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Friday 28.10.2016 | Name days: Ninona, Ņina, Antoņina, Oksana

Latvia’s gross domestic product up 2.7%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn Q2 2015, compared with Q1 2015, gross domestic product (GDP) at constant prices, according to seasonally adjusted data, rose by 1.2%. Compared with Q2 2014, GDP rose by 2.7% both according to seasonally adjusted and seasonally unadjusted data.

In Q2 2015, gross domestic product at current prices is 6.2 billion euros.

In Q2 2015, as compared with Q2 2014, growth rate of manufacturing comprised 6.2%, of which manufacture of wood and of products of wood – 5%, manufacture of computer, electronic and optical products – 40%, manufacture of chemicals and chemical products – 6% and manufacture of furniture – 15%. Reduction of volume in manufacture of non-metallic mineral products – by 10%, in manufacture of food products – by 7% and manufacture of fabricated metal products – by 4% had negative impact on growth rate of manufacturing, according to data from the Central Statistical Bureau of Latvia.

Construction production volume has reduced by 3.4%. Drop was observed in both largest segments: construction of non-residential and residential buildings by 10% and 17%, respectively. There was an increase in the construction of civil engineering structures by 7%, of which in construction of highways, streets, roads and railway lines – by 13% and in construction of local pipelines and cables – by 2%.

Retail trade grew by 5%, of which retail sale of automotive fuel – by 11%. There was a 1% increase in trade of food products and 8% increase – in trade of non-food products. Wholesale trade has decreased by 3%.

In transport sector there was a reduction in supporting and auxiliary transport activities – by 12%, but increase was in passenger transportation – by 3% and freight turnover – by 2%.

In accommodation and food service activities there was an increase of 14% and 5%.

Volume of entertainment and recreation services increased by 7%, of which in gambling and betting sector there was a rise of 17%. A drop of 7% was observed in sporting activities.

In Q2 2015, compared with Q2 2014, private final consumption at current prices grew by 4%. Households’ expenditure on transport (expenditure on public transport, purchase and exploitation of transport vehicles) in private final consumption has risen by 6%, expenditure on recreation and culture – by 12% and expenditure on housing increased by 1%. Expenditure on food remained at the level of the previous year.

Expenditure on housing in private final consumption, at constant prices, rose on transport by 6%, on recreation and culture – by10%, on food – by 1%, but on housing – reduced by 2%.

Government final consumption at current prices has increased by 6%, but at constant prices – by 3%.

Gross fixed capital formation at current prices has increased by 5%, but at constant prices – by 3%. Non-financial investment in transportation and storage sector rose by 3% and in wholesale and retail trade and repair of motor vehicles and motorcycles – by 21%. Reduction of volume of non-financial investment was observed in public administration and defence; compulsory social security sector – by 15% and in manufacturing – by 6%.

Export of goods at current prices increased by 4%, but at constant prices – by 1%. Exports of services both at current prices and at constant prices have increased by 4%.

Import of goods both at current prices and at constant prices rose by 1%. Import of services at current prices grew by 8% (at constant prices there was a drop of 2%).


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