bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Wednesday 18.01.2017 | Name days: Antis, Antons
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

WhatsApp to be provided with bank-contacting functionality

Continuing the digitization process and studying customer habits more intently, it is planned to allow customers resolve matters related to finances using WhatsApp, DNB Bank reports.

U.S. commutes sentence of classified-document-leaker Manning

U.S. President Barack Obama has commuted the sentence of the former U.S. soldier Chelsea Manning, found guilty of stealing and leaking a vast material of classified material to transparency organisations.

Mamikin expects things to get worse in EU after EP elections

MEP Andrey Mamikin predicts the situation in the EU to become worse after elections in the European Parliament and the election of Antonio Tajani as president.

Study results about Latvian schoolchildren urge immediate action

«OECD’s study about the level of knowledge of Latvian schoolchildren urges immediate action. We cannot stop with average results – we have few youngsters, and we cannot afford to give them secondary education,» – said Chairman of Saeima’s European Affairs Committee Lolita Cigane and head of Education, Culture and Science Committee Ilze Vinkele.

Opinions: untrue myths about export in Latvia

Although Latvia is a successful country in Northern Europe, some of the country’s residents believe that all of Latvia’s export depends on Russia and that salvation lies in small wages. Big Event representatives offer their look on what is true.

EHC: Lithuania violated prisoner’s rights with barring internet access

A jail in Lithuania has unjustly barred a prisoner from accessing the internet, according to a ruling by the European Court of Human Rights.

Oil price on a rise in the world; exchange indexes decline in USA and Europe

The price of oil in the world this morning, 18 January, grew in relation to US dollar’s value drop and expectations regarding commercial oil reserves in USA, which compensates on the market the influence from predictions in Russia and USA about oil production increase by the end of 2017.

Association asks to sign proposal on publication of audio recordings from Saeima meetings

In the assessment of deputy quotas the Budget and Finance Committee worked as voting machines. They did not try to assess each proposal’s purpose, states Delna – Society for Openness, urging other to sign a proposal on Manabalss.lv for the publication of audio recordings made during meetings of Saeima committees.

Estonia to raise wages for healthcare workers

Estonian Health Insurance Fund's has allocated a total of 23.6 million euros for raising wages of health care workers, who last year asked for at total of 68 million euros.

Defence cooperation agreement concluded by Estonia and U.S.

Estonia and the U.S. have signed a bilateral agreement on cooperation in the field of defence, which clarifies the legal framework for the presence of American Armed Forces in Estonia.

Influenza epidemic declared in Latvia

On Tuesday, 17 January, Disease Prevention and Control Centre declared the beginning of an influenza epidemic in Latvia.

Vegetable prices in Northern Europe increased by tough weather in south

Due to Italy and Spain having unfavourable weather for growing vegetables, prices of a number of vegetables are likely to increase.

Reirs: Latvia should introduce minimal social fees

In the next year’s budget it will be necessary to plug the EUR 50 million-large hole in the social budget, said Welfare Minister Janis Reirs in an interview to LTV on Tuesday, 17 January.

European Parliament speaker’s election won by Italian Tajani

Italian right-wing politician Antonio Tajani has won the election for the post of the chairman of the European Parliament. The 63-year-old Tajani is a former press representative of convicted former Italian PM Silvio Berlusconi and an ex-European commissioner

In spite of opposition from businessmen, government supports railway electrification project

On Tuesday, 17 January, the Cabinet of Ministers supported Transport Ministry’s and LDz’s proposed project for electrification of the country’s railway network and its further development. The plan provides for the electrification of the railway network from Daugavpils and Rezekne to Riga through Krustpils, as BNN was informed by Transport Ministry.

Study: users still do not make passwords that are sufficiently secure

«Considering the amount of private and confidential information we tend to store on the internet, users should be more careful about security and effective passwords. This seems self-explanatory, but many people, it seems, do not understand how easy it is to make password-management mistakes,» – says Kaspersky Lab consumer commercial manager Andrey Mohola.

SRS uncovers 3,200 litres of illegal diesel fuel in Riga

During an information check regarding possible storage and realization of illegal diesel fuel, State Revenue Service’s Customs Police uncovered illegally stored diesel fuel within a garage territory in Riga on 11 January, 2017.

GFK determines the most popular smart-phones in Latvia

Last year, Latvians were prepared to spend more money on smart-phones than in 2015. According to results of a study by GFK, residents spent EUR 389 on the purchase of a smart-phone on average.

BATL: intention to electrify railway line is either incompetent or is the scam of the century

In spite of the industry’s calls over the past two years, Transport Ministry still has not provided a cargo attraction plan, a unified offer for our cooperation partners. Nor do we have a clearly defined transit strategy and development direction, says Baltic Association – Transport and Logistics.

Poroshenko warns Ukrainians could get disillusioned with Euro-integration

The choice of the people of Ukraine to go the road of deepening ties with the European Union could turn into disappointment if delays with visa regime and association agreement continue, Ukrainian president Petro Poroshenko stated.

Ventspils municipality’s planned budget expenditures are higher than revenue

On 12 January, Ventspils City Council approved the budget for 2017. It is stated in the document that the base budget’s planned revenue is EUR 13,584,298. Budget expenditures are planned at EUR 22,652,396, as reported by Marlena Zvaigzne, editor of Ventspils Novadnieks.

Rating: Estonia best in Baltic in growing and retaining talent

In a rating on the success of countries in growing, attracting and retaining talented workers, Baltic states have all been ranked in the top 33 out of 100 countries.

FM: gradual transfer to electronic procurements is planned

«The procurement field has changed significantly over the past several years. And it is not just because of the new directive announced by the European Parliament and European Council for procurements. One other factor to consider is the aiming for better management, reduction of the administrative burden and more efficient use of public resources,» – reports Finance Ministry’s Legal Department expert Liga Neilande.

Adding more EUR 10m Rail Baltic stops up for analysis, says Ratas

The current project of the international high-speed railway Rail Baltica contains three stops in its Estonian part, while adding more would need careful analysis, stated Estonian Prime Minister Jüri Ratas.

Okmanis: stores should become modern to survive

Competition in the trade sector continues to grow in Latvia, admits Raimonds Okmanis, chairman of Latvian Traders Association.

When do you pay fines for speeding?

View Results

Loading ... Loading ...

Polls Archive



Category feed: Feed: