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Friday, June 20, 2008

Latvia Current Account Deficit Q1 2008

Latvia's current-account deficit, which was the widest in the European Union last year, narrowed in the first quarter over Q1 2007 as economic and import growth slowed. The Q1 2008 deficit was 19.4 percent of gross domestic product, compared with a 26.6 percent deficit in the first quarter of last year, according to the Latvian the central bank this morning. The deficit in total was 666.2 million lati ($1.48 billion).

Latvia's economy is has been slowing dramatically as lenders tighten credit and the inflation rate, at a 12-year high of 17.9 percent in May, reduces consumers' buying power. Economic growth slowed to an annual 3.3 percent in the first quarter, the lowest level since 1999, and working day adjusted retail sales fell 1.1 percent.

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