Author (Corporate) | European Commission: DG Economic and Financial Affairs |
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Series Title | Country Focus |
Series Details | Vol.5, No.7, August 2008 |
Publication Date | August 2008 |
ISSN | 1725-8375 |
Content Type | Journal | Series | Blog |
Estonia's accession to the EU in 2005 led to a period of above-potential growth, fostered by expansionary monetary conditions. The predominance of foreign-owned banks accelerated the process of financial integration. Financial flows, while massive, were mostly directed at the non-tradable sectors of Estonia's economy, leading to an overexpansion of market services, while productivity growth in these sectors was declining, In contrast, manufacturing registered high total factor productivity (TFP) growth, while resources directed at this subsector were declining |
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Source Link | Link to Main Source http://ec.europa.eu/economy_finance/publications/publication13051_en.pdf |
Countries / Regions | Estonia |