Statistics
Leasing market 2023
Estonian economy: In 2023 GDP was declining by 3%. Estonian inflation was one of the highest on EU, reaching more than 9%, but our unemployment rate stayed on moderate 6,4% level.
New leasing business carried out in 2023 by members of our Association was 1,3 billion EUR, staying on the level of 2022.
All vehicles: in 2023, vehicles were
financed for a total of 963 million euros, which is 3% more than last year. The
total number of financed vehicles was 34 480, i.e. 4% less than last year, when
35 920 vehicles were financed.
Passenger cars were financed in the amount of 737 million euros, which is 4% more than last year, a total of 29 212 cars. The number of new cars financed in 2023 was 15 006, i.e. 2.5% more than in 2022. In Estonian 22 820 new passenger cars were sold last year, which was 11.7% more compared to the previous year and out of them 66% of which were leased. In the European Union 10.5 million new passenger cars were sold in 2023, which was 14% more than in 2022. As of the end of 2023, there are 5 991 electric passenger cars registered in the TRA traffic register, more than half of them are lease-financed.
The financing of trucks/vans/buses remained at the same level as last year, a total of 226 million euros of lease- financed.
There was an 8% decrease in machinery/equipment financing. The financing of production equipment (-23%), construction equipment (-17%) and agricultural equipment (-13%) fell particularly significantly. In the growth trend were goods handling equipment (+ 38%), forestry equipment (+ 21%) and medical equipment (+ 161%).
Other categories of new sales are of minor importance.
Primary contract terms show that 60% of the contracts were signed up to 5 years.
Leasing market portfolio balance in 2023 was 3.1 billion euros, remaining at the same level compared to last year. The main contract type according to the lease portfolio was finance lease by 58%. Operating lease held 41% and other forms of contracts as much as 1%. These figures have been stable for many years.
The quality of the credit portfolio continues to be very good in the leasing sector. Lease payments overdue for more than 60 days are 0.1% of the entire portfolio.
Many of our members are also providing factoring services. The total factoring portfolio balance was 372 million euros, which is 13% less than in 2022. Factoring turnover decreased by 17%.
Leasing plays an important part in
Estonian economy. According to the valuation of the Association and World
Leasing Yearbook the annual leasing volume of Estonia, as a percentage of GDP
has been one of world highest for the last fifteen years.
The Association has been in cooperation with Baltic collages and together we have launched PanBaltic Non Registered Assets Database (NRAD) to prevent double financing and to discover fraud not only in Estonia, but also cross checking Latvian and Lithuanian leased asset databases. So all assets financed by our members that are not registered on any other Baltic register are inserted to that database and cross examination is automatically performed. Results are very good and all the partners are satisfied with the outcome. Access is granted also to Tax authorities and Police - Border Guard Office.