Latvia's economy grew at a faster-than-estimated pace in the fourth quarter of 2013, latest data from the Central Statistical Bureau showed Monday.

Gross domestic product rose a seasonally unadjusted 3.6 percent year-on-year, following 4.6 percent growth in the third quarter.

Growth was initially estimated at 3.5 percent. The fourth quarter expansion is the slowest since the first quarter of 2011, when the economy expanded 2.7 percent.

On a quarterly basis, GDP rose 0.8 percent in the fourth quarter, after a 1.2 percent expansion in the previous three months. The quarterly figure was earlier reported as 0.7 percent.

A 0.01 percent contraction estimated earlier for the second quarter was revised up to 0.01% growth.

In the whole year 2013, Latvia's economy grew 4.1 percent. The country became the 18th member of the Eurozone on January 1.

The former Soviet state joined the currency bloc after it plunged into an acute financial crisis more than five years ago, in the wake of the collapse of the country's once thriving easy credit market.

RTTNews