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Bank of Latvia cuts growth, inflation forecast

The Bank of Latvia has lowered its forecast for growth of gross domestic product (GDP) in Latvia in 2016 to 2.3 percent and the inflation forecast to 0 percent, reported LETA Monday.

The previous GDP growth forecast was 2.7%, whilst that of inflation was at 2%.  

The changes in GDP are related to continued geopolitical tensions, worsening of economic growth forecasts in the world and certain partner countries, as well as weak investment growth, according to the bank. 

The central bank explained that the average inflation this year will be low because of the supply factors.

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