Monday, October 25, 2010

The Great Baltic Recovery

After having contracted far more than the EU average during the economic crisis, the Baltic countries in general and Latvia are now in a strong recovery. This was confirmed in today's Eurostat report on industrial new orders in the EU in August, which showed that industrial new orders was up by 59.2% in Latvia, 41.9% in Estonia and 26% in Lithuania in the three month period June-August (I use a 3-month period because monthly numbers are quite volatile) compared to the previous year. By comparison, the average gain in the EU was 19.6%.