ECONOMY OF ESTONIA
Exercise 1
Read the text about the economy of Estonia and learn the words in bold
As a member of the European Union, Estonia's economy is rated as high income by the World Bank. Due to its rapid growth, the Estonian economy has often been described as the Baltic Tiger. Beginning 1 January 2011, Estonia adopted the euro and became the 17th eurozone member state.
According to Eurostat published at 15 November 2010, Estonia has the lowest ratio of government debt to GDP among EU counties as 7.2 percent at the end of 2009. The world media has lately started to describe Estonia as Nordic country, emphasizing on the economic, political and cultural differences between Estonia and its less successful Baltic neighbors.
A balanced budget, almost non-existent public debt, flat-rate income tax, free trade regime, competitive commercial banking sector, innovative e-Services and even mobile-based services are all hallmarks of Estonia's free-market-based economy.
Estonia is producing ca 75% of its consumed electricity. Over 85% of it generated with locally mined oil shale.Alternative energy sources such as wood, peat, and biomass make up approximately 9% of primary energy production. Renewable wind energy part was ca 6% of total consumption in 2009.
Estonia imports needed petroleum products from western Europe and Russia. Oil shale energy, telecommunications, textiles, chemical products, banking, services, food and fishing, timber, shipbuilding, electronics, and transportation are key sectors of the economy. The ice-free port of Muuga, near Tallinn, is a modern facility featuring good transshipment capability, a high-capacity grain elevator, chill/frozen storage, and brand-new oil tanker off-loading capabilities. The railroad serves as a conduit between the West, Russia, and other points to the East.
Estonia is part of the Schengen Area, the EU single market and Eurozone .
Estonia today is mainly influenced by developments in Sweden, Finland, and Germany – the three main trade partners. The government recently increased greatly its spending on innovation. The prime minister of Estonian Reform Party has stated its goal of bringing Estonian GDP per capita into the TOP 5 of EU by 2022. Ireland is sometimes seen as a model for Estonian economic future.
Due to the Global Economic Recession, the GDP of Estonia decreased by 1.4% in the 2nd quarter of 2008, over 3% in the 3rd quarter of 2008, and over 9% in the 4th quarter of 2008. The Estonian government made a supplementary negative budget, which was passed by Riigikogu. The revenue of the budget was decreased for 2008 by EEK 6.1 billion and the expenditure by EEK 3.2 billion.
In 2010, the economic situation stabilized and started a growth based on strong exports. In the fourth quarter of 2010, Estonian industrial output increased by 22,7% compared to the year before. In 2011, Danske Bank is predicting Estonia's economic growth to be 3.9 percent.
According to Eurostat data, Estonian PPS GDP per capita stood at 67% of the EU average in 2008. In the fourth quarter of 2010, the average monthly gross salary in Estonia was 785¤
However, there are big differences in GDP between different areas in Estonia. Currently, over half of the Estonian GDP is created in the capital Tallinn. In 2008, the GDP per capita of Tallinn stood at 172% of the Estonian average. This makes the GDP per capita of Tallinn number in at 115% of the European Union average, exceeding the average levels of other counties.
The unemployment rate was in April 2011 10,1%.
Exercise 2
Exercise 3
Exercise 4
Read the text about Estonian people and learn words in bold
The character of Estonians has inevitably been shaped by their country's history and its natural environment.
It's the long, dark winters that have most likely fostered their self-absorbed and taciturn manner. At the same time, this dreary season has inspired an abundance of folktale and song that may well provide insights into the nature of the contemporary urbanised Estonian.
The main character of an Estonian folk tale never actually becomes a king, nor charges into battle with monsters, a keen sword in his hand. He relies rather on his sharp mind and quick wits; he talks philosophy with Old Nick, and tries to double-cross him in the end.
Estonians are third-generation city people at most, so almost all families have relatives living in the country. Childhood memories will undoubtedly include summers spent in the country. The somewhat grim and reserved Estonian of the winter months undergoes a significant change in summer: he will ask friends out for a picnic, meet new people, and rather than glaring at anyone causing a disturbance in the street, he will burst into merry laughter.
Estonians are reputed to be quite stubborn and tend not to be impressed by someone's social standing alone. Any authority may be, indeed must be, ridiculed. Estonians' ironic jokes tend to be targeted primarily at themselves. An Estonian, deeply convinced that his own ideas are always the best, does not look kindly on anyone who wants to instruct or teach him. The sceptical nature of an Estonian - what he likes to call 'a sound peasant mind' - sometimes takes the form of sheer narrow-mindedness.
Neighbouring peoples have some justification when they taunt: 'put four Estonians together, and you'll get five parties'. As for Estonians' Lutheran work-ethic, their neighbours' opinion is that Estonians are capable of Prussian precision even when engaged in the most gross stupidity.
Ernest Hemingway has written that in every port in the world, at least one Estonian can be found; this speaks volumes about the nation's enterprising spirit.
Is this text about you?
Exercise 5
Watch and enjoy the presentation about Estonia
Exercise 6
