Macroeconomic News

Estonia finmin cuts 2009 GDP forecast to -8.5 pct

Tue, 31st Mar 2009 08:19

TALLINN, March 31 (Reuters) - Estonia's economy will shrink by 8.5 percent this year, the Fina

nce Ministry said in new, gloomy forecasts on Tuesday.

The outlook was a revision down from the previous forecast of a drop of 3.5 percent this year and would come after a gross domestic product (GDP) fall of 3.6 percent in 2008.

'Estonia is undoubtedly going through a difficult time,' Finance Minister Ivari Padar said in a statement.

The ministry saw inflation this year slowing to 0.4 percent. In 2008, the annual average rate of price growth was 10.4 percent.

Estonia, like neighbours Latvia and Lithuania, is expecting sharp falls in the economy due to a slide in domestic demand and weak exports due to the global crisis. Keywords: ESTONIA ECONOMY/

(Reporting David Mardiste)) (Tallinn Newsroom, Tel +372 52 90992, david.mardiste@thomsonreuters.com)

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