Republic of Latvia:Selected Issues

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2013 Issue 029

Publication date: January 2013

ISBN: 9781475578522

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Labor , Economics- Macroeconomics , ISCR , CR , estimate , labor market , output gap estimate , crisis , unemployment gap , vocational education , output gap in Latvia , Output gap , Potential output , Unemployment rate , Labor markets , Europe , Baltics , Global

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Summary

This note presents estimates of potential growth and the output gap in Latvia. The estimates suggest that the output has marked below potential in the early 2000s but the output gap becomes positive and large after EU accession. With unemployment still well above its natural level, the output gap is estimated to be negative in 2012, but is expected to narrow gradually and be closed in the next 3–4 years. Potential growth is expected to be substantially lower than in 2002–07.