Due to the impact of the war in Ukraine, 2022 turned out to be a year of economic growth stagnation, rapid inflation and an energy crisis. Last year, Estonia's GDP fell by 1.3% and the average price increase remained within 19.4%. At the end of the year, inflation in the euro area reached as much as 9.2%. The recovery of demand after the COVID pandemic, the rapidly growing CO2 quota prices and the end of natural gas imports from Russia brought record energy prices both in Estonia and in the entire economic area of the European Union. At the same time, towards the end of the year, oil and gas prices began to decrease due to the weakening of the global economic growth prospects and the warmer than average winter in Europe.
Infortar has invested significantly in companies whose financial results are affected by seasonality. In the case of Eesti Gaas, the need for natural gas and electricity is greater during the winter heating period. The situation in maritime transport is completely opposite: the peak season of Tallink Grupp's activity is the warm summer months from June to August, when the company earns the majority of its sales revenue and profit.
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