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Latvia Economy Grew 5.2% in 3rd Quarter, Below Estimate

Dec. 7 (Bloomberg) -- Latvia’s economy grew at the fastest pace in the European Union in the third quarter, according to revised data showing the expansion was less than previously estimated.

Gross domestic product, fueled by trade, manufacturing and construction, rose a revised 5.2 percent from a year earlier, less than the 5.3 percent preliminary estimate, the statistics office in the capital, Riga, said by e-mail today. GDP grew 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 burst and credit inflows dried up, prompting an International Monetary Fund bailout. GDP will advance by more than 5 percent this year, the IMF’s mission chief Shekhar Aiyar said on Nov. 26.

Manufacturing and trade grew 7 percent from a year earlier between July and September while construction expanded 8 percent, according to today’s statement.

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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