Analytics, Baltic Export, Economics, EU – Baltic States, GDP, Latvia

The ministry said that a stable economic growth has resumed that exceeds the average growth in the EU. From 2011 to 2017 Latvia’s economic growth was 3.5% annually.

In 2017 the GDP growth increased to 4.5%, which was the steepest rise in the past six years. The growth was promoted by improvement of the situation in the external environment, intense absorption of the EU funds, increase of employment, wages.

Export volumes have reached the highest level so far, and the positive trends in export also promote development of manufacturing and other export-oriented sectors – agriculture, forestry and transport.

The Economics Ministry’s experts expect that in 2018 Latvia’s GDP might grow 4.2%.

"Further economic development depends on the situation in the external markets and progress of Latvia’s reforms, therefore it is important to continue work on implementation of goals set in the government declaration – to stimulate export and investments, promote increase of productivity and human capital development," the ministry said.