Sharp slowdown expected for Latvia

  • 2012-03-14
  • From wire reports
RIGA - Taking into account the situation within the eurozone and other global growth risks, the Finance Ministry has reduced Latvia’s macro-economic development forecasts for 2012, reports LETA.The Ministry predicts Latvia’s gross domestic product will increase by two percent this year, down from the previous forecast of 2.5 percent.In January, the Bank of Latvia reduced its GDP forecast for this year to 1.3 percent. At the end of 2011, the Bank of Latvia predicted that the country’s economy will grow by 2.5 percent this year.Commenting on the reduction in th...
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