The Bank of Latvia has lowered its gross domestic product (GDP) growth projection for this year from 2.9 percent to 2.5 percent, according to adjusted data, and the growth projection for 2020 from 3.1 percent to 2.6 percent, Bank of Latvia Governor Ilmars Rimsevics told the press September 20.
"As the global and euro area economies slow down, Latvia's growth is also becoming slower. Exports are slowing down as the demand in Latvia's key partner countries weakens, and domestic demand is now playing a key role in sustaining the GDP growth," Rimsevics said....
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