Latvia’s economy expanded at the quickest pace in the European Union in the fourth quarter, fueled by trade and manufacturing.
Gross domestic product grew a preliminary 5.1 percent from a year earlier, compared with a 5.2 percent advance in the third quarter, the statistics office, based in the capital, Riga, said today by e-mail. That’s more than the 4.5 percent median estimate of 10 economists in a Bloomberg survey. GDP rose 1.3 percent from the previous quarter.
The Baltic country’s economy expanded by more than 5 percent for a second year in 2012 as output rebounded from the world’s deepest recession in 2008-2009, which erased almost a quarter of GDP. Growth will slow to 3.7 percent this year, the government estimates.
Trade grew 11 percent from a year earlier in the October- December period, while manufacturing expanded 6 percent, according to today’s statement. The statistics office will release detailed GDP data March 11.
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