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Latvia registers EU's strongest growth in Q3

Photo: Edijs Palens/LETA.
 LUXEMBOURG, Nov 15 - In the third 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 second quarter, according to updated "Eurostat" data.
Latvia's gross domestic product (GDP) increased 5.3 percent in the third quarter as compared to the third quarter of 2011, which was the highest increase across the EU.
On quarterly basis, Latvia's GDP increased 1.7 percent in the third quarter. Estonia's also increased by 1.7 percent, while Lithuania's quarterly growth was 1.3 percent.
In year-on-year terms, Estonia recorded the second fastest GDP increase of 3.4 percent, while Lithuania placed third with a 3.3 percent GDP increase.
Greece recorded the steepest fall in GDP of 7.2 percent, followed by Portugal (3.4 percent) and Italy (2.4 percent).
Compared to the third quarter of 2011, the EU economy reduced 0.4 percent in the third quarter this year, while the eurozone's GDP decreased 0.6 percent.
As compared to the second quarter of 2012, the Netherlands registered the largest decrease in GDP - 1.1 percent. Portugal's GDP shrank 0.8 percent and Slovenia's 0.5 percent.
Quarter-on-quarter, the EU economy increased 0.1 percent in the third quarter and the eurozone's economy reduced 0.1 percent.
As reported, according to the Central Statistical Bureau's data, calculated using different methodology, Latvia's GDP increased by 5.3 percent in the third quarter of 2012, compared to the third quarter of 2011, according to seasonally non-adjusted data.
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