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Economic growth this year will be from 4.5% to 5% - Vilks

Andris Vilks. Photo: LETA.
 RIGA, Nov 9 - Also in the third quarter of this year, Latvia has continued to see balanced economic growth, which has been excellent. Thus, the economic growth figure for 2012 will be better than previously predicted, and could be from 4.5 to 5 percent, Finance Minister Andris Vilks (Unity) points out.
''Latvia's economy is continuing to show resistance to the negative trends in Southern Europe. Contrary to previous forecasts, Latvia has seen growth increase when compared to the previous quarter. Meanwhile, compared to the third quarter of last year, Latvia has registered 5.3 percent growth, which most likely will once again be the largest growth in the EU,'' Vilks emphasized.
The finance minister says that growth can be seen in various sectors - manufacturing and export, retail trade, as well as construction. Growth in these areas has also led to increase in consumer spending. Furthermore, the excellent harvest this year has also helped facilitate economic growth in Latvia, which has also left a positive mark on the transport sector.
He added that the largest risks to Latvia's economic development are related to events taking place outside of Latvia.
As reported, based on seasonally unadjusted data, Latvia's gross domestic product increased 5.3 percent in the third quarter this year as compared with the same period in 2011, according to the Central Statistical Bureau's flash estimate.
The growth in industry and in trade of 7 percent as well as 8 percent growth in construction had a significant positive effect on the GDP. During the third quarter, increases were recorded in almost all areas of the services sector, and budget revenue from taxes on products increased 7 percent.
Compared to the second quarter of 2012, GDP increased 1.7 percent in the third quarter, according to seasonally adjusted data.

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