This and next year, Latvia’s gross domestic product is likely to show the fastest growth among the Baltic states, according to the European Commission’s latest forecast.
The European Economic Winter Forecast 2019, released by the European Commission on Thursday, shows that the Latvian economy is projected to grow 3.1% in 2019 and 2.6% in 2020.
Latvian inflation is forecast at 2.7% for this year and 2.1% for next year.
Meanwhile, Lithuania and Estonia are expected to show identical economic growth in the next couple of years – 2.7% in 2019 and 2.4% in 2020.
According to the European Commission’s forecast, Estonian inflation will reach 2.8% this year and slow down to 2.3 % in 2020. In Lithuania, consumer prices are expected to rise by 2.2% in 2019 and 2.1% in 2020.
The European Union’s (EU) economic growth rate is forecast at 1.5% for 2019 and 1.7% for 2020. The economic growth forecast for the EU minus the UK is 1.5% for 2019 and 1.8% for 2020.
The euro area’s growth is forecast to accelerate from 1.3% this year to 1.6% next year.
Inflation in the EU is expected to reach 1.6% in 2019 and rise to 1.7% in 2020. In the euro area, the inflation rate is forecast at 1.4% for this year and 1.5% for next year.
