Estonian economy to grow by 4% in 2014

Estonia could achieve economic growth of four per cent next year, according to Eesti Pank president Ardo Hansson. The country's central bank leader was speaking at the Ariplaan business conference today (September 25th) and suggested that the Baltic state will buck the wider eurozone trend of ailing economies.

According to the bank's forecasts, the euro area will achieve gross domestic product contraction this year and growth of just 1.1 per cent in 2014. Mr Hansson believes that Estonia will experience stronger expansion. "We cannot expect the pre-boom rate but if expectations are realistic, we can manage. Estonia has potential to grow faster than the rest of the euro area," he stated.

Mr Hansson noted that Estonia is exposed to the wider economic issues occurring globally, but expects that the effects of the global financial crisis will continue to ease throughout the course of 2014.

The Eesti Pank chief said that the eurozone is no longer the centre of the crisis, as question marks remain around the US' monetary stimulus and its economic performance. HD FestForest provides forest management in Estonia, Latvia and Lithuania and is a subsidiary company of HedeDanmark.