Estonian economy slows down to 0.4 per cent, flash estimate shows

Tallinn - The Estonian economy grew by only 0.4 per cent in the first quarter in 2008 - the lowest in the last 8 years - far below experts estimates, the Baltic nation's office of statistics said in its flash estimate on Wednesday. 'We can say there was a very fast slow down in real estate, which doesn't only include development. And we can see railway and transport slowed down significantly,' the head of national account service at Statistics Estonia Tonu Mertsina told Deutsche Presse- Agentur dpa. Slowing domestic demand, rapid wage growth and a cooling real estate market have forced Estonia's government to cut its budget, delay plans to join euro and lower its 2008 economic growth forecast. The gross domestic product grew by 4.8 per cent in the last quarter of 2007. Economy experts predicted the growth to slow down to 2.5 per cent. Detailed economic statistics will be released on June 9. Estonia's expansion slowed to 7 per cent last year from more than 11 per cent in 2006.

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Estonian economy slows down to 0.4 per cent, flash estimate shows

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