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Wednesday, 21.05.2025, 23:47
Nordea: recovery of the economies of Estonia and Latvia to delay until 2010
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Estonia's economy will shrink 1.1% this year and 0.5% in 2009, while Latvia's will contract 0.4% this year and 0.7% next year, Nordea experts said.
On June 11, the bank forecasts the Estonian economy will grow 1% this year after expanding 7.1% in 2007, and Latvia will expand 0.5% this year, compared with 10.2% last year, writes LETA.
Lithuania's economy, considered by the experts to be the biggest of the three, could avoid a recession in the next two years, growing 3.8% in 2008 and 1.9% in 2009, the bank forecasts.
It expanded 5.3% in the second quarter 2008, which was the slowest growth in more than six years period.
Estonia's economy contracted 1.4% in the April-June period, while Latvia's economy expanded 0.2%, its slowest growth since 1995.
Stalled consumption and falling real estate investment cooled the Baltic economies of Estonia, Latvia and Lithuania from the second half of last year after a boom since the former Soviet republics joined the European Union in 2004.
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