Macroeconomic Review of Latvia
#72 | 2019-1
The regular Macroeconomic Review prepared by the specialists from the Ministry of Economics is now available for your evaluation. Such Reviews were published traditionally quarterly since 1999. The present Review, just like the previous ones, provides an assessment of the country’s economic situation and policy, as well as gives perspectives of the development of economy.
In Latvia, stable economic growth rate that exceeds the current EU average continues. From 2011-2018, GDP, on average, increased by 3.6% annually.
In 2017-2018, economic growth accelerated. GDP growth rate increased to 4.6% and 4.8%, respectively. Accelerated economic activity was facilitated by improvements in the labour market, more intense acquisition of EU structural funds, and an increase in employment and wages.
Further economic development heavily relies on the situation in the external environment and the implementation of reforms. The development of Latvian economy will closely be linked to export opportunities. Thus, the largest risk to economic growth is related to the development of the global economy. The further development of the EU’s common space is of vital significance. The economic advantages of Latvia in the medium term will mainly be based on the achieved macroeconomic stability, which has resulted in improved credit ratings of Latvia, the efficient acquisition of EU structural fund programms, and overall improvements in the business environment.
Previous reports and other publications on economic development can be found here ...