IMF Staff Country Reports

Republic of Latvia: Staff Report for the 1999 Article IV Consultation

Publication Date:

August 10, 1999

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

This 1999 Article IV Consultation highlights that macroeconomic developments in Latvia were severely affected by the Russian economic crisis. Real GDP declined by 1.9 percent in the fourth quarter of 1998, and further contraction is estimated for the first quarter of 1999. As a consequence, the rate of unemployment rose to 10.1 percent in May, up from 7 percent a year earlier. Meanwhile, inflation has continued to fall amid continued tight monetary policy and weak domestic demand, reaching 1.9 percent in May.

Series:

Country Report No. 1999/077

Subject:

Banking Commercial banks Economic sectors Financial institutions Fiscal policy Macrostructural analysis Privatization Structural reforms Tariffs Taxes

Notes:

Included with the Staff Report are the text of Public Information Notice No. 99/71--IMF Concludes Article IV Consultation with Latvia and a Statement by Mr. Hansen, Executive Director, on July 28, 1999.