Latvian economy records fastest growth in six years in 2017
Xinhua,March 01, 2018 Adjust font size:
RIGA, Feb. 28 (Xinhua) -- Latvia's gross domestic product (GDP) expanded by 4.5 percent in 2017 in what became the fastest economic growth shown by the Baltic country in six years, the national statistics office said Wednesday.
The value of Latvia's GDP reached 26.9 billion euros (32.8 billion U.S. dollars) last year.
Manufacturing, as well as transportation and warehousing recorded the fastest growth since 2011.
Latvia's energy sector expanded by 7 percent year-on-year, as generation and supply of electric power increased by 12 percent and heating supply and air conditioning rose 1 percent against 2016.
Retail trade increased by 4 percent, with equally fast growth recorded both in the food and nonfood segment. Transportation and warehousing picked up 7 percent, and ICT services grew 6 percent.
Meanwhile, a 17 percent drop was recorded in the financial and insurance sector. Enditem