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Saturday, 23.05.2015, 08:46
Latvia's gross domestic product may grow 2% in 2015, and inflation may reach 0.5%, the Economy Ministry predicts, cites LETA.
Keyword tags: Analytics, Economics, GDP, Latvia, Markets and Companies
Economic growth slowed down significantly in all three Baltic countries in the first quarter of 2015. However, the Latvian economy proved to be the most dynamic among the Baltics, particularly due to export resilience in the context of falling trade with Russia.
Latvia may have to consolidate the 2016 state budget by 0.3% of the gross domestic product, as Martins Zemitis, economic advisor at the European Commission Representation in Latvia, told reporters today, cites LETA.
In the first quarter of the year 2015, Latvia's economy grew by 2.1% compared to the same quarter of last year, which is the seventh largest growth in the EU, reports LETA, according to Eurostat.
According to the flash estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased 1.2% in the 1st quarter of 2015 compared to the 1st quarter of 2014.
According to the European Commission's forecasts released on May 5, consolidation equal to 0.4% of gross domestic product will be necessary during the government's work on the 2016 state budget, said Nils Sakss, head of the Finance Ministry's Fiscal Policy Department, cites LETA.
In the 1st quarter of 2015, compared with the 4th quarter of 2014, Gross Domestic Product (GDP) value (seasonally adjusted data) increased by 0.4%, according to flash estimate of the Central Statistical Bureau (CSB).