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In the first year of Latvia’s accession to the euro area we expect a slowdown of economic growth to 2.7%, caused by stagnant external demand in Russia and declining exports to Estonia and Germany. Triggered by increases in minimum wages, tax reductions and rising employment, household demand remains a strong driver of GDP growth this year and also in 2015 and 2016, when GDP growth will amount to about 3% annually.
|Main Economic Indicators||2011||2012||2013||2014||2015||2016|
|Population, 1000 persons.||2060||2034||2015||.||.||.|
|GDP, real change in %||5.3||5.2||4.1||2.7||2.9||3.1|
|GDP per capita (EUR at PPP)||15000||16400||17700||.||.||.|
|Gross industrial production, real change in %||9.0||6.1||-0.8||.||.||.|
|Unemployment rate - LFS, in %, average||15.4||15.0||11.9||10.5||9.8||9.2|
|Average gross monthly wages, EUR||657||690||717||.||.||.|
|Consumer prices, % p.a.||4.2||2.3||0.0||0.8||1.8||2.5|
|Fiscal balance in % of GDP||-3.5||-1.4||-0.9||.||.||.|
|Public debt in % of GDP||42.0||40.8||38.1||.||.||.|
|Current account in % of GDP||-2.1||-2.5||-0.8||-1.8||-2.1||-2.5|
|FDI inflow, EUR mn||1039||871||610||.||.||.|
|Gross external debt in % of GDP||145.8||135.3||130.3||.||.||.|
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
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
LATVIA: Consumers in excellent mood
in: Investment to the Rescue
wiiw Forecast Report No. Spring 2014, March 2014 , pp. 51-54 Details and Buy