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. Last Updated: 07/27/2016

Estonia GDP Falls

TALLINN, Estonia -- Estonia's first quarter GDP fell 5.8 percent, year-on-year, a worse-than-expected result that sent analysts scrambling to lower full year forecasts and hit share prices.

Analysts had forecast a 2 percent fall for the first quarter after a 0.7 percent drop in GDP in the fourth quarter of 1998, and the equity market took the release hard, losing some three percent by midday on the Tallinn bourse.

Estonia's economy is still smarting from last year's double blow of the Russian financial crisis which hit in August on the heels of central bank measures to cool iron-hot 13.5 percent growth.