In the fourth quarter of 2011, Latvia's economy displayed the second-fastest growth across the European Union when compared with the fourth quarter of 2010, or the fourth-fastest if compared to the third quarter of 2011, according to the latest data from the EU's statistical office Eurostat. The largest year-on-year growth was recorded in Lithuania – 5.4%, even though it was initially estimated that the country's GDP grew 4.5% year-on-year. Estonia's gross domestic product (GDP) growth estimate remained unchanged at 4%.

Initial estimates indicated that Latvia's economic growth in the fourth quarter of 2011 was the fastest in the EU year-on-year and the second fastest quarter-on-quarter, informs LETA.

Latvia's GDP in the fourth quarter last year increased 5.3% from the same period in 2010.

Of the 24 member states covered in the report, 18 registered increases in their GDP, while six member states' GDP decreased.

The largest year-on-year reduction was recorded in Greece – 7%, followed by Portugal – 2.7% and Slovenia – 1.5%.

Compared to the fourth quarter of 2010, the EU's GDP increased 0.9% in the fourth quarter last year, whereas euro area's GDP grew 0.7%.

Compared to the third quarter of 2011, Latvia's GDP increased 0.8% in the fourth, even though it was initially estimated that the country's GDP grew 0.9% quarter-on-quarter.

According to the latest data, the largest quarter-on-quarter growth was registered in Poland – 1.1%, Lithuania – 1%, and Slovakia – 0.9%.

Estonia's GDP reduced 0.8% from the third quarter 2011.

13 member states' GDP decreased in the fourth quarter from the third, nine registered increases, whereas Cyprus' GDP remained unchanged.

Compared to the third quarter of 2011, the GDP of both the EU and the euro area reduced 0.3% in the fourth.

Information on the Netherlands, Greece and Estonia, however, is seasonally unadjusted.