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Evidence 2.3 for IPB dijon 3

Evidence 2.3 for IPB dijon 3 - growth of just 0.2 quarter...

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2.3 Evidence of Economic Growth Latvian wood and timber are an important sector in their economic growth. While it is their most valued natural resource, this contributes to their overall economy and GDP. In 2009, wood and timber products comprised 16.5 percent of the total major exports. This resource has boosted the Latvian economic forecast and has predicted to be a primary driver for the economy within the next five to ten years. A recent development shows that the GDP increased sharply in the second quarter. The seasonal and real GDP was 2.2% higher than the first quarter, and up by 5.3% in the last year. This followed
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Unformatted text preview: growth of just 0.2% quarter on quarter and 3.5% year on year in the first quarter. The quarterly rise in real GDP was the strongest since the first quarter of 2008, and minimized the negative outlook in economic restoration. Latvia’s finance ministry was pleased after receiving the quoted numbers, given their expectations were exceeded for this year; and even more growth is predicted for the third quarter. However, the Bank of Latvia called on the government not to water down previous plans for cutting public spending in 2012 and not to be too optimistic in its plans for 2012....
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