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Latvia's economy regains traction in Q4

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Staff Writer | January 31, 2017
According to a flash estimate from the Statistical Institute, Latvia’s economy picked up steam in the final quarter of last year.
Riga Latvia
Economy in Europe   The Central Bank forecasts 3.0% growth in Latvia
This is following a brief blip in Q3 which saw the country record its slowest growth in over six years.

GDP rose 2.1% in Q4 compared to the same quarter of the prior year, a substantial improvement from the 0.3% figure registered in Q3.

The economy grew 0.8% quarter-on-quarter in seasonally adjusted terms in the final three months of the year, the fastest pace since June 2015.

Q4’s results were underpinned by a strong 10.0% expansion in industry, while the service sector recorded more modest 1.0% growth and the construction sector continued to decline, albeit at a reduced pace, dropping 13.0%.

The Central Bank forecasts 3.0% growth in 2017. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.8% in 2017, which is down 0.1 percentage points from last month’s projection. For 2018, panelists expect the economy to expand 3.1%.