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Latvia Growth Slows In Q4

Latvia's economic growth slowed in the final three months of the year, after accelerating in the previous two quarters, flash estimates released by the Central Statistical Bureau showed on Monday.

Gross domestic product rose an unadjusted 3.5 percent year-on-year, following 4.5 percent growth in the third quarter. It was the slowest pace of growth since the first quarter of 2011, when the economy expanded 2.7 percent.

Manufacturing grew 2.6 percent and the services sector expanded 6.7 percent.

Quarter-on-quarter, the economy grew 0.7 percent, which was nearly half of the 1.2 percent expansion registered in the third quarter. The economy contracted 0.01 percent in the second quarter.

The agency is scheduled to released detailed data on March 11.

Latvia became the 18th member of the Eurozone on January 1. The former Soviet state joined the currency bloc after it plunged into an acute financial crisis more than five years ago, in the wake of the collapse of the country's once thriving easy credit market.

by RTT Staff Writer

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