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Latvia: Economic growth slows to four-year low in the first quarter

April 30, 2015

In the first quarter of 2015, GDP increased 2.0% over the same period of the previous year, according to a preliminary estimate released by Statistics Latvia on 30 April, Q1’s result came in slightly below the 2.1% rise tallied in the previous quarter and marked the slowest pace of expansion since Q1 2011. According to the statistical office, the deceleration in economic activity came on the back of a contraction in the construction sector.

A quarter-on-quarter comparison corroborates the deceleration suggested by the annual data. GDP increased a seasonally-adjusted 0.4% in Q1 over the previous quarter, which was down from the 0.6% rise observed in Q4. The statistical institute stated that more complete data on national accounts would be released on 29 May.

The Central Bank expects the economy to expand 2.7% in 2015. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.5% this year, which is unchanged from last month’s projection. For 2016, panelists expect the economy to expand 3.3%.


Author:, Economist

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Latvia GDP Q1 2015 0

Note: Year-on year changes of GDP in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.


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