Latvia GDP


Economic growth accelerates in first quarter

In the first quarter, GDP expanded 6.9% over the same quarter a year ago, according to revised data published by the statistical office on 8 June. The print was virtually unchanged from the 10 May 6.8% flash estimate and was well above the 5.7% increase observed in the fourth quarter. The first quarter reading represented, in fact, the fastest growth rate since the third quarter of 2007. The quarterly acceleration was primarily the result of faster growth in total consumption, which was driven by a strong expansion in private consumption (Q4 2011: +4.2% year-on-year; Q1 2012: +5.4% yoy). Moreover, government spending bounced back from a 1.1% contraction in Q4 2011 to a 1.8% expansion in Q1. Meanwhile, gross fixed investment surged 39.0% (Q4 2011: +26.0% yoy), the strongest expansion seen since records began. The external sector also improved in the first three-month period, with exports of goods and services increasing 9.9% (Q4 2011: +9.1% yoy). Imports grew 9.5% in Q1, slower than the 13.1% expansion recorded in Q4 2011. Consequently, the external sector

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