In the fourth quarter, GDP expanded 5.7% over the same quarter the previous year, according to revised data published by the National Statistics Institute. The print overshot the 9 February 5.0% flash estimate, but was down from the 6.6% expansion recorded in the third quarter. In the full year 2011, however, the economy soared 5.5%, marking the first year of positive growth after three consecutive years of economic contraction. Private consumption increased 4.1% in the fourth quarter (Q3: +5.4% year-on-year), while government spending grew a paltry 0.7% in the final three-month period (Q3: +2.7% yoy). On the other hand, gross fixed investment remained buoyant, accelerating from 24.4% in Q3 to 24.7% in Q4. Exports of goods and services slowed to a 9.1% expansion in the fourth quarter (Q3: +12.1% yoy), while imports increased 13.0% in Q4, weaker than Q3's 21.3% growth rate. As a result, the external sector's net contribution improved from minus 6.1 percentage points in the third quarter to minus 2.7 percentage points in the fourth. A quarter-on-quarter comparison confirms the slight deceleration suggested by the annual figures, as GDP increased a seasonally adjusted 1.1% over the previous quarter, below the 1.7% increase tallied in the third quarter. In its January Macroeconomic Developments report, the Central expects economic growth to slow to 1.3%.
Economy remains firm in the final quarter
March 9, 2012
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Latvia Economic News
October 10, 2016
In September, consumer prices increased 0.4% from the previous month, which contrasted August’s 0.6% decrease.
October 4, 2016
Industrial production in Latvia contracted 0.6% year-on-year in August, which contrasted the 2.6% increase in July.
September 8, 2016
In August, consumer prices fell 0.6% over the previous month and came in below July’s 0.3% decrease.
September 5, 2016
Industrial production in Latvia grew 2.7% year-on-year in July, which was down from 7.9% increase in June.
August 31, 2016
In the second quarter, Latvia’s economy increased 2.1% year-on-year, according to a revised set of data released by the Statistical Institute on 31 August.