Latvia's gross domestic product (GDP) in the fourth quarter of last year grew faster than the average in the European Union (EU) compared to the same period a year earlier, according to data published on Friday by Eurostat. Thus, Latvia outpaced Sweden, Luxembourg, France, Austria, Belgium, and several other countries.
According to seasonally adjusted data, Latvia's GDP grew by 2.5% in the fourth quarter compared to the same period last year. In October-December, all EU countries recorded economic growth, except for Romania, where GDP decreased by 1.5%. The highest growth was recorded in Malta (+6.4%), Cyprus (+4.5%), Poland (+3.6%), Croatia (+3.3%), and Lithuania (+3.1%). In Estonia, as well as in Italy, GDP grew by 0.8%.
On average, GDP in the EU grew by 1.4% in the fourth quarter compared to October-December last year, while in the eurozone it grew by 1.2%. Compared to July-September, GDP in both the EU and the eurozone grew by 0.2%.
Economic growth compared to the previous quarter was recorded in 22 countries, with the highest growth noted in Malta (+2.1%), Lithuania (+1.7%), Croatia, and Cyprus (both countries +1.4%). At the same time, declines were recorded in Ireland (-3.8%), Romania (-1.9%), Luxembourg, and Estonia (both countries -0.1%), while Austria's GDP remained at the same level. In Latvia, as in the Czech Republic, the economy grew by 0.6% compared to the previous quarter.
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