ESTONIA: GDP Expands By 6.6% In Q4...Fastest Pace Since 2007.

BLOOMBERG /

   Latvia adopted the euro on 01 Jan. and is already seeing benefits.
   Its GDP in Q4 expanded at an annual pace 6.6%...the fastest pace in more than three years on record export growth....since Q2 of 2007.
     The $19 billion economy saw growing demand by Sweden and Finland demand for its electronics and machinery exports.
    Full-year 2010 growth was 3.1 percent.
   A Baltic analyst claims :“Estonia is a clear example of where the so-called non- Keynesian fiscal consolidation effect occurred.The positive effect from significant fiscal consolidation outweighed the negative effects on growth from the public spending cuts and tax increases.”