“The whole Northern Europe and Estonia are some sort of an oasis. It’s a fact that other economies elsewhere are doing much worse than Scandinavia and Estonia. We are enjoying this situation and praying that is remains like that,” Jüri Käo, one of Estonia’s most powerful businessmen, told Äripäev.
Käo added that he is fairly optimistic about the economy’s future. “The feeling is more positive because there are stronger signs that Greece will not bring about a collapse because this could turn everything upside down.”
Speaking of fourth quarter, Käo said that the sales are expected to be high in the fourth quarter. “This is when most sales companies earn their biggest income. Since people’s confidence is growing and income is increasing, I would dare to forecast even 3 percent growth,” he added.
Speaking of economic engines, Käo said that retail sales went up strongly in July and growth in domestic consumption can be clearly felt.
“I would like to see the export industry playing a bigger role than today. For a small country like Estonia, it is important. Scandinavian economy remains strong and Sweden surprised everybody with its growth. What the whole eurozone crisis has created is that it has made the euro cheaper. This is an opportunity for the Estonian export industry. When the euro is cheaper, we are more competitive with our products and services than before,” said Käo.