Governor of Eesti Pank Ardo Hansson recently said that Estonia is at a very different stage of economic development from where it was over the last decade and is expected to see annual growth of 3-4 percent going forward.

"The surprisingly slow pace of economic growth in the first half of the year in Estonia was not broadly based but was the result of increased competition in transport and warehousing," Hansson said Wednesday at the Ariplaan 2014 conference. "Our manageable growth level of 3-4 percent could be achieved next year. Although growth will be slower than it has been for the past decade, it will still be noticeably faster than in the rest of the euro area."

Hansson also said that slower growth than before and lower inflation will mean that nominal income growth for companies will be slower in the future.

"This means that companies should be more vigilant about cost growth, as there is a risk of wage pressures coming from a tightened labor market," Hansson said.

Hansson added, however, that Estonia has the lowest sovereign debt in Europe.

"We are exiting the crisis without an increased burden of debt and this means that job-creating enterprises can trust in the stability of the tax system," Hansson said.