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.