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In the first year of Latvia’s accession to the euro area we expect a slight upswing of economic growth to 4.2% driven by improving conditions in the main trading partners and rising investment in machinery and equipment. The government reshuffle at the beginning of this year will not result in a change of economic policies pursued so far. Also in 2015 and 2016 GDP growth will amount to about 4% since household consumption will be supported by strongly rising wages.
|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||4.2||4.1||3.9|
|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||11.7||10.2||9.0||8.0|
|Average gross monthly wages, EUR||657||690||717||.||.||.|
|Consumer prices, % p.a.||4.2||2.3||0.0||1.8||2.2||2.6|
|Fiscal balance in % of GDP||-3.6||-1.4||-1.3||.||.||.|
|Public debt in % of GDP||41.9||40.6||41.0||.||.||.|
|Current account in % of GDP||-2.1||-2.5||-0.8||-1.4||-2.3||-3.2|
|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.
LATVIA: Consumers in excellent mood
in: Investment to the Rescue
wiiw Forecast Report No. Spring 2014, March 2014 , pp. 51-54 Details and Buy
Monthly Report No. 11/2013
Vasily Astrov, Vladimir Gligorov, Peter Havlik, Mario Holzner and Olga Pindyuk
wiiw Monthly Report No. 11, November 2013
38 pages including 17 Tables Details