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Monday 27.02.2017 | Name days: Līva, Līvija, Andra
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Latvia’s GDP increases 2.1%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn Q1 2016, GDP at constant prices increased by 0.1% compared with Q4 2015. In Q1 2016, compared with Q1 2015, GDP grew by 1.5% according to seasonally adjusted data, and by 2.1% – according to seasonally non-adjusted data.

In Q1 2016, compared with Q1 2015, manufacturing sector grew by 0.5%. The most notable growth was recorded in manufacture of textiles – of 12%, in manufacture of wood and of products of wood – of 9 %, in manufacture of other non-metallic mineral products – of 8 %. Decrease was recorded in manufacture of food products – of 1.5%, in manufacture of computer, electronic and optical products – of 4%, in manufacture of wearing apparel – of 6%, according to data from the Central Statistical Bureau of Latvia.

Construction production volume dropped by 19%. The largest decrease was recorded in construction of residential buildings – of 25%, in construction of highways, streets, roads and railway lines – of 26%. Growth was observed in construction of local pipelines and cables – of 49%, and in construction of hotels – of 107%.

Retail trade grew by 1%, of which retail trade in food products – by 2%, and retail trade in non-food products – by 1%. During this period of time wholesale grew by 6%.

In Q1 2016 compared with Q1 2015 transport sector grew by 2%, of which passenger traffic – by 6%, and freight turnover – by 1%.

Volume of entertainment and recreation services increased by 6%, of which in gambling and betting sector there was a rise of 9%.

GDP growth was also promoted by taxes on products (value added, excise and customs taxes and duties), which in Q1 2016 grew by 6%.

In Q1 2016, compared with Q1 2015, private final consumption grew by 4%. Households’ expenditure on food in private final consumption grew by 5%, expenditure on transport (expenditure on public transport, purchase and exploitation of transport vehicles) – by 9%, on recreation and culture – by3 %. Expenditure on housing remained at the level of the previous year. Final consumption of households was promoted by both – the drop in prices, and growth households’ income.

Government final consumption grew by 2%.

Gross fixed capital formation dropped by 16%. Investment in equipment and machinery decreased by 10%, in intellectual property – by 15%, in dwellings and other buildings and structures – by 24%.

Export decreased by 3%, and import grew by 5%.

Ref: 102.109.109.5791


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