Macroeconomic environment and situation Sample Clauses

Macroeconomic environment and situation. A pre-condition for smart, sustainable and inclusive economic development is to ensure macroeconomic stability and flexibility, which support internal and external balance. The speed of Estonia’s real convergence has been fast, and we are approaching the EU average (see Figure 1).The risks and imbalances that increased during the period of rapid credit-fuelled economic growth have decreased rapidly in the adaptation process that followed the crisis and reduced the further vulnerability of our economy. The sudden contraction in global economic activity and trade that was caused by the global credit crisis had a significant impact on Estonia’s open economy, which demonstrated remarkable flexibility in coping with this. The reliability of fiscal policy was maintained in the changed economic conditions and the support it offered to economic development allowed the state to overcome the crisis without increasing its financial obligations considerably. Increasing economic flexibility, supporting the business environment and improving the efficiency of the labour market have become the key issues that help to guarantee sustainable economic development. In addition, the long-term sustainability of public finances considering the ageing population should be ensured, and funds should be channelled to xxxxxx economic growth and employment. GDP per capita (PPS*) Labour productivity per employee Price level** * PPS – GDP calculated on the basis of purchase power parity ** Households’ final consumption price level Figure 1. Estonia's real convergence with the EU Source:Eurostat, Ministry of Finance According to the latest data,1 the gross domestic product of Estonia increased by 0.7% in 2013; in 2014, the recovery in external demand is expected to increase economic growth to 3.6%0.Xx addition to the increasing growth in exports, domestic demand will also support growth. Exports will grow faster than imports, and the contribution of net exports will be positive. In the last two years of the current forecast period (2016–2017), economic growth is expected to amount to 3.6% and 3.8%, respectively. During these years, in addition to exports, GDP growth will also be supported by increasing domestic demand, especially due to increasing investment activity. Estonia has set a target of achieving a 76% employment rate in the 20-64 age group by 2020. The level of employment started to recover rapidly in 2011 (+6.7% compared to 2010); in 2013, the total employment rate reached the...
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