RIGA, March 11 (Reuters) - Latvia saw its economy shrink 4.6 percent in 2008, the worst performance since 1995, after a jolt downwards of more than 10 percent in the final three months of 2008, data showed on Wednesday.
The figures confirmed the extent of the economic slowdown that has hit the once-booming European Union nation, which last year had to take a 7.5 billion euro IMF-led financial rescue and which is expecting a 12 percent GDP drop this year.
The statistics office, which had earlier estimated the GDP drop in the last three months of 2008 at 10.5 percent year-on-year, said revised calculations showed a slightly smaller drop of 10.3 percent. But the weakness was across the board.
In the fourth quarter, private consumption of hotel services and restaurants fell 27.1 percent, shoes and clothes by 25.7 percent and food by 16.1 percent.
In the year as a whole, consumption, investment and imports and exports also fell strongly.
"According to the figures coming from January and February we are going to be closer to 20 percent (GDP drop this year) in a worst case," said SEB chief economist Andris Vilks.
"It would be a real achievement if we meet that 12 percent (official forecast for GDP this year)." (Reporting by Patrick Lannin, editing by Mike Peacock)