Ukraine Impact on Estonian Economy on Its Way, Says Academic ({{commentsTotal}})

University of Tartu macroeconomics professor Raul Eamets said the Estonian economy is yet to feel the effects of the Ukraine crisis.

Speaking on ETV on Monday, Eamets said the recently published economic figures, with Estonia's GDP contracting 1.9 percent year-on-year in the first quarter, was due to a warm winter and cheap electricity.

He said the Ukraine crisis and economic relations with Russia will affect Finland and Latvia, two of Estonia's largest trading partners, adding that the current state budget did not take all this into account and it might have to cut down on promises.

Speaking about economic growth forecasts for the current year, Eamets said no growth will be a good result.