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Latvia demonstrates one of the most rapid economic growth rates in EU

In the third quarter of 2017, Latvia had experienced one of the most rapid GDP growth rates among European Union member states, according to information from Eurostat.

According to seasonally adjusted data, Latvia’s GDP grew by 6.2% in 2017. A more rapid economic growth was noted in Romania (+8.6%) and Malta (+7.7%). A slightly slower increase was noted in Poland (+5.2%), Czech Republic (+5%) and Slovenia (+4.9%).

GDP growth in Lithuania and Estonia was 3.4% and 4.2% respectively.

GDP growth was noted in all EU member states for which data is available.

Germany, Europe’s largest economy grew by 2.8% in Q3 2017 when compared with the same quarter of 2016. Compared with Q2, however, Germany’s GDP growth was 0.8%.

In Q3 2017, GDP growth was registered in all EU member states, except for Denmark, where a 0.6% GDP decline took place.

GDP in Latvia grew by 1.5% in Q3. A more rapid economic growth was registered in Romania (+2.6%) and Malta (+1.9%). Slightly slower growth was registered in Bulgaria, Croatia and Hungary (+0.9% in all three), as well as Sweden, Slovakia, Austria and Spain (+0.8% in all four of them). Estonia’s economy grew by 0.3% in this period, whereas Lithuania’s economy grew by 0.1%.

The economy in both the EU and Eurozone grew 2.6% in Q3 2017 when compared with the same period of 2016. Compared with Q2, economic growth in EU and Eurozone was 0.6%.

Data for Ireland and Luxembourg is not available.


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