Latvian GDP grows by four percent

In comparison with the third quarter of 2012, Latvia's gross domestic product (GDP), according to seasonally non-adjusted data, grew 4.2 percent in the third quarter of 2013, says the Central Statistical Bureau.

The upward pressure on the GDP was applied by increases in manufacturing (2.5 percent), retail trade (3 percent) and construction (10 percent), reports LETA.

In comparison with the third quarter of 2012, the rise in the services sector comprised 8 percent on the average, while revenue from taxes on products, for instance, value added tax and excise tax, increased 6 percent.

Compared to the second quarter of 2013, Latvia's GDP, according to seasonally adjusted data, grew 1.2 percent in the third quarter of 2013.

Revised and complete data on GDP growth in the third quarter of 2013 will be released on December 9.

Elsewhere, the Bank of Latvia announced they would be cutting interests rates form the current  1.5 percent to 0.25 percent.

The Bank of Latvia said nflation indicators remain whilst the rate at which the economy develops does not risk price stability.

The changes will come in to effect on Nov.24, 2013.

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