Latvia Q1 Growth Unrevised

(RTTNews) - Latvia's economy growth slowed in the first quarter as estimated earlier, latest data from the Central Statistical Bureau showed Monday.

Gross domestic product grew 2.8 percent year-on-year, following a 3.6 percent rise in the previous quarter. The flash estimate was left unrevised. It was the slowest pace of growth since the first quarter of 2011, when the economy expanded 2.7 percent.

Sequentially, GDP rose 0.6 percent in the first quarter, revised from 0.7 percent estimated earlier. In the fourth quarter, the economy expanded 0.7 percent. It was the third sequential expansion in a row.

Last week, the Latvian central bank cut the GDP growth forecast for this year to 3.3 percent from 4 percent.