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Thursday, 21.11.2024, 11:09
UniCredit: Latvia's GDP will grow by 3.9%, Estonia’s – by 3.9% too, and Lithuania – by 3.7% in 2011
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Similar to the other Baltic countries, the main driving force of Latvia's economic recovery is exports. The bank's experts praised the results of Latvia's manufacturing industry, writes LETA.
There are also positive hopes towards Latvia's domestic spending, which has started showing signs of recovery and will allow the country's economy to develop faster in the future.
According to calculation by UniCredit bank experts, Latvia's GDP in 2010 decreased by about 0.9%, whilst in Estonia it increased by 2.4% and in Lithuania by 0.9%.
As the bank's economic experts point out in the report, Latvia is finally climbing out of its recession, however, Latvia's GDP is still by 22.6% smaller than it was before the crisis. Even though Latvia is implementing the International Monetary Fund's program, it is still necessary for the country to improve its finances, so that it could finally put the crisis behind it.
In 2009, Latvia's GDP reduced by 18%, Lithuania's by 15% and Estonia's by 14.1%.
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