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The Economy Ministry's report indicates that due to the low export dynamics, as was the case in the previous two years, private consumption will provide a larger contribution to growth. The private consumption growth indicator this year could be the same as in 2014.

Private consumption dynamics will be mainly determined by the increase in wages, while employment rate will increase slowly. Investments in 2015 will be affected by the general mood among business owners in regard to future prospects, as well as the cautious crediting policy of commercial banks.

Private consumption will facilitate growth in service industries which focus on the domestic market. The construction industry will keep improving in 2015, while the growth rate will be slower than in previous years.

Although the improvement of production industry is closely connected with export opportunities, forecasts indicate that this year will be more successful than the previous one. Sub-sectors, such as wood processing, manufacture of electric and optical devices, will continue to improve.

The metallurgical company KVV Liepajas metalurgs will resume its operations in 2015, which will greatly contribute to the metal working industry.

The ministry also reports than in 2015, the average consumption price level will be higher than in 2014. It will be affected by various factors, one of them being the liberalization of the electricity market.

The Economy Ministry forecasts than in 2015, the average inflation could be around 1%, on the condition that the global food and oil product prices will keep steady dynamics.