Estonia, one of the three Baltic nations, reported the most dismal figures. Its gross domestic product plunged by 9.4% in the fourth quarter of 2008 compared with a year earlier, according to preliminary data released Friday by Statistics Estonia.
Elsewhere in the region, Hungary's GDP fell by 2% year-on-year in the fourth quarter, while Slovakia's GDP grew by 2.7% and the Czech Republic's economy grew by 1.0%, official estimates showed.
All are clearly recessionary, The Baltic is in a depression. This is very bad for the EU Banks as the have massive loan exposure to the East.
2 comments:
Worldwide recession/depression caused by the United States and Wall Street's clever new financial instruments. Right? Is the EU equally complicit or were they just following our lead?
We spread the 'wealth' but they have big problems with real estate loans in bubble markets (Spain, london and ireland) and big loans to eastern europe.
Post a Comment