Compared to spring 2008, the external environment has become more fickle in the summer. While at the beginning of the year Estonia's main trading partners enjoyed considerably rapid growth, it slowed remarkably in the second quarter with the euro-area economy even shrinking by 0.2 per cent. Commodity prices, which have fallen somewhat during the past month, still keep inflation high in the entire world. The external environment is likely to stay volatile in the near future and there are no considerable improvements in sight for the second half of the year. More...