Analytics, Economics, EU – Baltic States, GDP

Initial estimates indicated that Latvia's economic growth in the first quarter of 2012 was the fastest in the EU year-on-year and the fastest fastest quarter-on-quarter.

Latvia's GDP in the first quarter this year increased 5.5% from the same period in 2011.

The second largest year-on-year growth was recorded in Lithuania – 4.4%. Estonia's gross domestic product (GDP) growth estimate remained unchanged at four%, and was the third largest growth recorded in the EU, informs LETA.

Of the 24 member states covered in the report, 14 registered increases in their GDP, while ten member states' GDP decreased.

The largest year-on-year reduction was recorded in Greece – 6.2%, followed by Portugal – 2.2%, and Hungary – 1.5%.

Compared to the fourth quarter of 2011, the EU's GDP increased 0.1% in the first quarter of this year, whereas the euro area's GDP reduced by 0.1%.

Compared to the fourth quarter of 2011, Latvia's GDP increased one% in the first quarter, the fastest in the EU.

According to the latest data, the second largest quarter-on-quarter growth was registered in Sweden, Poland, Finland and Lithuania – all by 0.8%. Estonia's GDP increase 0.5% from the fourth quarter of 2011.

Nine member states' GDP decreased in the first quarter from the previous one, 13 registered increases, while GDP remained unchanged in two. Compared to the fourth quarter of 2011, the GDP of both the EU and the euro area stayed the same in the first quarter of 2012.

Information on the Netherlands and Greece, however, is seasonally unadjusted.