BMI View: Estonia Remains Resilient, But Investment Dips We have reduced our GDP forecast for 2013, largely because of a sharp contraction in fixed investment in the first quarter. Following three years of real GDP growth in Estonia averaging 4.8% per annum, the rate fell to 1.1% in Q113. The main cause seems to have been the conclusion of a programme through which government revenue from carbon emission was funnelled into public investment projects. This led to a sharper than expected fall in overall investment. After a few years of strong investment growth and capacity expansion, it is in any …
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