Baltic States
Estonia’s GDP falls 0.7% y/y in Q1 but coronavirus impact “not considerable” yet
The fall is less an effect of the pandemic than the weakness of Estonia’s energy and manufacturing sectors.
COVID-19 lockdown results in collapse of Lithuanian retail sales in April
Retail sales crashed 17.9% y/y in April, a fall that was expected after the government instituted a lockdown to contain the spread of the coronavirus.
Estonia and Latvia among first countries to use coronavirus tracing app based on Apple/Google tech
Tracings apps are intended to allow identification and fast isolating of people suspected of carrying the virus and testing of those who might have been in contact with them.
Estonian ride-hailing service Bolt raises €100mn in latest financing round
The capital injection comes in spite of Bolt suffering a severe decline in demand under lockdown. CEO Markus Villig says the long-term drivers of on-demand mobility continue to grow.
Movie night at the airport
Central Europeans in need of a culture fix after weeks of lockdown can now watch films at a growing number of drive-ins and outdoor cinemas opened in car parks, airport aprons and other open spaces as restrictions are eased.
Estonian PPI deepens fall to -4.4% y/y in April
Estonia's producer price index retreated 4.4% y/y in April, after falling 3.5% y/y in March.
Estonia passes law to scrutinise telecommunication service providers for security
The law was passed as the tech-savvy Estonia is gearing up to roll out 5G services, offering unprecedented speed of data transfer but also potentially opening up new possibilities for cyber attacks or espionage.
Lithuanian PPI sinks to -15.5% y/y in April as COVID-19 bites
Plunge in producer prices driven by crashing oil prices, an effect of the global oil market depression caused by the pandemic.
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Retail sales under lockdown across Central and Eastern Europe are sinking
A worldwide lockdown has created havoc for retailers as their customers are forced to stay at home. There has been a little respite as sales in March surged due to panic buying but that has given way to a lockdown that keeps stores closed
Lithuanian CPI growth eases to 1% y/y in April
The slowdown came mainly on the back of prices falling in the housing and transport sectors, an effect of the falling oil prices because of the coronavirus pandemic that depressed the global oil market.
Revolut launches bank in Lithuania
Earlier this year, Revolut said it would shift the management of its payment operations from the UK capital to Ireland and Lithuania because of Brexit.
Latvian GDP contracts 1.5% y/y in Q1 as COVID-19 delivers blow to economy
The contraction is the direct effect of the lockdown measures imposed by the Latvian government – and those elsewhere in Europe, which had an effect on Latvia’s foreign trade dynamics – in March in order to tackle the coronavirus pandemic.