Gross Domestic Product (GDP) increased by 6.9% in the first quarter of 2012, compared with the first quarter of 2011, data from the Central Statistical Bureau of Latvia shows.

Meanwhile, GDP increased by 1.1% in the first quarter of 2012, compared with the fourth quarter of 2011.

By annual terms, GDP changes dictate volume increases in the following industry: in trade (Proportion in GDP structure – 17%) by 8.1%, processing industry (15%) – by 16.5% and transport and communications industry (14%) – by 4%. Construction industry (4%) volumes increased by 28.5%. 19.3% more product taxes were collected (VAT, excise and customs duties).

While private consumption in actual prices of 2012 increased by 9.6% in the first quarter of 2012, compared with the first quarter of 2011. Expenses in the largest consumption groups also increased: home maintenance expenses (29% of all expenses) – by 6.3%, food expenses (19%) – by 9%, as well as transport expenses (13%) – by 20.3%. Main gross-capital formation expenses increased by 47%, import increased by 17%, export – by 13.5%. End consumption of the government increased by 5.4%.

Private consumption in comparison prices of 2012 increased by 5.4% in the first quarter of 2012, compared with the first quarter of 2011. Main gross-capital formation expenses increased by 39% and government consumption – by 1.8%. Export of goods (72% of total export) increased by 7.9%, export of services – by 15.4%. Import volumes of goods (85% of the total import) increased by 8.8%, import of services increased by 13.7%.

Ref: 103.109.109.2039