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Electronics Production | June 02, 2008

Boom in Baltic States soon to be over

The boom that followed 2004’s accession to the European Union is estimated to lose steam. The Baltic region will encountered lower growth rates in coming years.
The gross domestic product decreased all three of the Baltic States in Q1/08. Estonia reported a 1.9% decrease, while Lithuania and Latvia reported a decrease of 6.9% and 3.6% respectively, said BBN. The sharp increase in GDP has led to higher labour cost and lower property prices. Inflation has been on the increase too. Many companies are moving production elsewhere to save on labour costs, etc.

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