"Taking into account the weak GDP data for the first half of 2016, the Bank of Latvia is reducing the GDP projection for 2016, according to seasonally-adjusted data, from 2% to 1.4%," he said.
"In 2017, Latvia's economic growth could reach 3% thanks to increasing activity of projects - in construction and other sectors - that receive European Union funding," said Rimšēvičs.
In June the Bank of Latvia cut the 2016 GDP growth forecast from 2.3% to 2%.