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Saturday 21.10.2017 | Name days: Severīns, Urzula

Latvia’s GDP grows by 2.7%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn 2015, Latvia’s Gross Domestic Product increased by 2.7% as compared with 2014. In 2015 GDP at current prices was EUR 24.4 billion, and at constant prices – EUR 21.4 billion.

In Q4 2015, as compared with Q3 2015, GDP at constant prices, according to seasonally adjusted data, decreased by 0.3 %. In Q4 2015 as compared with the corresponding period of 2014, GDP grew by 2.3 % according to seasonally adjusted data, according to information from the Central Statistical Bureau of Latvia.

In 2015, compared with 2014, manufacturing sector grew by 4 %, of which manufacture of wood and of products of wood – by 7 %, manufacture of computer, electronic and optical products – by 40%, manufacture of furniture – by 14 %. Drop of volume in manufacture of food products – of 5 % and in manufacture of fabricated metal products – of 4 % had a negative impact on manufacturing sector.

In Q4 2015, as compared with Q4 2014, manufacturing sector grew by 3 %.

In 2015 construction production volume decreased by 1 %. Drop was recorded in construction of non-residential and residential buildings of 7% and 9%, respectively, as well as in construction of industrial buildings and warehouses – of 6%. There was an increase in construction of civil engineering structures – of 5 %, in construction of highways, streets, roads and railway lines – of 6 %, as well as in construction of pipelines and cables – of 26 %.

In Q4, as compared with the corresponding quarter of the previous year, construction production volume decreased by 6%.

Retail trade in 2015 grew by 5 %, of which retail sale of automotive fuel – by 8 %. There was 3 % increase in trade of food products and 7 % increase – in trade of non-food products.

In Q4 retail trade volume increased by 3%, of which both – retail trade of food products, and retail trade of non-food products grew by 3%.

In 2015 wholesale grew by 1%, and in Q4 increased by 5%.

In 2015 transport sector decreased by 0.1%. Drop was recorded in passenger traffic – of 2%, and in storage and supporting and auxiliary transport activities – of 1%. Growth of 3% was observed in freight turnover, and of 7% in postal and courier activities.

In Q4 2015 as compared with Q4 2014 transport sector grew by 3.5%, of which passenger traffic – by 3%, and freight turnover – by 8%.

Volume of entertainment and recreation services in 2015 increased by 5 %, of which in gambling and betting sector there was a rise of 11 %. In Q4 2015 the sector rose by 4 %.

GDP growth was also promoted by product taxes, which in 2015 grew by 4%, and in Q4 – by 3%.

In 2015, compared with 2014, private final consumption grew by 4 %. Households’ expenditure on transport (expenditure on public transport, purchase and exploitation of transport vehicles) in private final consumption increased by 4 %, expenditure on recreation and culture – by 8 %, and expenditure on housing and food grew by 1 %. Final consumption of households was promoted by both – the drop in prices, and the growth in households’ income.

Government final consumption grew by 6%.

Gross fixed capital formation increased by 3 %. Gross fixed capital investment in equipment and machinery grew by 12%, in intellectual property and cultivated assets – by 21%; in turn 7% drop was recorded in investment in residential buildings and other buildings and structures.

Export increased by 2%, of which export of goods – by 1%, and export of services – by 3%.

Import volume grew by 1%, of which import of goods decreased by 0.5%, while import of services grew by 7%.


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