Wednesday, November 11, 2009

Estonian Economy like Sweater in Hot Dryer

Estonia's economy shrank between 15 percent and 16 percent in the Q3 vs. YAG, the Finance Ministry's economics department said. Gross domestic product shrank 16.1 percent in Q2, the third-deepest recession in the European Union. "Think of our country's economy as your favorite Kihnu Island sweater inside a really hot clothes dryer," Andres Sarv, the ministry's junior deputy head of economic analysis told Bloomberg News. "And it's getting hotter and hotter in there and soon there's not going to be much left of that sweater, and then all hell is going to break loose when mother finds out."

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