We'll be living better - economist

Take note – story published 8 years and 7 months ago

The Latvian economy is independent, and its industries are continuing to develop, Pēteris Strautiņš, an economist at DNB banka, told Latvian Television Thursday.

He said that employment in Latvia is not a fixed measure, and even though our economy has grown somewhat slowly, it happened despite unfavorable circumstances - like Russian sanctions that prohibit exporting European food products into Russia.

At that, Russia was a significant export market, and if there had been no sanctions, Latvia's GDP growth could have been more than 4% a year, said Strautiņš.

Despite this, he said that "many things are going the right way" - the exporters have adapted to the new situation, private spending is growing - as are the wages. And the finance industry is also growing gradually. 

The EU economy is also steadily gaining speed, said the economist, which means that Latvia continues growth too - some companies buy new equipment, work at new products, find new partners, and contribute to the growth of exports.

Strautiņš said that the economy is not dependent on any particular product or industry.

"That's why - yes, it can be said that we'll be living better," said Strautiņš.

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