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Latvia's retail sales plunge 26 pct

Latvia's retail sales plunge 26 pct

Latvia's retail sales plunged 26.4 percent in the 12 months to May, the statistics office announced Tuesday, underscoring the Baltic state's steep recession.
Latvia Statistics said that trade of non-industrial goods such as food fell 18.9 percent in May compared with a year ago, while trade of industrial items like clothes plummeted 29.9 percent.
The steep decline in sales was expected given the deteriorating economic conditions in Latvia. Gross domestic product is expected to decline by up to 20 percent this year, the steepest fall in the European Union.
Unemployment continues to rise, and the government has been forced to slash expenditures in order to maintain a manageable budget deficit and qualify for an international bailout loan.
Latvia's center-right government is waiting on a final decision on the next payment of the loan _ worth


Updated : 2021-07-29 11:02 GMT+08:00