Macro - Country Economic Forecasts - Latvia
We've cut our 2024 GDP growth forecast for Latvia by 1.2ppts to just 0.6% since our last update in June. We attribute our downward revision primarily to a large growth disappointment in Q2, when the economy shrank by 1.1% q/q, posting the largest contraction in the eurozone. Although we expect Latvia's economic recovery will reassert itself over H2 2024 and 2025 on the back of a pickup in consumption and public investment, we now expect softer growth over the near term.
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