Latvia's economy contracted a massive annual 10.3% in Q4 last year, new figures reveal.
The negative growth was by far the steepest fall in the EU.

Preliminary estimates had suggested the fall would be 10.5%, the Baltic state said on its website today.

GDP fell by 4.6% in 2008.

"The downturn in 2008 came very, very fast," Morten Hansen, the head of the economics department at the Stockholm School of Economics in Riga told Bloomberg. "It put us into a full-blown recession."