Q2 Pharmaceutical Sales Contraction Signals Further Troubles For 2009

Pharmaceuticals sales in Latvia showed negative year-on-year (y-o-y) growth during the second quarter of 2008, concurrent with the release of abysmal GDP data and rocketing unemployment. Wholesale values were down 1.4%, following a y-o-y expansion of 3.8% in Q109. Combined results see H109 sales up just 1.1% y-o-y, a growth figure BMI believes may see further erosion by year end, with 2009 growth projected at just 0.75% in local currency, or -20.35% in US dollar

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