Latvia emerges as fastest-growing Baltic economy with 4.8 pct GDP growth in 2018

Source: Xinhua| 2019-03-01 00:37:06|Editor: yan
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RIGA, Feb. 28 (Xinhua) -- Latvia emerged as the fastest-growing Baltic economy in 2018 as its seasonally unadjusted gross domestic product (GDP) expanded by 4.8 percent against 2017, also the fastest growth rate in seven years, the national statistics office informed Thursday.

Latvia's GDP last year was 29.5 billion euros at current prices.

Meanwhile, the economy of Latvia's northern neighbor Estonia grew 3.9 percent last year and Lithuania reported 3.5 percent growth for 2018.

Latvia's agricultural sector showed 3 percent growth in 2018 even though last year's grain harvest shrank 24 percent from 2017.

Manufacturing also rose by 3 percent, primarily thanks to the strong performance of the timber industry, metalworking and manufacture of computers, electronic and optical equipment.

Construction volumes increased by 22 percent in 2018, which in turn fueled growth of the real estate market.

Retail trade quickened by 4 percent and transportation and warehousing picked up 5 percent, whereas a 7 percent drop was recorded in the financial and insurance services sector.