3rd-quarter growth at 2.2% from last year

The Central Statistics Office (CSP) released seasonally-compared data on Latvia’s Gross Domestic Product (GDP) Thursday, which showed that the state economy experienced growth of 2.2% in the third-quarter of this year compared to the same time frame in 2013.

Compared with the second-quarter of 2014, growth was only up slightly by 0.4%. During the first-quarter of this year, the GDP saw growth of 2.8% over the previous year’s period, similarly for the second-quarter, the GDP grew by 2.5% compared to that time in 2013.

At the end of September the state central bank adjusted growth estimates down due to geopolitical instability from 3.3% to 2.9%. Should the uncertainty continue to prevail, growth and inflation estimates may need to be readjusted to even lower predictions.

Last year the GDP was measured at €23.3bn, which compared to 2012, had grown by 4.1%

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Economy
Economy