Latvian economy shrinks 19 pct in 3rd quarter

Latvia's economy shed 19 percent of its value in the third quarter compared with a year earlier, the country's statistics agency said Wednesday, highlighting the woes in the European Union's worst economy.

Latvian Statistics said that the third quarter fall in gross domestic product was led by a severe drop in retail trade, down 28.7 percent year-on-year, and construction, down 36 percent.

From January to September Latvia, which is suffering its worst recession on record, saw its economy shrink a total 18.6 percent, the agency said.

The Baltic state is undergoing a drastic correction after four years of stellar growth that followed the country's membership to the EU. In 2006 the economy grew a dizzying 12.2 percent.

For the complete report: Latvian economy shrinks 19 pct in 3rd quarter - Taiwan News Online