Republic of Estonia [electronic resource] : Staff Report for the 1999 Article IV Consultation.
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TextSeries: IMF Staff Country Reports; Country Report ; No. 99/59Publication details: Washington, D.C. : International Monetary Fund, 1999Description: 1 online resource (63 p.)ISBN: 1451812337 :ISSN: 1934-7685Subject(s): Banking | Capital Adequacy | Currency Board | Current Account Deficit | Current Account | Staff Report for the 1999 | EstoniaAdditional physical formats: Print Version:: Republic of Estonia : Staff Report for the 1999 Article IV ConsultationOnline resources: IMF e-Library | IMF Book Store Abstract: This 1999 Article IV Consultation highlights that real GDP growth of Estonia slowed to 4 percent in 1998. Tighter macroeconomic policies, the decline in the stock market, and banking difficulties in the wake of the Russian crisis in August 1998 dampened domestic consumption and investment. Output growth in early 1999 has remained weak. Overall, the direct impact of the Russian crisis on growth was relatively modest, mainly because Estonia had reoriented most of its trade to the West and the exposure of Estonian banks to Russian financial markets was limited.
This 1999 Article IV Consultation highlights that real GDP growth of Estonia slowed to 4 percent in 1998. Tighter macroeconomic policies, the decline in the stock market, and banking difficulties in the wake of the Russian crisis in August 1998 dampened domestic consumption and investment. Output growth in early 1999 has remained weak. Overall, the direct impact of the Russian crisis on growth was relatively modest, mainly because Estonia had reoriented most of its trade to the West and the exposure of Estonian banks to Russian financial markets was limited.
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