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Prospects for the Latvian economy in 2015 have gradually deteriorated. The major devaluation of the Russian rouble and the Russian economic slump will drag down the volume of Latvian exports. Entrepreneurs will thus be reluctant to expand their investment activities. It is expected, however, that household consumption will keep the Latvian economy buoyant, increasing by 2.1% in 2015 before a revival in external demand sets in and revitalises economic activity overall.
|Main Economic Indicators||2012||2013||2014||2015||2016||2017|
|Population, 1000 persons.||2034||2013||2005||.||.||.|
|GDP, real change in %||4.8||4.2||2.4||2.1||2.8||2.8|
|GDP per capita (EUR at PPP)||16300||17200||17900||.||.||.|
|Gross industrial production, real change in %||6.2||-0.9||-1.1||.||.||.|
|Unemployment rate - LFS, in %, average||15.0||11.9||10.8||10.2||9.6||9.2|
|Average gross monthly wages, EUR||690||717||765||.||.||.|
|Consumer prices, % p.a.||2.3||0.0||0.7||0.8||2.2||2.8|
|Fiscal balance in % of GDP||-0.8||-0.7||-1.4||.||.||.|
|Public debt in % of GDP||40.9||38.2||40.0||.||.||.|
|Current account in % of GDP||-3.2||-2.3||-3.1||-3.2||-3.5||-3.3|
|FDI inflow, EUR mn||840||743||596||.||.||.|
|Gross external debt in % of GDP||136.2||131.1||138.6||.||.||.|
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
LATVIA: Headwind from the east
in: A Time of Moderate Expectations
wiiw Forecast Report No. Spring 2015, March 2015 , pp. 67-68 Details and Buy
Monthly Report No. 7-8/2014
Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Michael Landesmann, Sebastian Leitner, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July 2014
23 pages including 1 Table and 2 Figures