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FinMin: Latvia will be EU's fastest growing economy for 3rd consecutive year

BC, Riga, 10.12.2013.Print version
Latvia will most likely be the fastest growing economy in the European Union this year as well, the Finance Ministry predicts, informs LETA/Nozare.lv.

Latvia's GDP could grow 4.2% both this year and next year.

 

According to the latest data on the third quarter of 2013, Latvia's economy remains in a good shape. Compared to the respective period in 2012, Latvia's GDP rose 4.5% in the third quarter of 2013. Similarly to the first two quarters of the year, this was mostly determined by internal demand. Export growth rates were negative.

 

It is important that this is the steepest GDP growth this year. Compared to the same period in 2012, Latvia's GDP grew 4.2% in the first three quarters of 2013.

 

The Finance Ministry, however, admits that investment dynamics is disheartening. Compared to the second quarter of 2013, only a 3% increase was registered in the third quarter of 2013, which, despite being a better figure than in the previous quarters, could slow down Latvia's economic development in the medium term.






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