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Thursday, 05.05.2016, 00:09
EU Commission lowers Estonia's 2016 economic forecast to 1.9%; 2.8% GDP growth for Lithuania and Latvia03.05.2016
The European Commission expects the Estonian economy to grow 1.9% in 2016 and 2.4% the next year, it appears from the newly-released spring 2016 economic forecast. Lithuania's GDP growth will accelerate to 2.8% this year and to 3.1% next year. Commission predicted that Latvia's GDP will increase 2.8%, informs LETA/BNS.
Keyword tags: Analytics, Economics, EU – Baltic States, Financial Services, GDP, Markets and Companies
During the meeting, Latvian PM Maris Kucinskis highlighted the close bilateral cooperation with Germany by pointing out that Latvia appreciates the active political dialogue and Germany’s support for Latvia in defense, economy and education, as well as in other fields. This year marks the 95th anniversary of the establishment of diplomatic relations and 25 years since their restoration after Latvia regained its independence, informed BC the press secretary to the Prime Minister.
Parliamentary Secretary, Ministry Edgar Putra thinks that the bank or the financial services industry Latvian should evolve in quality, rather than quantity direction, so that Latvia, like Switzerland, after some time be able to say that our banks work as precisely as a Swiss clock. Politician points to the important role of banks in economic growth, while developping loans.
Flash estimate of the Central Statistical Bureau (CSB) shows that, compared to the 4th quarter of 2015, in the 1st quarter of 2016, Gross Domestic Product (GDP) value dropped slightly – by 0.1%, according to seasonally adjusted data.
Decreasing economic growth pace in Latvia is the main reason why the State Revenue Service's tax collection in the first quarter pf 2016 was short of the target, as the Revenue Service's Director General Inara Petersone told reporters on April 28th, cites LETA.
Analysts at SEB Bankas, Lithuania's largest commercial bank by assets, expect that a decline in the global oil supply will keep crude prices more stable this year and forecast that the average oil price in 2016 will stay above 40 US dollars per barrel, informs LETA/BNS.
SEB Bankas, Lithuania's largest commercial bank by assets, has kept its Lithuanian GDP growth forecast for 2016 unchanged at 2.8%, informs LETA/BNS.