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Latvia’s Economy Grows at EU’s Fastest Pace, Exceeds Forecasts

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

Gross domestic product grew a preliminary 5.3 percent from a year earlier compared with a revised 5 percent advance in the second quarter, the statistics office, based in the capital, Riga, said today by e-mail. That’s more than the 4.5 percent median estimate of eight economists in a Bloomberg survey. GDP rose 1.7 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 will advance 4.3 percent this year, the fastest pace in the 27-member EU, buoyed by exports and domestic demand, the European Commission said Nov. 7.

Manufacturing and trade grew 7 percent from a year earlier between July and September while construction expanded 8 percent, according to today’s statement. The statistics office will release detailed GDP data Dec. 7.

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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