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Latvia's GDP increases 5.3% in Q3

 RIGA, Nov 9 - 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.
The full report on GDP growth in the third quarter will be released on December 7.
As reported, Latvia's GDP increased 5 percent in the second quarter year-on-year and 6.9 percent in the first quarter.
In 2011, Latvia's GDP rose 5.5 percent from 2010.
According to the Finance Ministry's estimates, Latvia's GDP will increase 4 percent this year, whereas Bank of Latvia's projection is 3.5 percent to 4 percent.

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