OREANDA-NEWS. April 10, 2013. In March, Latvia’s Central Statistical Bureau (CSB) released information on the most recent estimates of Latvia’s gross domestic product (GDP). The positive data indicate that TKB depositors of Solidary Deposit will get the maximum deposit profit of 4%, which is several times above the market rates for a deposit per year.

The special deposit product - Solidary Deposit TKB offered its customers last spring (from April, 16 to May,16, 2012). It is a term deposit for a year with its income pegged to the growth of Latvia’s GDP: if Latvia’s GDP growth in 2012 exceeds at least 2%, interest on the Solidary Deposit will be calculated at an increased rate of 4%, but if the growth does not meet the positive prognosis, deposit income will be calculated at the base interest rate of 2%.

As the results of 2012 show, GDP growth in 2012 exceeded even the most daring forecasts. According to CSB data, Latvia’s gross domestic product in 2012 increased by 5.6% compared to 2011. Such increase of GDP in 2012 was mainly determined by growth in the following sectors: trade (share in the GDP structure – 16.1 percent) – 7 percent, manufacturing (14.5 percent) – 9.3 percent, transport and communications (12.1 percent) – 4 percent, the construction sector (6.1%) - 14.6%. More detailed information and breakdown by industries and quarters is available on the Central Statistical Bureau’s website.

The increased interest rates will be paid to TKB Solidary Deposit holders at the end of each deposit periods, beginning from April 16, 2013. For more information on the Solidary Deposit interest payment and other Bank’s products, contact your Private Banker or TKB Infocenter at 67 027 777.