Our GDP growth upgrade for 2025 to 2.6% doesn't reflect stronger growth prospects for Estonia this year but rather that the economy had more momentum at the end of 2024 than data had previously suggested. We don't expect the trade war launched by the US to directly impact Estonia's growth much, but the indirect effects will be negative on the margin for the trade-intensive economy. Therefore, we have lowered our growth forecasts on a q/q basis for 2025 and for the full years of 2026 and 2027.
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