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Tuesday, 09.06.2026, 11:35
Rimsevics: GDP of Latvia to contract 5% in 2009
Nina Kolyako, BC, Riga, 15.01.2009.
Print version
Print versionThe Bank of Latvia estimates Latvia's gross domestic product will decrease by 5% in 2009, as the central bank's president, Ilmars Rimsevics, told reporters today, adding however that economic development in Latvia would depend on several factors.
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| Ilmars Rimsevics. |
"The decrease in GDP will depend on how the global economic downswing develops," said LETA Rimsevics.
Rimsevics also said that the unemployment level in Latvia will increase significantly this year, because the situation on the labor market will become worse. The current account deficit should also decrease this year to no more than 7% of GDP.
The lat interest rates have started to decrease, and this decrease is expected to continue, Rimsevics also said.
Rimsevics stressed once again that the economic development of Latvia must be stimulated, mentioning government support for lending as an example.
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