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Latvia’s Gross Domestic Product grows 1% in Q3 2015

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared with Q2 2015, Latvia’s GDP at constant prices, according to seasonally adjusted data increased by 1.0% in Q3 2015. In Q3 2015, GDP value at current prices was EUR 6.4 billion.

In Q3 2015 as compared with the corresponding period of 2014, GDP grew by 3.3% according to both – seasonally adjusted, as well as seasonally unadjusted data. It is 0.8 percentage points more than it was reported in the GDP flash estimate, based on the cautious forecasts of entrepreneurs, according to data from the Central Statistical Bureau of Latvia.

In Q3 2015, compared with Q3 2014, GDP growth was promoted by the significant sectors of the economy: manufacturing, construction, trade, and real estate activities. The growth of 3.7% in industry was provided by growth of 6% in manufacture of wood and of products of wood, of 27% – in manufacture of computer, electronic and optical products, of 17% – in manufacture of furniture. In turn, drop was recorded in manufacture of food products- of 2%, in manufacture of other non-metallic mineral products – of 9%, as well as in manufacture of fabricated metal products – of 10%.

Construction production volume had increased by 4.9% throughout the aforementioned period of time. Growth of 15% was observed in construction of civil engineering structures, which accounts for 56% of the total construction volume. It was promoted by growth of 15% in construction of highways, streets, roads, airfields and railways, as well as by increase of 56% in construction of local pipelines and cables. Construction of residential buildings had increased by 2%. In turn, construction of main pipelines, communications and power transmission lines dropped by 7%.

In trade growth was recorded both – in wholesale – of 6%, and retail trade – of 5%; of which retail sale of automotive fuel grew by 6%, wholesale and retail trade of motor vehicles and motorcycles – by 11%. There was a 3% increase in retail trade of food products and 6% increase – in retail trade of non-food products.

Development of real estate sector was promoted by growth of 11% in lease and management of real estate.

Development of transport sector was facilitated by growth of 4% in passenger transportation, as well as by increase of 8% in freight turnover. In storage and supporting and auxiliary transport activities there was a decrease of 4%.

In accommodation and food service activities there was an increase of 4% and 10%.

Volume of entertainment and recreation services increased by 5.7%, of which in gambling and betting sector there was a rise of 9%. Decrease of 1% was observed in sporting activities.

GDP growth was also promoted by product taxes, which witnessed 5.9% increase.

In Q3 2015, compared with Q3 2014, private final consumption at current prices grew by 5%. Households’ expenditure on transport in private final consumption rose by 8%, expenditure on recreation and culture – by 9%, on housing – by 1%, and expenditure on food increased by 2%.

At constant prices expenditure on transport in private final consumption grew by 13%, as 40% of all households’ expenditure on transport was formed by expenditure on fuel, the price of which decreased. Households spent 9% more on recreation and culture, and 4% more on food; in turn, expenditure on housing remained at the level of the previous year.

Government final consumption at current prices increased by 6%, and at constant prices – by 4%.

Gross fixed capital formation at current prices, as well as at constant prices increased by 6%. Non-financial investment in transport and storage sector grew by 51%, and in manufacturing – by 4%. In turn, in public administration and defence, compulsory social security sector non-financial investment decreased by 12%.

Export of goods both at current prices and constant prices increased by 1%. Export of services at current prices increased by 4%, and at constant prices – by 2%.

Import of goods at current prices increased by 1%, and at constant prices – by 6%; it was related to decrease in import prices of coke and oils products, computers, electrical and optical equipment, as well as in import of motor vehicles, trailers and semi-trailers. Import of services at current prices increased by 4%, but at constant prices decreased by 1%.

Ref: 102.109.109.9872


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