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International Internet Magazine. Baltic States news & analytics Saturday, 20.04.2024, 11:20

Swedbank lowers also Latvia's GDP growth forecast for 2014 to 4.3%

BC, Riga, 23.10.2013.Print version
Swedbank economists have retained Latvia's economic growth forecast for this year at 4.3%; Latvia's GDP growth forecast for the year 2014, however, has been lowered from 4.7% to 4.3%, according to the bank's latest economic outlook, informs LETA/Nozare.lv.

Household consumption is the main driving force behind Latvia's economic growth, growing faster than investments and export this year, explains the bank.

 

Next year, Latvia's economic growth will be driven by exports and investments.

 

Swedbank analysts point out that they have reduced Latvia's economic growth forecast for next year to 4.3% due to historical data revisions and less aggressive labor tax cuts. The bank predicts 4.2% economic growth for Latvia in 2015.

 

Swedbank chief economist in Latvia Martins Kazaks points out that over 4% is a good growth rate and Latvia will remain among the fastest growing economies in the European Union in the next couple of years. Nevertheless, this rate is insufficient for Latvia to implement the National Development Plan's motto – economic breakthrough.





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