Latvia: Economic activity maintains healthy growth in fourth quarter
February 11, 2013
In the fourth quarter, GDP grew 5.1% over the same quarter the previous year, according to the flash estimate published by the statistical office on 11 February. The reading virtually mirrored the figure recorded in the third quarter (Q3 2012: +5.2% year-on-year) and overshot market expectations that had the economy expanding a softer 4.5%. According to the statistical office, the expansion in Q4 was fuelled by growth in trade (+11.0% yoy) and industry (+6.0% year-on-year).
On a quarter-on-quarter basis, GDP increased a seasonally adjusted 1.3% over the previous quarter, below the 1.7% increase tallied in the third quarter. More detailed data will be released on 11 March.
Based on quarterly data, the economy grew 5.5% in 2012, which followed an expansion of the same magnitude in 2011. In its January Macroeconomic Developments Report, the Central Bank expects the economy to expand 3.6% this year.