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Latvian GDP growth driven by timber industry

09-12-2013 kl. 16:53
The Latvian economy expanded by 4.5 per cent year-on-year in the third quarter of 2013, according to data published by the Central Statistical Bureau (CSB) today (December 9th).

On a seasonally-adjusted basis, the country's gross domestic product (GDP) output was 1.3 per cent higher in Q3 than in the previous three months. 

When compared to the same period in 2012, Latvia's GDP has advanced by 4.2 per cent over the course of the year to date.

According to the CSB, a significant increase in construction has been a contributory factor in the growth, rising by 11.6 per cent. This was boosted by an 83 per cent quarter-on-quarter climb in the construction of residential buildings. 

Manufacturing in the country gained 2.5 per cent in the three months to the end of September, contributing 0.3 percentage points to the GDP growth.

This was driven by a six per cent advance in the manufacture of wood and products of wood, which comprise more than one-fifth (20.5 per cent) of the total output in the sector.

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