Estonia's Economy Shrinks 16.6%

Estonia's recession deepened in the second quarter, but the quarterly rate of decline eased, suggesting the country's economic fall may be bottoming out, The Wall Street Journal reported. The Baltic country's gross domestic product was 16.6% lower in the second quarter compared with the same quarter of 2008, Statistics Estonia said Wednesday. In the first quarter, economic output was down 15.1% from a year earlier. The national statistics agency said lower manufacturing and construction, due to reduced domestic and external demand, weighed on second-quarter output. Read more. (Subscription required.)