European Commission expects Latvia’s economic growth to be 3.1% this year

The European Commission expects Latvia’s economic growth to be 3.1 percent this year, according to the European Commission’s Winter Economic Forecast.

The European Commission’s representation in Latvia reported that European Commission’s Vice President Valdis Dombrovskis has said, Latvia retains a stable economic growth – last year it was 4.7 percent and this year is expected to be at 3.1 percent. The economic growth is still driven by a steep rise of investments and high level of private consumption.

The economic activity in the EU is expected to grow for the seventh consecutive year and there will be a growth in all member states, even though it is slowing down. The euro area’s gross domestic product (GDP) is expected to rise 1.3 percent this year and 1.6 percent next year, while the EU economic growth forecast is set at 1.5 percent in 2019 and 1.7 percent in 2020.

Considering the uncertainties surrounding Brexit, the forecasts on 2019 and 2020 are based on technical assumptions that nothing will change in the trade models between the 27 EU member states and the UK.

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