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Latvian 2015 growth forecast revised down to 2 pct

Xinhua, February 17, 2015 Adjust font size:

Latvia's gross domestic product (GDP) is expected to grow by 2 percent this year, the Economics Ministry said Monday in its latest macroeconomic report.

Judging from economic growth trends in the first three quarters of 2014, latest industry statistics and market surveys, the Latvian economy has grown by 2.3 percent last year, the ministry said.

"The economic situation in the EU, which is Latvia's most important export market, is gradually improving, although slower than expected. Exporters focused on Eastern markets have been affected by a deterioration of Russia's economic situation, so GDP growth in Latvia is likely to reach some 2 percent in 2015," said Latvian Economics Minister Dana Reizniece-Ozola.

The Economics Ministry predicted that Latvian exports of goods and services will remain largely unchanged from last year.

"Latvia ships more than 70 percent of its exports to EU member states, so most likely, weaker demand in these markets will be hampering Latvia's export growth," the ministry said.

Latvia's economic growth in 2015 is expected to be driven by private consumption. Employment, investment and construction is forecast to grow, although at a weaker pace than in previous years.

The manufacturing industry is expected to be generally more successful than it was in 2014.

In its previous forecast in November 2014, the Latvian Economics Ministry projected a 2.5 to 3 percent growth for the Latvian economy in 2015. Endit