Latvia has the fastest economic growth in the Baltics
The country shows strongest economic growth in five years
- February 20, 2018 10:00, 2351 impressions
- Olya Georgieva
The most recent data from the third quarter show that Latvia’s GDP has grown by 5.8%, which is the highest increase over the last five years in the Baltics (for a comparison Estonia's economy grew 4.2% and Lithuania's - by 3.1%).The European Commission's latest economic forecast says that Latvia's gross domestic product will increase 3.5 percent this year.
The Finance Ministry cited several important factors influencing the Latvian’s economic growth. The first and maybe most significant reason is the increase in the investments. Other factors are the boost in the private consumption and the raise of exports of goods and services. In recent months, the Latvian manufacturing sector has been showing progress as well (the strongest rise in five years). Construction has also been playing an increasingly important role this year with an increase in investments as high as 25%.
Source: Ministry of Economics of Latvia