Tallinn - The Estonian economy contracted by nearly one- tenth in the final quarter of 2008, according to a provisional estimate released Friday by the small Baltic state's official statistics bureau, Eesti Statistika.
"Gross domestic product (GDP) decreased by 9.4 per cent in Estonia in the 4th quarter of 2008 compared to the same quarter in the previous year," Eesti Statistika said.
The news confirmed that the Estonian economy shrank for three consecutive quarters after the former "Baltic Tiger" became the European Union's first member state to slip into recession in 2008.