Latvias first-quarter GDP up 6.8%

10.05.2012, 14:44

Latvian economy grew 6.8% y-o-y in the first quarter, according to the Latvian statistics office Centrala statistikas parvalde.

It is the best quarterly growth figure since the country recovered from the recession in Q3 2010. This also makes the Latvian GDP growth among the largest in the European Union, reports news2biz.

The quarterly growth has not stopped, either: GDP is up 1% q-o-q.

Manufacturing and exports still remain strong factors in the GDP growth, but local consumption and retail are also picking up speed: retail turnover is up 10% y-o-y.

Latvian y-o-y GDP growth:

Q1 2012: +6.8%

Q4 2011: +5.7%
Q3 2011: +6.6%
Q2 2011: +5.6%
Q1 2011: +3.5%

Q4 2010: +3.6%
Q3 2010: +3.5%
Q2 2010: -3.5%
Q1 2010: -5.5%

Q4 2009: -16.0%
Q3 2009: -18.0%
Q2 2009: -18.6%
Q1 2009: -18.4%