Latvia’s economy crawls out of recession

| May 10, 2010 | 0 Comments
”Latvia’s

The Latvian economy has finally emerged from recession after experiencing growth of just 0.3% in the first quarter of 2010.

The data showed that the economy had expanded for the first time since Latvia entered recession in the first quarter of 2008.

However, despite emerging from recession, the economy faces huge pressures. It was severely it by the global financial crisis and the economy contracted by a massive 18% last year - the worst fall in the 27-nation European Union.

Latvia experienced many boom years, driven by fast-growing wages and a thriving property market.

It gained a reputation for sensational growth with its economy surging by 10.6% in 2005, 12.2% in 2006 and 10% in 2007.

However, in 2008, the property market crashed and now more than one in five adults in the country is unemployed.

The news comes just a few days after figures revealed that the Spanish economy has finally emerged from recession after experiencing growth of just 0.1% in the first quarter of 2010, ending a run of seven consecutive quarters of contraction.

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