Latvia GDP Q2 2017


Latvia: Economic growth accelerates further in Q2

July 31, 2017

According to a flash estimate from the Statistical Institute released on 31 July, Latvia’s economy picked up further steam in the second quarter of 2017, after Q1’s already-healthy print. GDP rose 4.1% in Q2 compared to the same quarter of the prior year (Q1: +4.0 year-on-year), the fastest pace in several years. The economy grew 1.3% quarter-on-quarter in seasonally adjusted terms in the second quarter, slightly down from Q1’s multi-year high of 1.6%.

Q2’s results were underpinned by strong expansions in the industry and construction sectors, with the former likely due to a jump in demand from CIS countries and robust growth in orders from the EU. The service sector also contributed to Q2’s growth, despite growing significantly slower than the aforementioned sectors.

The Central Bank forecasts 3.3% growth in 2017 and 3.4% in 2018. FocusEconomics Consensus Forecast panelists expect the economy to grow 3.3% in 2017, which is up 0.1 percentage points from last month’s projection. For 2018, panelists expect the economy to expand 3.1%.

Author: Massimo Bassetti, Economist

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