Latvia: Economic growth slows in third quarter to slowest pace in over three years
October 30, 2014
In the third quarter, GDP expanded 2.1% over the same quarter last year, according to a preliminary estimate released by Statistics Latvia on 30 October. Q3’s result represented a deceleration over the 2.3% expansion observed in Q2 and marked the slowest pace in three and half years. The statistical office did not provide further details regarding the performance of the economy’s sectors. Nonetheless, the deceleration in economic activity is likely the result of a continued deterioration in the industrial sector.
A sequential basis showed that the economy increased a seasonally-adjusted 0.4% in the third quarter, which was half the growth rate registered in the second quarter. According to the statistical institute, more complete data on national accounts will be released on 28 November.
Author: Ricardo Aceves, Senior Economist