BMI View: Still Positive, Although Europe Is Not Helping BMI maintains its fairly upbeat forecast for the Estonian economy in 2013, although we recognise that this small country is, to some extent, sailing against the prevailing regional headwinds. The main positive factor remains private consumption growth, supported by falling unemployment and rising real wages. Government spending will be relatively flat and investment, which has been strong in the last couple of years, will be levelling off as capacity utilisation stabilises. The disappointing factor looks like being exports: even though the country’s main export markets are mainly its Scandinavian and Baltic …
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