Latvian GDP growth slows in Q1

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Latvia’s economy expanded at the slowest pace in more than two years in the first quarter as manufacturing contracted. Gross domestic product grew a preliminary 3.1% from a year earlier, compared with a 5.1% advance in the fourth quarter, the Central Statistical Bureau in Riga said Friday. GDP rose 1.2% from the previous quarter. The Baltic country’s economy recorded growth of more than 5% for a second year in 2012 after the world’s deepest recession in 2008-2009 erased almost a quarter of GDP. Expansion will slow to 3.8% this year and 4.1% in 2014, according to European Commission. Retail trade grew 6% from a year earlier between January and March, while construction expanded 9%, according to the statistics office. Manufacturing contracted 5%, it said.

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