During the last few years, the economic results of Infortar have been affected mostly by the crisis caused by the COVID-19 pandemic and the effect of travel restrictions.
However, in the context of the COVID-19 pandemic, our investments in the energy sector have paid off due to it being affected by weather and regulations pertaining to the green transition rather than national restrictions. A very large part of the real estate owned by Infortar is used in the tourism and accommodation sector, which means that the year 2021 was also very difficult regardless of the country partially opening. On the other hand, we had an opportunity to reconstruct the existing buildings and to prepare for the design and construction of new buildings.
Despite 2021 being characterised by large-scale disruptions in the supply chain of goods and uncertainty regarding the future which can still be felt, the extensive crisis measures, interest policies of central banks, and vaccinations which enabled to open up countries have led to a fast growth in global economy.
The production volumes within the European Union have now exceeded their pre-pandemic levels. The domestic consumption helped increase the GDP of the Union by approximately 2 per cent.
The recovery of the Estonian economy was about 9.5 per cent in 2021, indicating that local companies have withstood the crisis caused by the virus very well and the government has managed to keep the society relatively open. The fast economic growth and the sudden increase in energy prices have brought along a price hike and the Estonian economy is still hindered by labour shortages.
Let’s stick together. After all, there are so few of us!