bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Sunday 21.01.2018 | Name days: Agne, Agnese, Agnija
LatviaLatvia

Latvia’s GDP grows by 2.7%

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

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%.

Ref: 102.109.109.7834


Leave a reply

Economist: the most important reform has to happen in people’s heads

«Of all the clever things taught to us in school about psychology, one thing that has stuck with me over the years is the idea of internal/external control point. There are people who believe they make their own fate. There are also people who believe our fate depends on external powers. I suspect people in Latvia explain successes and failures with external factors much more than people in Switzerland or any other country that has enjoyed its freedom longer than Latvia,» comments Luminor Bank’s economist Pēteris Strautiņš.

Minister promises bigger wages for working people and support for country’s industry

«Latvian Economy Ministry’s priorities for 2018 include increasing wages for working people and providing support to the country’s industry. For Latvia’s centenary year, every resident should have the right to experience the increase of the personal and state welfare,» promises Economy Minister Arvils Ašeradens.

Latvenergo: electricity price has declined 30% in the past three years

Average electricity price in Latvia has declined in recent years. The average price of electricity has declined by 30% at Nord Pool exchange between 2014 and 2017, allowing end user costs to decline, says Latvenergo.

Alcohol sellers in Estonia to be checked by little «police»

To find shop assistants illegally selling alcohol or tobacco to minors, Estonian police introduces the method of sending minors as police aides to retail shops to try to purchase the products banned to them.

EY study: cyber security has become a priority to banks this year

Over the course of the year, priorities of banks around the world have switched from reputation and risk management to data security matters, as concluded in the latest EY Global Banking Outlook 2018.

Political association: UGF and Harmony are covering up state capture

«Parliamentary investigation of Oligarchs case has shown what is what in the Saeima of the Republic of Latvia. Green farmers are in full harmony, covering up Aivars Lembergs and the fact of state capture. They and Inguna Sudraba have made the parliamentary investigation into a farce. Unfortunately, the power in those people’s hands is no farce – rather misfortune for all of Latvia. I hope citizens will take all that into account when they go voting,» says leader of Kustība Par! Daniels Pavļuts.

Tallinn-Helsinki tunnel plan lacks ambition, says «Angry Birds» game maker

While Finland and Estonia work on plans of an under-sea tunnel from Tallinn to Helsinki, the construction of which could start in the 2030s, a Finnish businessman, previously involved in development of Angy Birds video game, has presented plans to finish the massive construction project in 2024 already.

Experts: healthcare financing law will deny healthcare to the least protected

In a discussion regarding healthcare, experts said that Latvian President Raimonds Vējoņis’ proposed Healthcare Financing Law is economically unjustified and ineffective. The document lacks principles of a socially responsible state, because healthcare is becoming less accessible, which will likely worsen public health indexes, says Kustība Par! political party.

Branded «aggressor state», Russia says Ukraine buries Minsk peace agreements

As the Donbas War continues, the parliament of Ukraine has passed the so-called Donbas reintegration bill after three days of debates defining territories controlled by pro-Russian separatists in the east of the country as temporarily occupied by Russia.

Weather to remain winter-like in Latvia during the weekend and next week

On Friday and Saturday, no major increase of snow is expected. Air temperature will increase slightly, but colder masses of air will slow into the country on Sunday, as reported by Latvian State Environment, Geology and Meteorology Centre.

Winter storm in Netherlands and Germany turns tragic

A powerful winter storm in western and central Europe has claimed the lives of eight people.

Lithuanian bishops: skipping fasting on February 16 this year is not a sin

In an unprecedented move, the Conference of Lithuanian Bishops, the governing body of the Lithuanian Catholic Church, said that meat dishes okay for the people of faith on February 16, which marks the 100-year anniversary of Lithuania's statehood and the Lent Friday, which is traditionally a day of fasting for religious Catholic people.

Coincidence? Votes from Harmony and UGF ensure Sudraba remains the head of Oligarchs case committee

On Thursday, 18 January, the majority of Saeima members voted against the proposal to dismiss Inguna Sudraba from the post of the head of parliamentary investigative committee in charge of the review of the infamous Oligarchs case.

Kaljulaid criticised over involvement of acclaimed, but unrestrained director in centennial reception

As Estonia readies for the presidential reception to honour the 100th anniversary of Estonia, its President Kersti Kaljulaid is being criticised in an open letter for trusting Tallinn’s NO99 theatre, whose director physically assaulted a female colleague.

22.1% of Latvia’s residents subjected to risk of poverty

In 2017, 425 thousand persons or 22.1 % of Latvia population were at risk of poverty in 2016 – 0.3 percentage points less than in 2015. Equivalent income of this part of the population were below 330 euros monthly.

LAAC: Latvia’s milk market can be sorted out by joining forces in exports

Latvian Association of Agricultural Cooperatives (LAAC) has received support and praise for the public discussion regarding rapid milk procurement price changes, which is something that has recently affected the majority of agricultural cooperatives. This has helped cooperatives band together in order to sort out the milk market. This idea came from the example set by grain producer cooperatives, which did the same thing fifteen years ago, as reported by the association’s representatives.

Forevers announces its decision to exit from Latvian Federation of Food Companies

Forevers meat processing company has decided to exit from Latvian Federation of Food Companies (LFFC). The contract between two parties will be terminated in January.

Saeima’s Oligarchs case investigative committee hastily approves final report

In spite of objections, grammatical errors, criticisms about lacking effort, as well as Inguna Sudraba’s unfit status to lead the committee, members decided to move the meeting from 11:00 to 08:00 and approve the final report in a rushed vote.

Removal of 1 and 2 euro cent coins from circulation suggested by Bank of Estonia

Estonian central bank is willing to follow the eurozone trend of limiting the circulation of euro 1-cent and 2-cent coins and in time to remove them entirely from circulation in the Baltic country.

Cert.lv: attacks on e-health system and LETA were likely ordered

Attacks on e-health system and LETA agency were likely ordered, said Cert.lv deputy manager Varis Teivāns in an interview to Rīta Panorāma programme of LTV.

As Catalan parliament reconvenes, it elects pro-independence speaker

The Catalan regional parliament has in its first sitting since its ousting and snap December election elected a separatist-minded politician as its Chairman, which indicates that the attempts to break the region away from Spain would continue.

Latvia’s National Armed forces receive new Harris tactical radio equipment

In 2017, Latvia received tactical military radios worth USD 10.5 million from American Harris Corporation. Procurement of radio equipment will further improve command function and help develop a lasting communication system with other NATO member states, as reported by Latvian Defence Ministry.

MEP: Europe continues strengthening its energy independence

«The European Parliament has voiced strong support towards Europe’s energy independence and moving its energy policy away from Russia’s monopoly by investing in energy efficiency and renewable energy resources,» said MEP Krišjānis Kariņš after the vote on Clean Energy Act’s first reading in Strasbourg.

Apple expected to pay additional 38 billion USD in taxes for money kept abroad

Motivated by the U.S. tax reform, Apple will pay about 38 billion U.S. dollars (31 billion euros) in tax on the roughly 250 billion dollars (204 billion euros) the computer technology firm keeps outside of its country of origin as it plans to focus more on its contribution to the American economy.

Latvian police commenced three criminal processes for contraband of drugs this year

In the first two weeks of 2018, State Revenue Service’s Customs Police commenced three criminal processes in regards to illegal drugs contraband in postal packages from Lithuania to Latvia.

Would you be ready to boycott something in your life?

View Results

Loading ... Loading ...

Polls Archive



Category feed: Feed: