Bloomberg News

Swedbank Cuts Baltic 2012 GDP Growth Forecasts on Global Demand

January 24, 2012

Jan. 24 (Bloomberg) -- Swedbank AB, the largest lender in the Baltic region, cut its 2012 economic-growth forecasts for Estonia, Latvia and Lithuania, citing slowing global demand.

Estonia’s gross domestic product will probably expand 2.7 percent this year, compared with a previous forecast in October of 3.3 percent, the bank said in an e-mailed statement today. Latvia’s economy may grow 2 percent, compared with 3 percent seen earlier. Lithuania’s GDP will probably rise 3.3 percent, down from an earlier outlook of 4.2 percent.

The bank still expects Latvia to adopt the euro in 2014, while it said uncertainty regarding the timing of Lithuania’s entry has increased.

--Editor: Alan Crosby

To contact the reporter on this story: Ott Ummelas in Tallinn at

To contact the editor responsible for this story: Balazs Penz at

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