News: Latvian GDP growth – the largest in the European Union
The Latvian statistics office 'Centralā statistikas pārvalde' has released the GDP growth data of the first quarter of 2012, showing that the Latvian economy is up 6.9%.
The index has been revised upwards by 0.1% from the estimated GDP growth in the first quarter. This fact makes the Latvian GDP growth officially the largest in the EU.
The quarterly growth also has been revised upwards and now stands at 1.1%.
Among the biggest contributors to the growth stands the growing retail trade that makes up 17% of GDP and is up 8.1%. Construction, contributing 4% of GDP, is up 28.5%, indicating that the sector is finally recovering from the recession. The growth of GDP has led to a 19.3% increase in tax collection.
This is good soil to start up a business and open a company in Latvia.