Swedbank ups GDP growth estimate for Estonia to 3.3 pct

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Swedbank has raised its estimate for Estonia's 2013 economic growth to 3.3 percent from the forecast of 3.1 percent issued in January.

Estonia's GDP is expected to grow 4.2 percent next year according to the fresh forecast, compared with a real GDP growth rate of 4.5 percent held out in the January forecast.

Swedbank also upped its inflation forecast for Estonia for the current year to 3.3 percent from the January estimate of 3.2 percent. The annual increase in the consumer price index (CPI) next year is estimated to hit 2.9 percent compared with 2.7 percent predicted in January.

The new unemployment rate estimate by Swedbank for 2013 is 9.5 percent, revised from the January forecast of 10 percent. The forecast for 2014 was brought lower to 8.9 percent from 9.4 percent in January.

Swedbank predicts the GDP of Latvia to grow 4.3 percent this year and 5 percent in 2014. The corresponding ratios held out for Lithuania are 4 percent for both years. Sweden's real GDP is estimated to grow 1.6 percent this year compared with the January forecast of 1.1 percent, while in 2014 it is estimated to grow 2.7 percent compared with the January forecast of 2.6 percent.

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