At a press conference yesterday, Bank of Latvia President Ilmars Rimsevics said that the central bank has raised Latvia's GDP growth forecast this year between 3.5 percent to four percent. This past January, the Bank of Latvia predicted that Latvia's GDP will grow 1.3 percent this year.
The central bank points out that albeit the growth of the economy will be more rapid than predicted at the beginning of the year, uncertainty and risks remain high primarily determined by the unstable situation in the European countries facing the debt crisis.
Stronger than expected external demand with the reinforced competitiveness permitted also the participants of the Latvian economy to maintain a positive outlook for the future and achieve a more rapid economic growth at the beginning of the year. With that in view, the projected GDP growth for the year overall has been raised from 1.3 percent to between 3.5 to 4 percent, which will have to be considered as relatively good development against the overall background in Europe.
Read more: Bank of Latvia raises this year's GDP growth forecast to 3.5%-4% :: The Baltic Course | Baltic States news & analytics
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