Turkey keeps policy rate constant at 50%
7 hours ago
The Latvian economy grew a seasonally adjusted 4.8% y/y in the second quarter, a flash reading from the Central Statistical Bureau (CSB) showed on July 31.
The result shows a further acceleration in economic growth on the revised seasonally adjusted expansion of 4.1% y/y in January-March. The April-June economic expansion is the third consecutive quarter of accelerating annual growth.
Unadjusted growth came in at 4.1% y/y, an increase of 0.1pp on the annual expansion recorded the previous quarter. In quarterly terms, the economy grew a seasonally and working day adjusted 1.3%, 0.3pp faster than the previous quarter.
The strong performance came across the key sectors of the economy. There was a 14% y/y expansion in construction, after the sector proved a significant drag during much of 2016, as take-up of EU funding improves. Industrial production grew 8%, while the services sector gained 3%.
Detailed data on GDP growth in the second quarter is due on August 31.
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Turkey keeps policy rate constant at 50%
Central bank is, notably, no longer talking about building up its reserves in parallel with so-called monetary framework simplification policy.
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