Latvian GDP: down 2.9% year-on-year

Latvia's gross domestic product in the second quarter this year, calculated according to seasonally-adjusted data, increased 0.8 percent from the first quarter, but reduced 2.9 percent compared with the second quarter of 2009, the Central Statistical Bureau announced today.

According to seasonally-unadjusted data, the annual reduction in Latvia's GDP was 2.1 percent in the second quarter.

The increase in GDP was due to the increases in the following sectors: trade (share in GDP structure - 17.1 percent) - by 0.1 percent, transport and communications (12.2 percent) - by 2.5 percent and manufacturing (11.9 percent) - by 15.3 percent. Significant drop remained in construction (4.8 percent) - by 35.3 percent.

Compared to the second quarter of 2009 (at current prices), final private consumption expenditure in the second quarter of 2010 decreased by 3.3 percent, government final consumption - by 17.1 percent, gross capital formation - by 37.1 percent. In turn, imports value increased by 19.6 percent, but export value - by 20.7 percent.

In final private consumption, major expenditure was on housing maintenance which increased by 0.8 percent, on food - which decreased by 2.9 percent, and on transport - up by 4.9 percent.

In the second quarter of 2010 over the second quarter of 2009, decrease of purchase volume in private final consumption at constant prices continued.

Government final consumption expenditure decreased by 6.9 percent, but expenditure on gross capital formation - by 37.4 percent. Export of goods (72.2 percent of total exports) increased by 22.6 percent, whereas exports of services reduced by 14.9 percent. The volume of imports of goods (85.4 percent of total imports) increased by 17.9 percent, while imports of services decreased by 6.6 percent.

As reported, the Central Statistical Bureau said in August that, according to flash estimates, Latvia's GDP at constant prices (seasonally unadjusted) grew by 13.4 percent in the second quarter of 2010 compared with the first quarter, but fell 3 percent year-on-year.

LETA

Tweet