To put this fact into context, the entire peak-to-trough contraction in the 2001 recession was 1.3%!

FORBES: Despite A Slow Recovery, The Future Will Eventually Be Bright

But it was partly a natural response to a severe contraction (in the Baltics, for example, GDP fell by up to a fifth from peak to trough).

ECONOMIST: Eastern Europe��s economies: Some calm amid storms | The