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Latvia registers EU's strongest growth in Q4

 LUXEMBOURG, Feb 14 - In the fourth quarter of 2012, Latvia displayed the fastest year-on-year economic growth in the European Union, as well as the fastest growth when compared with the third quarter, according to "Eurostat" data.

Latvia's gross domestic product (GDP) increased 5.7 percent in the fourth quarter as compared to the fourth quarter of 2011, which was the highest increase across the EU.
On quarterly basis, Latvia's GDP increased 1.3 percent in the fourth quarter. Lithuania's GDP increased by one percent, while Estonia's quarterly growth was 0.9 percent.

In year-on-year terms, Estonia recorded the second fastest GDP increase of 3.4 percent, while Lithuania placed third with a 3.1 percent GDP increase.
Greece recorded the steepest fall in GDP of six percent, followed by Portugal (3.8 percent) and Cyprus (three percent).

Compared to the fourth quarter of 2011, the EU economy reduced 0.6 percent in the fourth quarter of 2012, while the eurozone's GDP decreased 0.9 percent.

As compared to the third quarter of 2012, Portugal registered the largest decrease in GDP - 1.8 percent. Cyprus' GDP shrank one percent and Hungary's 0.9 percent.

Quarter-on-quarter, the EU economy decreased 0.5 percent in the fourth quarter of last year, and the eurozone's economy reduced 0.6 percent.

Overall in 2012, the EU's GDP reduced by 0.3 percent, while the euro-zone's GDP reduced by 0.5 percent.
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