Thursday, February 23, 2012

The Baltic Recovery Was Export Driven

In the same documents for 2007 and 2011 that I used for evaluatig the assertion that British exports had fared worse than Greek (false) and Portuguese (true) exports, we find numbers that refute the notion spread by Rebecca Wilder (among others) that the recovery in the Baltic states had nothing to do with booming exports.

What we can see is that exports were 50% higher in 2007 than in 2011 in Estonia (€7.4 billion in 2007, €11.1 billion in 2011), 54% higher in Latvia (€5.6 billion in 2007, €8.6 billion in 2011) and 60% higher in Lithuania (€11.5 billion in 2007, €18.4 billion in 2011). Numbers that again were far weaker in Greece (-9%), Britain (+5%) and Portugal (+12%), as well as the EU average of a 11% increase.


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