After two years of deep recession, further evidence of a return to the earlier days of economic growth, when using GDP per capita as an indicator, has been provided by Tõnu Toompark’s real estate blog.
Tõnu writes that the downturn began in the first quarter of 2008 and lasted until the end of the second quarter of 2010, when the statistical data began to show the first positive growth figures, at 3.1 per cent.
This growth trend generally continued throughout 2010 and in 2011 looks set to see a growth of between 3.6 and 4.0 per cent both for private and public sectors, according to Tõnu.
Thus the internal economy is moving towards pre-crash 2007 levels, and in fact requires a further growth of 16 per cent to reach it.
The original post (in Estonian) including graphs showing changes in GDP per capita over the last ten years can be viewed here.
Andrew Whyte
Tallinn Property by Goodson & Red
