Today’s strong GDP data from Estonia mean that the economy grew by 3.1% in 2010 as a whole – slightly outpacing even our above-consensus forecast of 3%. But while growth should remain pretty impressive in the near term, there are signs that the manufacturing sector, which has driven the recovery so far, is starting to hit capacity constraints. The bigger point is that GDP across the Baltic region is unlikely to surpass its peak-2007 level within the next five years or so.
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