IMF Staff Country Reports

Republic of Estonia: Staff Report for the 1999 Article IV Consultation

Publication Date:

July 14, 1999

Electronic Access:

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Summary:

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.

Series:

Country Report No. 1999/059

Subject:

Balance of payments Banking Budget planning and preparation Commercial banks Current account deficits Economic sectors Expenditure Exports International trade Privatization Public financial management (PFM)

Notes:

Included with the Staff Report are the text of Public Information Notice No. 99/55--IMF Concludes Article IV Consultation with Estonia, and Statement by Mr. Lehmussaari, Alternate Executive Director, on June 24, 1999.