European Commission projects Latvian economy to show fastest growth among Baltic states in 2018

The European Commission expects Latvia’s gross domestic product (GDP) to grow by 4.1% this year, which would be the fastest rate among the Baltic states, the Commission’s latest economic forecast shows, writed LETA/BNS.

In 2019, the European Commission projects Latvia’s economic growth rate to slow down to 3.2% and in 2020 to 2.9%.

Latvia’s annual inflation is forecast at 2.7% for this and next year. In 2020, Latvia’s HICP (Harmonized Indices of Consumer Prices) inflation is expected to drop to 2.4%.

Estonia is likely to show the second strongest growth in the Baltics, with its GDP growth for this year projected at 3.5 %. The growth of the Estonian economy will slow down to 2.8% in 2019 and to 2.6% in 2020, according to the European Commission’s forecast. Inflation in Estonia is forecast at 3.5% for 2018, 3.3% for 2019 and 2.5% for 2020.

Lithuania’s GDP is projected to grow 3.4% this year, 2.8% next year and 2.5% in 2020. Lithuanian inflation is forecast at 2.6 % for this year, 2.2% for 2019 and 2.1% for 2020.

The European Union’s economic growth is projected at 2.2% for this year, 2% for next year and 1.9% for 2020. The euro area is expected to show 2.1% growth this year, 1.9% growth in 2019 and 1.7% in 2020.

Inflation prognoses for the EU is 1.8% for 2018, 1.9% for 2019 and 1.7% for 2020. In the euro area, the inflation rate is projected at 1.8% for this and next year and 1.6% for 2020.

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