RIGA — Latvia’s economy shed 18 percent of its value in 2009, the statistics department announced Thursday, the worst year since the country gained independence in 1991 and the poorest performance in the 27-member European Union.
In the fourth quarter gross domestic product plummeted 16.9 percent on an annual basis, which is down from a 19 percent fall registered in the third quarter, suggesting that the worse part of the devastating recession is [private_supervisor]behind.
The statistics agency said that retail trade was the worst-hit sector, falling more than 31 percent in the fourth quarter compared with the same period in 2008. Retail accounts for 14.1 percent of Latvia’s €23 billion economy.
Meanwhile, Estonia announced Thursday that its economy contracted 14.1 percent last year, while the fourth-quarter fall in GDP was 9.5 percent (annual), far less than the trough of 16.1 percent recorded in the second quarter.
Estonia’s economic decline is expected to be the third worst in the EU, behind Lithuania. The Bank of Latvia said Thursday that the economy will likely fall 2-2.5 percent this year, with growth to resume in the fourth quarter this year. [/private_supervisor] [private_subscription 1 month]behind.
The statistics agency said that retail trade was the worst-hit sector, falling more than 31 percent in the fourth quarter compared with the same period in 2008. Retail accounts for 14.1 percent of Latvia’s €23 billion economy.
Meanwhile, Estonia announced Thursday that its economy contracted 14.1 percent last year, while the fourth-quarter fall in GDP was 9.5 percent (annual), far less than the trough of 16.1 percent recorded in the second quarter.
Estonia’s economic decline is expected to be the third worst in the EU, behind Lithuania. The Bank of Latvia said Thursday that the economy will likely fall 2-2.5 percent this year, with growth to resume in the fourth quarter this year. [/private_subscription 1 month] [private_subscription 4 months]behind.
The statistics agency said that retail trade was the worst-hit sector, falling more than 31 percent in the fourth quarter compared with the same period in 2008. Retail accounts for 14.1 percent of Latvia’s €23 billion economy.
Meanwhile, Estonia announced Thursday that its economy contracted 14.1 percent last year, while the fourth-quarter fall in GDP was 9.5 percent (annual), far less than the trough of 16.1 percent recorded in the second quarter.
Estonia’s economic decline is expected to be the third worst in the EU, behind Lithuania. The Bank of Latvia said Thursday that the economy will likely fall 2-2.5 percent this year, with growth to resume in the fourth quarter this year. [/private_subscription 4 months] [private_subscription 1 year]behind.
The statistics agency said that retail trade was the worst-hit sector, falling more than 31 percent in the fourth quarter compared with the same period in 2008. Retail accounts for 14.1 percent of Latvia’s €23 billion economy.
Meanwhile, Estonia announced Thursday that its economy contracted 14.1 percent last year, while the fourth-quarter fall in GDP was 9.5 percent (annual), far less than the trough of 16.1 percent recorded in the second quarter.
Estonia’s economic decline is expected to be the third worst in the EU, behind Lithuania. The Bank of Latvia said Thursday that the economy will likely fall 2-2.5 percent this year, with growth to resume in the fourth quarter this year. [/private_subscription 1 year]
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