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How the economies of the countries in Eastern Europe contracted during the crisis?

With the publication of economic data for the 2nd quarter of 2009 we find that all the countries of Eastern Europe were hit by the crisis, with deeper decreases in the economy than countries in Western, Southern or Northern Europe.

Economic data for Q2 2009 compared to Q2 2008 reflects a dramatic decrease in the economy of the Baltic countries (the largest reductions in Europe) positioning first Lithuania with a decrease in the economy of 22.6%, followed by Latvia with 18.2% and Estonia with 16.6%. Place 4 among the most affected economies is occupied by Romania with a decrease of 8.8% followed by Hungary with 7.4%, 5.3% in Slovakia, the Czech Republic with 4.9% and Bulgaria with 4.8%.

The decreasing trend of the economy is followed by another important country in Eastern Europe whether it is not a member of the European Union, namely Ukraine, reporting a decrease of 18% in Q2.

Poland and Slovakia have not yet made the data public, but according to estimates, decrease of the economy in Poland will be approximately 0.7% in 2009.

Of all these countries, the only one that gives signs of recovery, reporting an increase in Q2 compared to Q1 of 2009, is the Czech Republic, the increase reported by officials in this country being 0.3%.

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