Export to The Baltic States
The Baltic states (also known as the Baltics) are three northern European countries east of the Baltic Sea – Estonia, Latvia and Lithuania, which gained independence from the Russian Empire in the wake of World War I. Estonia, Latvia, and Lithuania have now been members of both the EU and NATO since 2004.
Today the three countries are liberal democracies and their market economies in recent years have undergone rapid expansion . However, the economies were hard-hit by the financial crisis of 2007–2010. According to projections by the International Monetary Fund (IMF), the GDP based on purchasing power parity decreased by 13% to 17% from 2008 to 2009.
The Baltic states had the highest growth rates in Europe between 2000 and 2006, and this continued in 2007. In 2006 the economy in Estonia grew by 11.2% in GDP, while the Latvian economy grew by 11.9% and Lithuania by 7.5%.
All three countries saw their rates of unemployment fall below the EU average by February 2006. Currently, all three Baltic States are classified as "high income" economies by the World Bank.
Estonia adopted the euro in January 2011 and Latvia in January 2014, whilst Lithuania aims for Euro adoption in 2015.
Today the three countries are liberal democracies and their market economies in recent years have undergone rapid expansion . However, the economies were hard-hit by the financial crisis of 2007–2010. According to projections by the International Monetary Fund (IMF), the GDP based on purchasing power parity decreased by 13% to 17% from 2008 to 2009.
The Baltic states had the highest growth rates in Europe between 2000 and 2006, and this continued in 2007. In 2006 the economy in Estonia grew by 11.2% in GDP, while the Latvian economy grew by 11.9% and Lithuania by 7.5%.
All three countries saw their rates of unemployment fall below the EU average by February 2006. Currently, all three Baltic States are classified as "high income" economies by the World Bank.
Estonia adopted the euro in January 2011 and Latvia in January 2014, whilst Lithuania aims for Euro adoption in 2015.
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