Bloomberg News

Estonian GDP to Expand 7% in 2011, 3% in 2012, Moody’s Says

November 02, 2011

Nov. 2 (Bloomberg) -- Economic expansion in Estonia and Lithuania, the European Union’s fastest-growing economies, will slow next year, Moody’s Investors Service said.

Estonian gross domestic product may rise 7 percent this year and 3 percent in 2012, Moody’s said in an e-mailed report from London today. Lithuanian GDP may advance 6 percent in 2011 and 3.5 percent the following year, it said.

The two Baltic economies have seen accelerating growth in the past six quarters, propelled by exports after the world’s deepest recessions behind neighboring Latvia in 2009. Lithuanian economic output increased a preliminary 6.6 percent in the third quarter, while Estonia expanded 8.4 percent in the second quarter.

The Lithuanian government may revise down its 2012 economic growth forecast by 1 percentage point from the current estimate of 4.7 percent, the Baltic News Service reported today, citing Finance Minister Ingrida Simonyte.

--Editors: Alan Crosby, Jennifer M. Freedman

To contact the reporters on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net; Milda Seputyte in Vilnius at mseputyte@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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