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International Internet Magazine. Baltic States news & analytics Tuesday, 21.09.2021, 23:32

SEB: eurozone’s problems will arrive in Estonia through Sweden

Juhan Tere, BC, Tallinn, 12.01.2011.Print version
The problems in the eurozone will arrive in Estonia mainly through the Swedish economy, SEB analyst Hardo Pajula said, as LETA/BBN reports.

According to Pajula, for Estonia the most important thing was that imports of Estonia's three largest trade partners Finland, Sweden and Russia slightly increased in November.


"In my opinion, this is a rebound of a major decline and arithmetically Estonian exports should slow down notably in the first quarter. Let's not forget that in November 2009 exports fell eight percent, but in February they increased already 26 percent," Pajula noted.


As expert said, the main question in the long term is the development of the Estonian economy, writes LETA.


"Swedish real estate prices have grown throughout 2009 and 2010 and the private sector debt is notably higher than in US and, unlike in the US, continues to grow. Therefore, the eurozone problems are mainly affecting us through the Swedish economy," Pajula pointed out.

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