According to today’s revised GDP data, Latvian economy expanded by 3.6% in the fourth quarter of 2013, a modest upward revision from 3.5% flash estimate. In 2013 economy grew by 4.1%, so a mild slowdown from 5.3% and 5.2% in previous two years. However, composition of growth drivers changed quite sharply.
Due to recent events in and around Crimea, outlook has become more uncertain. Russia is arguably the most important economic partner for Latvia and sanctions and/or economic difficulties there could affect our country significantly.
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