2010 growth forecast upped to 2%

TALLINN — In light of improving economic numbers in its major trade partners, the Estonian Ministry of Finance increased its gross domestic product projections for 2010 from 1 to 2 percent.

The increase will rely largely on exports, which have been boosted already this year by increasing foreign demand. Meanwhile the cost-cutting measures and improved efficiency Estonian companies have undertaken has improved the country’s competitiveness, the ministry said.

Minister of Finance Jürgen Ligi said in a statement to the press that Estonia’s debt and tax burden will be one of the lowest in eurozone thanks to the government’s reactions to the crisis.

“This is a good precondition for much faster increase from the European average,” Ligi said.

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