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Estonia's GDP increased 2.4% in the second quarter, while Lithuania's – by 3.3%.

''The initial flash estimate in August was GDP growth of around 2.5%. It was possible to predict that economic growth will slow down in the second quarter due to geo-political events, as well as investors becoming more cautious. However, no one predicted that growth would slow down as much as it has,'' Belevics emphasized.

''Of course it is not possible to judge an industry as a whole from just figures from one quarter, however, it is clear with low investment activity it will be hard to show high growth rates in the future. Recently, the accommodation and food industries are seeing strong growth, as well as the art, entertainment and recreation industries, however, the proportion of these industries in the overall GDP structure remains relatively small,'' Belevics added.

As reported, according to seasonally non-adjusted data from the Central Statistical Bureau, in the second quarter of 2014, compared to the second quarter of 2013, GDP at constant prices has grown by 2.3%, but, according to seasonally adjusted data, compared to the first quarter of 2014, it has risen by 0.9%.