http://fistfulofeuros.net/afoe/2012-the-year-we-all-learn-to-live-dangerously
A Fistful Of Euros
2012 - The Year We All Learn To Live Dangerously
Posted on February 23, 2012 by Edward Hugh
<snip>
Aside from Greece, the number which has probably raised most eyebrows
is the downward revision of the Estonian outlook, by two full
percentage points, from 3.2% to 1.2%. In fact the Estonian economy
started to contract in the last three months of last year, but now the
EU have also let the big secret is out of the bag - Estonia's "miracle
growth" wasn't only being driven by strong fiscal austerity, it was
also being strongly boosted by the activities of just one company,
Swedish mobile phone giant Ericsson, who took the decision to locate an
assembly plant there. According to reports in the local press the
company increased its output sixfold between 2010 and 2011.
[Estonia+IP.png]
Now things aren't going so well for the Swedish company, and they are
cutting back their Estonian activity accordingly, sending Estonian
industrial output down sharply again (see chart above).
<end excerpt>
Michael