Bank of Latvia presents new GDP growth forecasts

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The Bank of Latvia has increased the GDP growth forecast this year from 2% of GDP to 2.3% of GDP, head of the Bank of Latvia Ilmārs Rimšēvičs told in a press conference on Friday.

However, the GDP growth prognosis for 2016 has been reduced to 2.7% from the previous forecast of 3%.

The new estimate is more conservative due to the instability in the world's economy. 

This information follows the European Central Bank Thursday's announcement about reduced inflation and growth estimates for the next few years in the Eurozone.

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