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Latvian Economy Grows at EU’s Fastest Pace, Matching Forecasts

Aug. 9 (Bloomberg) -- Latvia’s economy expanded at the quickest pace in the European Union in the second quarter, fueled by trade, manufacturing and construction.

Gross domestic product grew a preliminary 5.1 percent from a year earlier compared with a revised 6.8 percent advance in the first quarter, the statistics office, based in the capital, Riga, said today by e-mail. That matches a 5.1 percent median estimate of six economists in a Bloomberg survey. GDP rose 1 percent from the previous quarter.

Latvia is rebounding from the world’s deepest recession in 2008-2009, which erased almost a quarter of economic output after a property bubble bust and credit inflows dried up, prompting an International Monetary Fund bailout. GDP grew 5.5 percent last year, buoyed by exports and industrial output, and may expand 3.5 percent in 2012, the IMF predicts.

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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