Although, on an average, the economy of the euro area as a whole was on an upward trend in 2014, the situation in individual states was extremely uneven, as a result of which the recovery of the economic growth of the euro area was not as fast as initially hoped. The growth of the world economy also remained modest in comparison to the pre-crisis period. The development of Estonian highly
open economy was impaired by the fact that the GDP of its main trade partners frequently remained below its potential level.
