2% economic growth likely this year says Economics Minister

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Latvian gross domestic product (GDP) might grow by more than 2 percent this year, Latvian Economics Minister Dana Reizniece-Ozola said on the morning news program of the Latvian Television on Tuesday.

Because of the economic situation in Russia, Latvian exports to Russia have dropped 20 percent this year but Latvian companies have been able to switch their focus to other countries and total exports have even increased, she said.

"The general forecasts are rather good. The GDP growth was planned at 2 percent, and this target will be met. I think that the growth will be even faster. The forecast for next year is 3 percent which is one of the highest rates in the EU,” the minister said.

Economic growth is driven by rising domestic consumption and the ability of businesses to boost exports, she said.

During the first six months of 2015, Latvia's seasonally unadjusted GDP in constant prices grew 2.3 percent against the same period a year ago.

Compared to the second quarter of 2014, Latvia's GDP grew 2.7 percent in the second quarter of this year both in seasonally adjusted and unadjusted figures, and increased 1.2 percent in seasonally adjusted data compared to the first quarter of this year.

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