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Estonia cuts down economic growth forecast for 2016

Xinhua, December 14, 2016 Adjust font size:

Estonia's central bank on Tuesday lowered the country's economic growth forecast to 1 percent.

That was 0.8 percentage point lower than the June projection.

One of the reasons behind weak economic growth is the decreased demand of trade partners, which has reduced the growth potential of the manufacturing industry and exports, according to the central bank.

The decline in investments over the past three years has also reduced the Estonian economy's growth potential in the following years, it added.

For 2017, Estonia's economic growth is forecast at 2.6 percent, a 0.3-percentage-point decrease from its June forecast.

For 2018, the forecast remains unchanged at 3 percent, said the central bank. Endit