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Saturday, 11.05.2024, 19:39
Estonian Finance Ministry cuts economic growth forecast to 1.5% in 2013
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While in spring, the ministry forecast that Estonia would have 3% economic growth this year, the fresh forecast is just 1.5%.
The ministry forecasts that next year, Estonia's economic growth would reach 3.6%; that forecast was unchanged from spring.
"The deterioration took place mostly in the first half of the year and now the trend is for the better;" said finance minister Jürgen Ligi. "But the deterioration that already took place will certainly leave a mark on the next year."
The ministry forecasts that this year's nominal state budget deficit will be 0.2%, next year it will be 0.6% and the year after that 0.8%. In 2016, balance should be reached and surplus in 2017.
The inflation forecast for this year is 3.2% and next year 2.7%.
Wage growth is forecast to be 6% this year and 6.2% next year.
Unemployment will continue falling, reaching 8.3% next year.
The economic forecast revealed on Monday is the basis for compiling next year's state budget.
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