Latvia: Economy accelerates in Q3
November 9, 2012
In the third quarter, GDP increased 5.3% over the same period last year, according to the flash estimate published by the statistical office on 9 November. The reading came in above the 5.0% expansion recorded in the second quarter and beat market expectations of a 4.5% increase. According to the statistical office, the strong expansion in Q3 was fuelled by growth in industry (+7.0% year-on-year), trade (+7.0% yoy) and construction (+8.0% yoy). On a quarter-on-quarter basis, GDP increased a seasonally adjusted 1.7% over the previous quarter, above the 1.3% increase tallied in the second quarter. More detailed data will be released on 7 December.
Author: Ricardo Aceves, Senior Economist