Analytics, Economics, GDP, Inflation, Latvia
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Bank of Latvia cuts GDP forecast to 2.9% for 2014
BC, Riga, 26.09.2014.
Print version
Print versionThe Bank of Latvia predicts that Latvia's gross domestic product (GDP) in 2014 will increase by 2.9%, the Bank of Latvia President Ilmars Rimsevics told members of the press today, cites LETa/Nozare.lv.
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The Bank of Latvia previously said it expected Latvia's GDP to grow 3.3% in 2014.
The forecast has been cut due to concerns about possible negative development scenarios and further sanctions between the West and Russia.
The Bank of Latvia expects that in 2015, the economic growth will become comparatively moderate, and Latvia's GDP could increase 2.7%, Rimsevics said.
The Bank of Latvia has reduced the average inflation forecast for this year to 0.7%.
The Bank previously forecast that the average annual inflation would reach 1.1% in 2013.
Rimsevics indicated that Russia's embargo on food products currently has the greatest downward effect on inflation.
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