Nordea Halves Growth Forecast ({{commentsTotal}})

Source: Photo: Reuters/Scanpix

Nordea downgraded Estonia's 2013 economic forecast to 1 percent, reported uudised.err.ee.

The Nordic bank's previous annual forecasts were at 2.3 percent in June and 1.9 percent in September.

With GDP growth falling below expectations this year, the banks and the Ministry of Finance have revised their forecasts downward.

Nordea's figure is one of the more conservative ones.

In its most recent forecast, released in September, the Finance Ministry predicted economic growth of 1.5 percent.

Meanwhile, SEB has predicted 1.3 percent and Swedbank 1.6 percent.

Initial estimates for Q3 growth added more gloom to the nation's economic picture as Statistics Estonia marked the year-on-year GDP rise at just 0.4 percent, after a 1 percent gain seen between the second quarters of 2012 and 2013.