Macroeconomic Forecast Latvia

Growth in Latvian industrial output slowed in May, though is still expanding at an enviable clip. According to the latest data provided by the statistical office, industrial production increased 10.2% in May compared to the same month a year earlier, moderating from 13.7% the previous month, though marking an almost uninterrupted year of double-digit growth. Going forward, we expect industry to continue posting solid growth as a result of the recovery in global demand conditions, though expect the pace of growth to moderate. We forecast industrial production to expand 9.0% in 2011 and 7.5% in 2012.

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