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. Last Updated: 07/27/2016

Latvian GDP Shrinks

RIGA, Latvia -- Latvia's economy contracted in the first quarter due to the Russian crisis, but analysts said the 2.3 percent year-on-year decline was not as bad as some feared and the statistics department predicted a recovery by year-end.

The department said that the total economy for the quarter was 880.99 million lats ($1.47 billion) compared to first quarter 1998 gross domestic product growth of 7.6 percent, when the total economy was 857 million lats.

Analysts had predicted a GDP contraction for the first quarter of between 1.5 percent and 5 percent.

The department said per capita GDP rose in real terms to $625 from $602 for the first three months of last year.