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RIGA, Latvia – Eurozone shoo-in Latvia topped the European Union’s (EU) growth chart for the first quarter on Friday, June 7, as official data showed it posted a 3.6% hike in GDP output.
The ex-Soviet Baltic state of two million won approval from the EU executive on Wednesday, June 5, to become the eurozone’s 18th member in 2014, though ordinary Latvians seem fearful of ditching their national currency as the euro area struggles in recession.
On a quarterly comparison, Latvia’s gross domestic product rose by a seasonally-adjusted 1.4% in the first quarter of 2013 on a quarterly basis, Statistics Latvia said.
The largest gains were seen in the trade, manufacturing and transportation sectors, it said.
The data means Latvia has retained its spot as the EU’s fastest-growing economy, having posted GDP growth of more than 5% year-on-year in both 2011 and 2012.
Latvia expects formal approval of the European Council and European finance ministers on July 9 for eurozone entry on January 1, 2014.
No country recommended for membership of the single currency has ever been turned away at such a late stage.
But public support for adoption of the debt-laden European single currency remains low with a survey by the Factum pollster conducted for the finance ministry and seen by AFP putting support at just 38% in May with 53% opposed.
Seventy percent of Latvians believe prices will rise as a result of euro adoption, the survey says.
Full details of the survey are due to be released on June 11. – Rappler.com
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