{
  "title": "Republic of Latvia: 2017 Article IV Consultation-Press Release; Staff Report",
  "publication": "IMF Staff Country Reports, July 7, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/07/07/republic-of-latvia-2017-article-iv-consultation-press-release-staff-report-45050",
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  "summary": "This 2017 Article IV Consultation highlights that Latvia’s economic growth eased to 2 percent in 2016, as gross investment contracted significantly by 11.7 percent on the back of lower than expected absorption of European Union (EU) funds.",
  "publishDate": "2017-07-07",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Latvia’s economic growth eased to 2 percent in 2016.\n- Gross investment contracted by 11.7 percent in 2016.\n- The current account recorded a surplus of 1.5 percent in 2016.\n- Terms of trade improved by over 4.7 percent in 2016.\n- Growth is expected to pick up to 3.2 percent in 2017."
    },
    {
      "heading": "Drivers of 2016 performance",
      "content": "- Significant contraction in gross investment (11.7 percent) driven by lower than expected absorption of European Union (EU) funds.\n- Drag from net exports: import volume growth accelerated markedly while export growth remained modest.\n- Improvement in the terms of trade, driven largely by falling energy prices, supported a current account surplus despite strong import growth."
    },
    {
      "heading": "Outlook and projections",
      "content": "- Projected growth of 3.2 percent in 2017 is expected to be supported by:\n  - An accelerated pace of disbursement of EU funds.\n  - Continued robust private credit growth."
    },
    {
      "heading": "Analytical emphasis and thematic coverage",
      "content": "- Subject areas highlighted: Credit, Economic sectors, External debt, Fiscal policy, Informal economy, Money, Production, Total factor productivity.\n- Keywords associated with the consultation: balance of payments, CR, Credit, credit growth, current account, EU fund, growth, IMF staff estimate, Informal economy, ISCR, Latvia, liability position vis-à-vis nonresident, Total factor productivity, Western Europe, World Bank-International Monetary Fund mission.\n\nRepublic of Latvia: 2017 Article IV Consultation-Press Release; Staff Report — July 7, 2017\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/07/07/republic-of-latvia-2017-article-iv-consultation-press-release-staff-report-45050"
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    "Published: July 7, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484308042.002",
    "Latvia’s economic growth eased to 2 percent in 2016.",
    "Gross investment contracted by 11.7 percent in 2016.",
    "The current account recorded a surplus of 1.5 percent in 2016.",
    "Terms of trade improved by over 4.7 percent in 2016.",
    "Growth is expected to pick up to 3.2 percent in 2017.",
    "Significant contraction in gross investment (11.7 percent) driven by lower than expected absorption of European Union (EU) funds.",
    "Drag from net exports: import volume growth accelerated markedly while export growth remained modest.",
    "Improvement in the terms of trade, driven largely by falling energy prices, supported a current account surplus despite strong import growth.",
    "Projected growth of 3.2 percent in 2017 is expected to be supported by:",
    "Subject areas highlighted: Credit, Economic sectors, External debt, Fiscal policy, Informal economy, Money, Production, Total factor productivity.",
    "Keywords associated with the consultation: balance of payments, CR, Credit, credit growth, current account, EU fund, growth, IMF staff estimate, Informal economy, ISCR, Latvia, liability position vis-à-vis nonresident, Total factor productivity, Western Europe, World Bank-International Monetary Fund mission.",
    "**Country Report**"
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