March 25, 2020 / 1:04 PM / 6 days ago

UPDATE 1-Coronavirus pandemic to shrink Estonian GDP at least 6% in 2020 - central bank

(Adds details, quotes)

TALLINN, March 25 (Reuters) - The Estonian economy will shrink at least 6% in 2020 due to the coronavirus outbreak and could fall by up to 14% if the situation does not ease before the beginning of August, the Estonian central bank said on Wednesday.

Estonia’s government has closed the borders and banned public events until May 1 but the central bank said this could well be delayed, causing economy to shrink by more than 6%.

“Every week this situation is prolonged in Estonia and the recovery of export markets is delayed will hit annual growth by roughly half a percentage point,” the central bank said in a statement.

“If the situation eases quickly, the Estonian economy should recover relatively fast and we can see fast growth next year,” it said. (Reporting by Tarmo Virki; editing by Jason Neely)

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