Nordea – the GDP growth in the Baltics will return in 2011
Posted by editor on 9/01/09 • Categorized as Baltic States, Economy Watch • 
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According to the latest Economic Outlook from the Nordea Bank the Baltic States’ economy should begin its recovery only by 2011. Today, the largest Nordic and Baltic financial group Nordea has presented the public its latest Economic Outlook.
According to the report Lithuania’s GDP will shrink by 16 percent in 2009 and go down by further by 4 percent in 2010. The same study says that Latvia’s economy will decline by 18 percent this year and 3 percent in 2010, Estonia’s – by 14 percent and 2.5 percent, respectively.
In 2011 Lithuania’s economy should grow by 1 percent, while in Latvia by 2 percent and in Estonia by 1.5 percent.
The Nordea Bank estimates that Lithuania’s fiscal deficit in 2009 should reach 6 percent of the GDP, 5 percent in 2010 and to 3.5 percent in 2011.
The report states that the Latvia’s fiscal deficit should reach 10 percent in 2009, 9 percent in 2010 and 6 percent in 2011. In Estonia – 4 percent, 5 percent and 3 percent, respectively.
Nordea estimates that in 2009 the average annual inflation in Lithuania should be 4 percent. For 2010 and 2011 the group projects the average annual deflation of 1 percent in 2010 and 0.5 percent in 2011.
For Latvia, the group is projecting the average annual inflation of 3.5 percent for 2009, and the average annual deflation of 4.5 percent and 1 percent in 2010 and 2011, respectively. In Estonia the average annual deflation should reach 1 percent and 1.5 percent, in 2009 and 2010, respectively. In 2011 the average annual inflation in Estonia would reach 1 percent.
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