Latvia’s economic growth down to 3.7% in 2019, 3.2% in 2020 – SEB

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Latvia’s gross domestic product (GDP) growth this year will be 4.2%, while the economic growth will slow down to 3.7% in 2019 and 3.2% in 2020, according to the latest Nordic Outlook released by SEB Banka.

The outlook concludes that financial uncertainty in Latvia has had little impact on economic activity. “Latvia will continue quite a steep growth. The construction sector has become its main drive. Loss from closing ABLV Bank in early 2018 has been insignificant and has been compensated by growth in other sectors,” said SEB Banka macroeconomic expert Dainis Gaspuitis.

According to Nordic Outlook, Latvia’s GDP is expected to grow 4.2% this year, 3.7% in 2019, and 3.2% in 2020.

Estonia’s economic growth is projected at 3.4% this year, 3% next year, and 2.6% in 2020, while Lithuania’s growth is predicted at 3.4% in 2018, 3.5% in 2019, and 2.8% in 2020.

The outlook says that the Nordic economies continue to show stable growth. They are benefiting from good international economic conditions and loose economic policies. Generally, trade disruptions represent an especially large threat to small export-dependent economies, but the barriers that the US is in the process of imposing will have only marginal effects.

In Sweden, Norway and Denmark, resource restrictions will contribute to slower growth towards the end of our forecast period, while Finland has room to regain some of the ground it lost during the past decade of stagnation.

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