Dec. 9 (Bloomberg) -- Latvia’s economy grew at a quicker pace in the third quarter than previously estimated as domestic consumption, industrial production and construction expanded.
Gross domestic product rose by a revised 6.6 percent from a year earlier, the Riga-based statistics office said. That compares with a previous estimate for a 5.7 percent expansion and is the fastest pace since the fourth quarter of 2007, when the economy expanded 10 percent. GDP grew a seasonally adjusted 1.7 percent from the previous three months, the office said.
The Baltic country’s economy began to recover in the second half of 2010 after a debt-fueled property bubble burst, export markets closed and lending tightened, erasing almost a quarter of GDP. The government will have passed tax increases and spending cuts of about 17.8 percent when including next year’s budget since turning to a group led by the European Commission and the International Monetary Fund for a 7.5 billion-euro ($10 billion) loan in 2008.
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