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The slowdown of external demand in the Baltic region will have a negative impact on the pace of the Latvian economy, whereas the large rises in wages will keep the spending mood alive and well among households. Although the prospects for entrepreneurs are subdued, private investment has revived compared to last year; it will permit the GDP to grow by 2.5% over the current year.
|Main Economic Indicators||2011||2012||2013||2014||2015||2016|
|Population, 1000 persons.||2060||2034||2013||.||.||.|
|GDP, real change in %||5.0||4.8||4.2||2.5||2.7||3.0|
|GDP per capita (EUR at PPP)||15000||16300||17200||.||.||.|
|Gross industrial production, real change in %||9.0||6.1||-0.8||.||.||.|
|Unemployment rate - LFS, in %, average||15.4||15.0||11.9||10.7||10.0||9.5|
|Average gross monthly wages, EUR||657||690||717||.||.||.|
|Consumer prices, % p.a.||4.2||2.3||0.0||0.7||1.6||2.2|
|Fiscal balance in % of GDP||-3.4||-0.8||-0.9||.||.||.|
|Public debt in % of GDP||42.7||40.9||38.2||.||.||.|
|Current account in % of GDP||-2.8||-3.2||-2.3||-2.9||-3.2||-3.4|
|FDI inflow, EUR mn||1039||871||610||.||.||.|
|Gross external debt in % of GDP||146.6||136.2||131.1||.||.||.|
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
LATVIA: Economic activity is losing steam
in: On Thin Ice: CESEE Core Resilient in the Face of EU Stagnation and the Ukraine Crisis
wiiw Forecast Report No. Autumn 2014, November 2014 , pp. 65-67 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 Details