Baltics, East Europe ravaged by recession in first quarter
Güncelleme Tarihi:
AFP
Oluşturulma Tarihi: Haziran 10, 2009 00:00
TALLINN / PRAGUE - Six countries in the Baltics, Eastern and Central Europe announced growth data for the first quarter of the year on Tuesday, displaying how the global crisis has ravaged the region.
Estonia's economy shrank by an estimated 15.1 percent in the first quarter of this year compared with the same period of 2008, official data showed Tuesday. Compared with the fourth quarter of last year, the seasonally-adjusted contraction was 6.1 percent.
The economy was battered in the first quarter by a 21.4-percent fall in domestic demand, as Estonians continued to tighten their belts. Exports of goods and services slumped by 16 percent.
The Czech economy shrank by 3.4 percent on a 12-month basis in the first quarter, the Statistical Office said. Against the last quarter of 2008, Czech gross domestic product fell by 3.4 percent.
Hungary also sank deeper into recession in the first quarter as the economy shrank more than expected. Hungary's gross domestic product shrank by a steeper-than-expected 2.5 percent in January-March compared to the previous quarter.
Slovenia officially entered a recession in the first quarter of this year, official data showed. Slovenia's GDP contracted by 6.4 percent compared to the last quarter of 2008, the Slovenian Statistics office said.
Romania also shrank 4.6 percent in first quarter 2009 compared with the previous three months, official data showed, confirming that the country had entered a recession. Romanian gross domestic product contracted 3.4 percent in the final quarter of 2008, according to the statistics institute Ins.
Finland's economy contracted 2.7 percent in the first quarter of 2009 compared to the fourth quarter of 2008, when the economy shrank by 2.1 percent, official data showed Tuesday.
On annual basis, the country's GDP fell in January-March by a whopping 7.6 percent. Finland, home to the world's biggest mobile phone maker Nokia and paper makers Stora Enso and UPM-Kymmene, is heavily dependent on foreign trade. In 2008 Finnish GDP grew by 0.9 percent, half of which came from foreign trade.
Finland was hit by the global financial crisis in the second half of 2008 when demand for its key exports fell sharply, and the January-March period this year, foreign trade continued to shrink.
The economy was battered in the first quarter by a 21.4-percent fall in domestic demand, as Estonians continued to tighten their belts. Exports of goods and services slumped by 16 percent.
The Czech economy shrank by 3.4 percent on a 12-month basis in the first quarter, the Statistical Office said. Against the last quarter of 2008, Czech gross domestic product fell by 3.4 percent.
Hungary also sank deeper into recession in the first quarter as the economy shrank more than expected. Hungary's gross domestic product shrank by a steeper-than-expected 2.5 percent in January-March compared to the previous quarter.
Slovenia officially entered a recession in the first quarter of this year, official data showed. Slovenia's GDP contracted by 6.4 percent compared to the last quarter of 2008, the Slovenian Statistics office said.
Romania also shrank 4.6 percent in first quarter 2009 compared with the previous three months, official data showed, confirming that the country had entered a recession. Romanian gross domestic product contracted 3.4 percent in the final quarter of 2008, according to the statistics institute Ins.
Finland's economy contracted 2.7 percent in the first quarter of 2009 compared to the fourth quarter of 2008, when the economy shrank by 2.1 percent, official data showed Tuesday.
On annual basis, the country's GDP fell in January-March by a whopping 7.6 percent. Finland, home to the world's biggest mobile phone maker Nokia and paper makers Stora Enso and UPM-Kymmene, is heavily dependent on foreign trade. In 2008 Finnish GDP grew by 0.9 percent, half of which came from foreign trade.
Finland was hit by the global financial crisis in the second half of 2008 when demand for its key exports fell sharply, and the January-March period this year, foreign trade continued to shrink.