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Friday 20.07.2018 | Name days: Ramona, Ritma
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Economy Ministry: Latvia’s GDP could reach 5% in 2012

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Even though the European Union has had a weak economic growth in the first half of 2012, Latvia’s national economy still exhibits stable growth. Latvia’s GDP was 5.9% higher in the first half of 2012 than it was one year ago.

GDP has increased by 12.4% since the lowest point of the crisis – Q3 of 2009. In general, Latvia’s GDP increase could reach 5% in 2012. In 2013, on the other hand, GDP increase could be 3.7%, Economy Ministry informed BNN.

Export still has a significant role in Latvia’s national economy. While the global economic growth remains unstable, Latvia’s export of goods continues to grow. Export volumes have grown by 11.9% in the eight months of 2012.

The situation on the local market is gradually improving. Local demand has been 9.7% higher in the first half-year of 2012 than it was in 2011. A notable increase is still noted for non-financial investments – the increase is more than 20%, compared with the first half-year of 2011. Private consumption is rapidly growing as well – during the first half-year of 2012, it was 6.3% higher than it was one year ago, the ministry notes.

The growing private consumption contributes to an increase in trading – turnover of retail trade increased by 9.8% in the first nine months of 2012.

The situation on the job market is gradually improving. The number of employed people reached 877 thousand in Q2 of 2012, which is 2.2% larger than it was in Q2 of 2011. The level of registered unemployment reduced to 10.7% in the end of October. Salaries also gradually increase – gross salaries in Q2 of 2012 were 3.7% larger than in Q2 of 2011.

In September, prices grew by 1.8%, compared with last year’s September. At the same time, average inflation keeps gradually reducing – 2.9% in September. Economy Ministry predicts the average price level could reach 2.3% in 2012.

Positive tendencies remain in national economy. However, external risks in regard to the situation in Eurozone remain high. With growth rates becoming slower in our main trade partner states, Latvia’s export could become more moderate, and its positive effect on national economy could become smaller, the ministry predicts.

Ref: 102.109.109.4673


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