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

July 14, 1999

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Republic of Estonia: Staff Report for the 1999 Article IV Consultation, (USA: International Monetary Fund, 1999) accessed December 21, 2024

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.

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)

Keywords: Baltics, Budget planning and preparation, CR, Current account deficits, Eastern Europe, Estimate, Estonian authorities, Expenditure cut, Expenditure restraint, Exports, Government, ISCR, Privatization, Staff projection, Staff's balance of payments estimate

Publication Details

Pages:

63
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 1999/059
Stock No:

1ESTEA0011999
ISBN:

9781451812336
ISSN:

1934-7685

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.

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