Hotels among biggest sufferers in Latvia


Latvia’s gross domestic product fell by 4.6 percent in the third quarter of 2008, compared to the same period of the previous year. According to the data of the Latvian Central Statistics Office, GDP fell by 0.6 percent overall during the first nine months of the year. Virtually every sector suffered a decline in Q3, one of the worst hit being the hotel and restaurant sector, whose growth tumbled by 11.4 percent. It will suffer to an even greater extent in 2009 as VAT for hotel and guest house services is increased to between 18 and 21 percent.


Diena, 2008-12-10

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