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RIGA - The European Bank for Reconstruction and Development (EBRD) has upped its economic growth forecast for Latvia this year, and believes Latvia will show the fastest growth in the Baltics this year.
The EBRD projects Latvia's GDP will grow 3.9 percent this year, or 0.4 percentage points more than its previous forecasts in May.
The EBRD projects Latvia will see 3.5 percent growth in 2019.
Meanwhile, compared to the previous report in May, the EBRD projects Lithuania will see 3.4 percent growth this year, up by 0.2 percentage points, while Estonia will see 3.6 percent growth - down by 0.2 percentage points from May's projections.
The EBRD said growth in central Europe and the Baltic states was projected to remain above potential in 2018 and 2019, averaging 4.3 and 3.5 percent respectively. Dynamic household consumption and private investment were offsetting the negative impact of a shortage of skilled labor and slower growth of global trade.