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. Last Updated: 07/27/2016

Riga Predicts Growth

RIGA, Latvia -- The Latvian Economics Ministry said Thursday it expected the Gross Domestic Profit to grow between 4 percent and 5 percent this year, leaping from 0.1 percent last year.

It put its medium-term forecast at an average of 5 percent to 6.6 percent for 2002 to 2006. The ministry said in its twice-yearly report on the economy that its medium-term forecast presents two scenarios, one slow and one fast. The fast one assumes that Russia, once Latvia's key trade partner, recovers quickly.

Latvia saw its trade with Russia shrink 40 percent in 1999 year-on-year. It has managed to reorient some of its exports to the EU.