Latvian Q2 GDP up 5.3% on year09.08.2011, 15:11
The Latvia's statistics office has released its estimate for Q2 2011 GDP growth today, showing that the Latvian economy has grown 5.3% year-on-year, reports news2biz.
More encouragingly, the quarter-on-quarter growth has reached 2.2%, finally picking up speed after two quarters of increasingly worse performance.
The Q2 GDP growth is the largest y-o-y growth the Latvian economy has achieved since Q4 2007. Moreover, the gap between the Baltic countries is closing: Lithuania's estimated GDP growth in Q2 reached 5.9% y-o-y, slowing down while Latvian economy is gaining speed. Estonia has not yet published its Q2 results.
Much of the GDP growth comes from a notably increased industrial output: 13% up y-o-y in Q2. Manufacturing showed the highest growth at 15.5% y-o-y.
More detailed figures will be announced on 8 September.