GDP rose 2.4% in 2014

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In 2014, compared to 2013, GDP at constant prices grew by 2.4% to stand at total gross domestic product at current prices of €24.1 billion, the Central Statistics Bureau confirmed Friday.

In the fourth quarter of 2014 GDP at constant prices, according to seasonally adjusted data, rose by 2.1%, compared to the 4th quarter of 2013. 

Compared to the third quarter of 2014 growth comprised 0.6%.

Fourth quarter GDP was worth €6.5 billion.

For 2014 as a whole, Latvian GDP growth stood between that of Estonia (1.9%) and Lithuania (2.9%).

Latvia's GDP growth was 4.2% in 2013.

Commenting on the figures, Swedbank economist Lija Strasuna said: "The revised data showed a slightly swifter economic growth in Latvia in the fourth quarter of 2014 compared to the flash estimate.

"We keep our current growth forecast of 1.9% for this year, i.e., somewhat slower than last year. Mostly this is explained by forecast deep recession in Russia and depreciation of the rouble. This will cause not only an even bigger fall in exports to Russia and related countries, but also will have a negative impact on investments." 

"However, exports to other (growing) countries will continue to rise, while households will be able to spend more with their purchasing power increasing due to wage growth and negligible inflation."

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