Analytics, EU – Baltic States, Financial Services, GDP, Latvia, Markets and Companies

However, already next year, Latvia is expected to post the eurozone's fastest growth, according to EY experts, who predict that Latvia's GDP will grow 4.2% in 2017, 4.8% in 2018 and 4.5% in 2019.

Meanwhile, the EY experts point out that heading into 2016, the Eurozone recovery is becoming broader-based and more self-sustaining. ''After initially being led by consumer spending in 2014-15, conditions are now right for the rebound in capital investment that should underpin a steady (if unspectacular) recovery into the medium term. We expect GDP growth of 1.5% in 2015, before it picks up to 1.8% in 2016 and 2017,'' according to the EY Economic Forecast.

''Growing exports and rebounding domestic demand mean that capacity constraints are emerging in a number of sectors. Alongside better access to credit and low interest rates for the foreseeable future, this is driving increased loan demand. We expect total fixed investment to grow 2.4% in 2016 (the fastest rate since 2007), accelerating to 3.1% in 2017,'' according to EY.

EY predicts that Latvia's inflation level this year will reach 1.8%, and 2.4% each year the next three years.

EY also predicts that the unemployment level in Latvia will drop to 9.1%, which will be lower than the eurozone average – 10.6%. EY believes that the lowest unemployment this year will be in Germany – 4.5%, but the highest in Greece – 26.5%.