor for production, and continuing high structural unemployment may hinder business expansion and slow growth in the future.
Tööjõupuuduse olulisus tootmist piirava tegurina on viimasel ajal suurenenud ning kõrge struktuurse tööpuuduse püsimine võib ettevõtete arengut takistada, pidurdades edasist majanduskasvu.
Labour shortages also run the risk of leading to pressure for wages to rise too fast and to an upsurge in prices.
Tööjõunappusega võib kaasneda ka surve palkade liialt rutakaks tõusuks ning hinnakasvu hoogustumise oht.
To bring unemployment down further and solve the problems caused by labour shortages, active labour market measures should be effective and risk groups brought into employment.
Et tööpuudus veelgi väheneks ja tööjõunappusega seotud probleemid laheneksid, on vaja toimivaid aktiivseid tööturumeetmeid ning riskirühmade naasmist hõivesse.
Inflation in 2012 was 4.3% and expectations for energy and food are significantly higher than in the June forecast.
Inflatsioon on 2012. aastal 4,3% ning ületab energia ja toiduainete oodatust ulatuslikuma kallinemise tõttu juunis prognoositut.
Inflation will fall in the next two years, to 3.6% in 2013 and 2.4% in 2014.
Kahe järgmise aasta jooksul inflatsioon aeglustub, langedes 3,6%ni aastal 2013 ja 2,4%ni aastal 2014.
If price rises are to slow, it is important that the global oil price fall from its current high levels and that the prices of food commodities fall after their rapid rises in 2012.
Hinnakasvu aeglustumiseks on tähtis, et langeks maailmaturul kõrgele tõusnud naftahind ja odavneks ka 2012. aastal kiirelt kallinenud toidutoore.
The general government fiscal position continues to be stronger than others in the euro area.
Valitsemissektori rahandus püsib euroala võrdluses jätkuvalt tugev.
The budget deficit for 2012 will be around one per cent of GDP, which is less than was forecast in June.
2012. aasta eelarvepuudujääk on umbes üks protsent SKPst, mis on väiksem, kui juunis prognoositi.
The main reason for the difference is that investment costs have been deferred.
Vahe peamine põhjus on investeeringukulude edasilükkumine.
The general government budget for 2014 will be close to nominal balance.
Aastaks 2014 jõuab valitsemissektori eelarve nominaalse tasakaalu lähedale.
Given the economic circumstances, the budget should have reached balance or surplus by 2013, as was planned in the 2011 state budget strategy.
Majanduse olukorda arvestades oleks eelarve pidanud jõudma tasakaalu või ülejääki juba 2013. aastal, nagu see oli kavandatud 2011. aastal valminud riigieelarve strateegias.
In this, the forecast reflects a certain weakening of budget discipline.
Seega peegeldab prognoos eelarvedistsipliini mõningast nõrgenemist.
For the government to maintain credibility, the target of achieving fiscal balance in 2014 must not be missed.
Valitsemissektori usaldusväärsuse säilitamiseks ei tohi taganeda 2014. aastaks seatud eelarve tasakaalu eesmärgist.
Economic forecast by key indicators*
Majandusprognoos põhinäitajate kaupa
Economic forecast by key indicators*
Majandusprognoos põhinäitajate kaupa*
Difference from previous forecast
Erinevus eelmisest prognoosist
Nominal GDP (EUR bn)
Nominaalne SKP (mld eurot)
15,95
15,95
17,01
17,01
18,17
18,17
19,50
19,50
GDP, volume change (%)
SKP püsivhindades, muutus (%)
HICP, change (%)
Ühtlustatud tarbijahinnaindeks, muutus (%)
5,1
5,1
3,6
3,6
0,4
0,4
GDP deflator, change (%)
SKP deflaator, muutus (%)
3,2
3,2
-2,1
-2,1
-2,5
-2,5
Private consumption expenditures, volume change (%)
Eratarbimine püsivhindades, muutus (%)
-1,4
-1,4
Government consumption expenditures, volume change  (%)
Valitsussektori tarbimine püsivhindades, muutus (%)
2,2
2,2
Fixed capital formation, volume change (%)
Kapitali kogumahutus põhivarasse püsivhindades, muutus (%)
25,7
25,7
16,3
16,3
Exports, volume change (%)
Eksport püsivhindades, muutus (%)
23,4
23,4
6,3
6,3
5,4
5,4
-2,7
-2,7
-1,2
-1,2
Imports, volume change (%)
Import püsivhindades, muutus (%)
7,0
7,0
Unemployment rate (%)
Tööpuuduse määr (%)
10,2
10,2
9,4
9,4
Domestic employment, change (%)
Hõive residendist tootmisüksustes, muutus (%)
Productivity per employee, change (%)
SKP töötaja kohta püsivhindades, muutus (%)
-4,0
-4,0
Private sector debt, outstanding amount change (%)
Erasektori laenujääk perioodi lõpus, muutus (%)
-4,3
-4,3
Gross foreign debt (% of GDP)
Brutovälisvõlg (% SKPst)
97,2
97,2
100,9
100,9
93,7
93,7
Budget balance (% of GDP)
Eelarve tasakaal (% SKPst)
Sources: Statistics Estonia, Eesti Pank
Allikad: statistikaamet, Eesti Pank
* GDP and its components are chain-linked
* SKP ja selle komponendid on esitatud aheldatud väärtustena
For further information:  Viljar Rääsk  Public Relations Office  Tel: +372 668 0745, +372 527 5055  Email: viljar.raask [at] eestipank.ee
Lisateave:  Viljar Rääsk  Avalike suhete allosakond  Tel: 668 0745, 527 5055  E-post: viljar.raask [at] eestipank.ee
The changes will be made by banks and companies, customers will not need to take any action.
Muutused teostatakse pankade ja ettevõtete poolt, inimene selleks midagi tegema ei pea.
When the new rules and procedures of single European payment area start to apply from February 2014, banks will have to stop providing direct debits in their current form and so during the next year they are developing their domestic direct debit services into e-invoice service with automatic payment.
Alates veebruarist 2014, mil hakkavad kehtima ühtsed üleeuroopalised maksetingimused, peavad pangad lõpetama otsekorraldusteenuse pakkumise praegusel kujul ja nii arendatakse riigisisene otsekorraldusteenus tuleva aasta jooksul e-arve püsimakseteenuseks.
For customers the change will happen automatically, though the content of the services might change slightly, in which case the bank will give their clients sufficient notice of the change.
Eraisiku jaoks on tegemist automaatse muutusega, kuid mõnevõrra muutub teenuse sisu, mille kohta annavad pangad oma klientidele aegsasti infot.
There will be no major changes in credit transfers for customers, but from the start of 2014 it will be necessary to use the international form of the bank account number, the IBAN, when making payments.
Tavamaksete osas eraisikutele suurt muutust ei tule, maksete tegemisel tuleb ainult alates 2014. aasta algusest hakata kasutama oma senist kontonumbrit rahvusvahelisel (ehk IBAN) kujul.
Companies and public authorities will be affected by the changes because they will have to update their accounting software and improve the billing in order to ensure that payments and e-bills are sent to the bank as smoothly as possible.
Ettevõtetele ja avaliku sektori asutustele toob muutus kaasa täiendavaid arendustöid, sest 2014. aasta alguseks tuleb uuendada raamatupidamistarkvara ja täiustada arvete esitamist, et tagada maksete ning e-arvete võimalikult mugav edastamine panka.
During the first quarter of next year the banks will advise their clients on what the changes are and what needs to be done.
Järgmise aasta esimese kvartali jooksul annavad pangad oma klientidele juhiseid, kuidas ja milliseid muudatusi ellu viia.
Further information and answers to questions can be obtained from the banks.
Küsimuste korral või täpsema info saamiseks palume ühendust võtta oma pangaga.
In addition to this, the banks will start to offer their clients the new service of cross-border SEPA direct debits, meaning that customers will be better able to make payments for services provided outside Estonia.
Lisaks eelnevale hakatakse inimestele tulevikus uue teenusena pakkuma piiriülest SEPA otsekorraldusteenust, mis tähendab, et inimesel on rohkem võimalusi Eestist väljapool tarbitud teenuste eest tasumiseks.
The providers of SEPA direct debit services will compete in the market and be chosen by client demand.
SEPA otsekorraldusteenuse pakkujad selguvad turukonkurentsis ja sõltuvalt klientide nõudlusest.
More detailed information about the Forum, including the topics discussed there and the participants, can be found in Estonian at www.pangaliit.ee/et/maksefoorum.
Üksikasjalikumat teavet foorumi, seal käsitletavate teemade ja osalejate kohta saab aadressilt www.pangaliit.ee/et/maksefoorum.
For further information:  Hanna Vaga  Public Relations Office tel: 668 0959, 509 7285 email: hanna.vaga [at] eestipank.ee Media queries: press [at] eestipank.ee
Lisateave:  Hanna Vaga  avalike suhete allosakond  tel: 668 0959, 509 7285  e-post: hanna.vaga [at] eestipank.ee  meediapäringud: press [at] eestipank.ee
The current account surplus was pulled down by an outflow of investment income.
Maksebilansi jooksevkonto ülejääki vähendas investeerimistulude väljavool.
In total the current account surplus fell to 0.9% of GDP in the third quarter.
Kokkuvõttes vähenes jooksevkonto ülejääk kolmandas kvartalis 0,9%ni SKPst.
As the surplus in the current account meant that there was no need for external financing, the net external debt continued to fall.
Kuivõrd jooksevkonto ülejääk tähendab seda, et kolmandas kvartalis puudus vajadus välisrahastamise järele, kahanes jätkuvalt ka netovälisvõlg.
In the third quarter of this year Estonia's external assets were larger than external liabilities for the first time.
Käesoleva aasta kolmandas kvartalis olid Eestis nõuded välisvõlakohustustest esimest korda suuremad.
For further information:  Ingrid Mitt  Public Relations Office  Tel: 668 0965, 512 6843  Email: ingrid.mitt [at] eestipank.ee  Media queries: press [at] eestipank.ee
Lisateave:  Ingrid Mitt  Avalike suhete allosakond  Tel: 668 0965, 512 6843  E-post: ingrid.mitt [at] eestipank.ee  Meediapäringud: press [at] eestipank.ee
Eurostat’s flash estimate shows that inflation in the euro area slowed from 2.5% in October to 2.2% in November.
Euroala inflatsioon aeglustus Eurostati esialgse hinnangu järgi oktoobri 2,5%lt novembris 2,2%ni.
The prices of motor fuels and thermal energy fell in November.
Novembris odavnesid mootorikütus ja soojusenergia.
The price of motor fuels decreased because the oil price has retreated from its high levels of recent months and the euro exchange rate has strengthened since July.
Mootorikütuse hind langes, kuna naftahind on viimastel kuudel kõrgelt tasemelt taandunud ja euro kurss on alates juulist mõnevõrra tugevnenud.
The same factors have also affected the price of imported natural gas.
Need tegurid mõjutavad ka imporditava maagaasi hinda.
However, electricity prices are set to rise from the start of the new year and this has led to sharply higher inflation expectations and greater uncertainty about economic circumstances for households.
Samas on uue aasta algul kallineva elektri tõttu kasvanud järsult majapidamiste inflatsiooniootused ja suurenenud ebakindlus pere majandusliku olukorra suhtes.
Food prices rose by a sharp 5.8% in reaction to the rise in global food commodity prices that started in the summer.
Toiduainete hinnakasv oli jätkuvalt kiire (5,8%) seoses suvel alanud toidutoorme kallinemisega maailmaturul.
The increase in food commodity prices has not yet been fully passed through to Estonian consumer prices, which means that food prices are likely to continue growing rapidly.
Toidutoorme hinnatõus pole Eestis veel täielikult tarbijahindadesse üle kandunud, mistõttu toiduainete kiire hinnatõus ilmselt jätkub.
The rise in global food commodity prices has, however, slowed down now.
Samas on praeguseks pidurdunud toidutoorme kiire kallinemine maailmaturul.
Core inflation remained low in November at only 1.3% as the rise in accommodation services and rent slowed in the second half year and communications prices continued to fall.
Alusinflatsioon püsis novembris madal, vaid 1,3%, sest teisel poolaastal pidurdus majutusteenuste ja üüri hinnatõus ning jätkuvalt odavnesid sideteenused.
Communications are 11% cheaper than at the start of 2011.
Side on 2011. aasta algusest saadik odavnenud 11%.
Eesti Pank will publish a new economic forecast, including an inflation forecast, on 12 December.
Eesti Pank avaldab uue majandus-, sh inflatsiooniprognoosi 12. detsembril.
For further information:  Ingrid Mitt  Public Relations Office  Tel: +372 668 0965, +372 512 6843  Email: ingrid.mitt [at] eestipank.ee  Media queries: press [at] eestipank.ee
Lisateave:  Ingrid Mitt  Avalike suhete allosakond  Tel: 668 0965, 512 6843  E-post: ingrid.mitt [at] eestipank.ee
There was some increase in loans for purchases of durable goods, which suggests that the caution shown during the crisis has receded somewhat.
Mõnevõrra on suurenenud laenud kestvuskaupade soetamiseks, mis näitab, et kriisiaegne ettevaatlikkus on mõnevõrra vähenenud.
The families that have taken loans are mostly from among those who recovered quickest from the crisis.
Laenu võtnud pered kuuluvad enamasti nende perede hulka, kes on kriisist kiiremini taastunud.
Families with loans believe themselves to be better-off economically than the average Estonian family, they are more optimistic, their income has risen and they have more money available for saving than the average.
Laenu võtnud perede hinnang oma majanduslikule olukorrale on parem kui Eesti peredel keskmiselt, nad on optimistlikumad, nende sissetulekud on kasvanud ja neil jääb keskmisest rohkem raha üle säästmiseks.
The number of families having difficulties paying back their loans has fallen from 24% two years ago to 15% and the difficulties with payments are mostly considered to be temporary.
Laenu tagasimakse raskustega perede hulk on langenud kahe aasta taguselt 24%-lt 15%-le ning makseraskusi peetakse pigem ajutiseks mureks.
The monthly payment of principal and interest is below 20% of income for around half of families with loans.
Ligikaudu pooltel laenu võtnud peredel jääb igakuine laenu põhiosa ja intressimakse alla 20% sissetulekutest.
Some 116 thousand families are planning to take loans in the next year, mostly to buy homes or vehicles or from their credit cards.
Järgmise aasta jooksul on valmis laenu võtma 116 tuhat perekonda, peamiselt soovitakse laenata eluaseme või sõiduki soetamiseks, aga samuti kasutada krediitkaarti.
Three-quarters of those wanting loans already have some sort of loan commitment.
Kolmveerand laenusoovijaist omab juba mõnda laenukohustust.
The survey by TMS Emor was conducted in September this year and covered 949 families, with respondents aged between 18 and 74.
Tänavu septembris toimunud TNS Emori uuringus osales 949 leibkonda ning küsitleti inimesi vanuses 18-74.
The survey maps changes in how Estonian residents use money and in the options and desires behind their financial behaviour.
Uuringu eesmärk on kaardistada muutusi Eesti leibkondade rahakasutuses ning finantskäitumise võimalustes ja soovides.
Ladies and gentlemen,
Ladies and gentlemen,
Thank you for this excellent opportunity to discuss together with colleagues from Latvia and Lithuania the experience of the three Baltic countries during the financial crisis.
Thank you for this excellent opportunity to discuss together with colleagues from Latvia and Lithuania the experience of the three Baltic countries during the financial crisis.
While the situation of each country is undoubtedly different, we can still consider if there are any lessons one could learn from the Baltic cases.
While the situation of each country is undoubtedly different, we can still consider if there are any lessons one could learn from the Baltic cases.
In my opening comments, I would like to address specifically the question of what is the best pace for economic adjustments once a country has been hit by a crisis.
In my opening comments, I would like to address specifically the question of what is the best pace for economic adjustments once a country has been hit by a crisis.
We hear today many suggestions that austerity requirements have gone too far and that we should allow more time for implementing difficult reforms.
We hear today many suggestions that austerity requirements have gone too far and that we should allow more time for implementing difficult reforms.
First, let me start by saying that in more open economies, the crisis was felt almost instantly.
First, let me start by saying that in more open economies, the crisis was felt almost instantly.
In small and open countries such as the Baltic countries, there was no domestic demand to substitute for the lost export income.
In small and open countries such as the Baltic countries, there was no domestic demand to substitute for the lost export income.
The economic reality had changed very suddenly.
The economic reality had changed very suddenly.
The EU countries could be divided into two groups.
The EU countries could be divided into two groups.
The countries that had a higher export dependence had to react fast to the changed economic environment.
The countries that had a higher export dependence had to react fast to the changed economic environment.
This applies especially to smaller countries, including the Baltic States, although Germany’s economy is also heavily reliant on exports.
This applies especially to smaller countries, including the Baltic States, although Germany’s economy is also heavily reliant on exports.
Those small countries in particular had to accept the new economic reality of lower demand, higher unemployment and forced fiscal consolidation due to a fall in tax income or borrowing difficulties.
Those small countries in particular had to accept the new economic reality of lower demand, higher unemployment and forced fiscal consolidation due to a fall in tax income or borrowing difficulties.
The other group consists of bigger or more closed economies that were relying on domestic demand.
The other group consists of bigger or more closed economies that were relying on domestic demand.
They were able to smooth the initial impact of the crisis with more extensive government support measures.
They were able to smooth the initial impact of the crisis with more extensive government support measures.
There was also the expectation that the crisis would be temporary.
There was also the expectation that the crisis would be temporary.
With the benefit of hindsight we know that we were not facing a temporary bump on the road, but a more fundamental need for adjustment.
With the benefit of hindsight we know that we were not facing a temporary bump on the road, but a more fundamental need for adjustment.
The initial smoothing of the shock may have been even more costly as it resulted in a higher level of public debt.
The initial smoothing of the shock may have been even more costly as it resulted in a higher level of public debt.
Secondly, the required policy adjustment involves a dimension which we now consider critical: the speed of reacting and the decisiveness of policy actions.
Secondly, the required policy adjustment involves a dimension which we now consider critical: the speed of reacting and the decisiveness of policy actions.
The Baltic countries have learned it firsthand through their experience, which of course is the hard way.
The Baltic countries have learned it firsthand through their experience, which of course is the hard way.
There are few economists today that would fundamentally question the need for fiscal consolidation and structural reforms in Europe, as the crisis has clearly turned out not to be temporary.
There are few economists today that would fundamentally question the need for fiscal consolidation and structural reforms in Europe, as the crisis has clearly turned out not to be temporary.
However, we all know it is politically difficult to cut government spending and implement reforms fast.
However, we all know it is politically difficult to cut government spending and implement reforms fast.
The natural tendency for most politicians is to favour gradual adjustment.
The natural tendency for most politicians is to favour gradual adjustment.
“Gradualists” say that in case of fast changes the risk of possible policy mistakes is higher, leading to losses in physical and human capital.
“Gradualists” say that in case of fast changes the risk of possible policy mistakes is higher, leading to losses in physical and human capital.
Opponents of that view, including myself, certainly acknowledge those risks.
Opponents of that view, including myself, certainly acknowledge those risks.
But we feel that the costs of delayed action may sometimes outweigh its benefits, as postponing the inevitable and failing to accept the changed reality will lead to additional unnecessary costs.
But we feel that the costs of delayed action may sometimes outweigh its benefits, as postponing the inevitable and failing to accept the changed reality will lead to additional unnecessary costs.
One should not want to keep alive old structures that clearly cannot be sustainable in the changed world for longer than necessary.
One should not want to keep alive old structures that clearly cannot be sustainable in the changed world for longer than necessary.