Looking back to 2009, the crises can be seen very well in the numbers. Nominal GDP fell in the second and third quarter of 2009 compared to the same periods in 2008, 17% and 16% respectively. This was a correction that people will remember and I think that all of the consequences remain to be seen yet in the future. I'm thinking about the possibility of people moving to different countries and decreased business confidence for a prolonged time, but about that in some later posts.
Probably last time that the data will be in millions of kroons, because Estonia is now going to use euros starting from January, thanks to slowing of inflation during the crises and some other factors, including low government debt.
Chart included:
 |
| Nominal GDP of Estonia and YoY % change |
Data from
Statistics Estonia
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