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FinMin lowers Latvia's economic growth projection to 2.9% in 2014
BC, Riga, 28.08.2014.
Print version
Print versionThe Finance Ministry of Latvia announced yesterday that after careful review that it has lowered Latvia's economic growth projection for the year 2014 to 2.9%, and in 2015 to 2.8%, reports LETA.
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The Ministry explains that this is due to the "situation here and now": the economic growth decrease in the first quarter of this year was caused by short-term factors for the most part, which included a drop in production volume for metals and lesser demand for energy resources due to the mild winter. In the second quarter, the tense geopolitical situation had a negative impact.
The Ministry is quick to add here that the direct impact of the Russian sanctions on the Latvian economy is minimal.
It must be noted that the Ministry's projections on Latvia's economic growth are more optimistic than what economists at banks predict, with both Swedbank and SEB seeing growth this year o be 2.5%.
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