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European Commission believes Latvia will have EU's strongest growth next few years

 BRUSSELS, Feb 22 - On Friday, the European Commission published its economic forecast for 2012-2014, predicting that Latvia will have the strongest economic growth in the European Union.

The European Commission projects that Latvia's GDP will increase by 3.8 percent in 2013, compared to 5.3 percent growth in 2012. Furthermore, the European Commission also believes Latvia's GDP will increase by 4.1 percent in 2014.

Commenting Latvia's growth forecast, the European Commission points out that the country's economic growth in 2013 and 2014 will be stimulated mostly be domestic demand and exports. The European Commission believes that household consumption will increase by 3.8 percent in 2013 and 4.1 percent in 2014, while exports will increase by 4.8 percent and 6.6 percent respectively.

Meanwhile, the European Commission predicts that Lithuania's economy will grow by 3.1 percent this year, compared to 3.6 percent growth in 2012. Next year, Lithuania's GDP could increase by 3.6 percent.

At the same time, the European Commission forecasts that Estonia's economy will grow by three percent this year and by four percent in 2014. According to the European Commission's calculations, Estonia's GDP increased by 3.2 percent last year.

The European Commission also forecasts that the unemployment level in Latvia will reduce to 13.7 percent in 2013 and to 12.2 percent in 2014, compared to 14.9 percent unemployment in 2012.

In Lithuania, the unemployment level will reduce to 11.4 percent this year and to 9.8 percent next year, compared to 13 percent in 2012.

In Estonia, the unemployment level will reduce to 9.8 percent this year and to nine percent next year, compared to 10 percent in 2012.

Furthermore, the European Commission also projects Latvia's inflation rate at 1.9 percent this year and 2.2 percent next year. Lithuania's inflation rate, is forecast at 2.4 percent this year and 2.9 percent next year, while Estonia's inflation rate is predicted at 3.6 percent this year and 3.2 percent next year.
leta.lv
22-02-2013
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