Latvia recorded faster gross domestic product (GDP) growth in the fourth quarter of last year compared with the average in the European Union, according to data published Friday by the EU’s statistical office Eurostat.
According to seasonally adjusted data, Latvia’s GDP in the fourth quarter increased by 2.5% year-on-year compared with the same period a year earlier.
Overall, economic growth in October–December was recorded in all EU member states except Romania, where GDP declined by 1.5%. The strongest growth was registered in Malta (+6.4%), Cyprus (+4.5%), Poland (+3.6%), Croatia (+3.3%) and Lithuania (+3.1%). In Estonia, as well as Italy, the economy grew by 0.8% during the same period.
Across the EU, GDP rose by 1.4% year-on-year in the fourth quarter, while in the eurozone it increased by 1.2%.
Compared with the previous quarter (July–September), GDP in both the EU and the eurozone grew by 0.2%.
Quarter-on-quarter economic growth was recorded in 22 EU member states.
The strongest increases were seen in Malta (+2.1%), Lithuania (+1.7%), and both Croatia and Cyprus (+1.4%). Declines were recorded in Ireland (–3.8%), Romania (–1.9%), as well as Luxembourg and Estonia (both –0.1%), while Austria’s GDP remained unchanged. Latvia, like the Czech Republic, recorded 0.6% growth quarter-on-quarter.
For the annual comparison, working-day adjusted data were used for Netherlands, Finland, and Sweden.
Read also: Ukrainians to help Middle East defend against Iranian drones