The apparent resilience of the three Baltic economies continues to surprise. Data released over the past week show that Estonia grew by a solid 7.9% y/y in Q3, while growth edged up to 5.7% y/y in Latvia and to 6.6% y/y in Lithuania – all above consensus. While this makes the trio among the fastest growing economies in Europe this year, export-led growth will be tricky to sustain as the global economy slows in 2012. Indeed, quarterly growth has already started to weaken.