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Tuesday, 27.09.2016, 20:17
According to adjusted data, the current account of Estonia's balance of payments had a surplus of 447 mln euros in 2015, the largest since independence was regained, the Bank of Estonia said on Friday.
Keyword tags: Budget, Estonia, Financial Services, GDP
Lithuania recorded a current account deficit of 417.3 mln euros for the first half of this year, which accounted for 2.3 % of GDP for the period, the central bank said.
The macroeconomic indicators available at this time unfortunately confirm our previously expressed concern: the Latvian economy is cooling down. The year 2016, in all likelihood, will be the year with the lowest growth since the crisis, reports in Forecasts of Latvijas Banka.
According to the second estimates of Statistics Estonia, the gross domestic product (GDP) of Estonia increased 0.8% in the 2nd quarter of 2016 compared to the 2nd quarter of the previous year.
In the second quarter of 2016, the current account was at a deficit of 37.2 mln euro (0.6% of gross domestic product (GDP)). This spelled an end to the situation formed in the previous two quarters where the account posted a surplus (1.1% of GDP in the fourth quarter of 2015 and 2.8% in the first quarter of 2016). The forming of the deficit resulted from dividends paid to foreign investors in Latvia. The goods account annual dynamic is still characterized by dropping imports resulting both from a drop in the prices of raw materials and a decrease in capital goods.
The National Development Plan provides for increasing the share of manufacturing in the Latvian GDP to 20% in three years but this target is unrealistic, Economics Minister Arvils Aseradens said in an interview to the Dienas Bizness business daily,cites LETA.
Data compiled by the Central Statistical Bureau show that in the 2nd quarter of 2016, as compared to the 1st quarter, gross domestic product (GDP) at constant prices, according to seasonally and calendar adjusted data, increased by 0.6 %. In the 2nd quarter of this year, as compared to the corresponding period of 2015, GDP grew by 0.8 % according to seasonally and calendar adjusted data and by 2.1 % according to seasonally and calendar non-adjusted data.