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Economy / Estonia

Macroeconomic Forecast Estonia

November 2011 | Macroeconomic Forecasts

A flash estimate for Q311 real GDP growth in Estonia came in at 7.9% year-on-year (y-o-y), down from 8.4% y-o-y in the second quarter. This marked a slowdown of the real growth rate of just 0.8% on a quarterly basis, down from 1.7% for the second quarter on a seasonally and workday adjusted basis. We hold to our forecast for economic growth to ring in at 7.0% in 2011 before slowing considerably to 3.3% in 2012. The deterioration of the external environment underpins our view that net exports will become less supportive of economic growth in the Baltic

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