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Monday 15.10.2018 | Name days: Hedviga, Helvijs, Eda
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Latvia's GDP grows by 3.6% in Q1 of 2013

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn Q1 of 2013, compared to Q1 of 2012,largest contribution to the GDP rise (1.5 percentage points) was ensured by increase in the following sectors: in trade – of 4.6%, of which in retail trade – of 6% (increase of which was accelerated by rise of 5% in retail sale with non-food products, of 5% in retail sale with food products and of 10% in retail sale with automotive fuel).

Increase in construction by 9.8% was impacted by rise of investment in construction of residential buildings 2.3 times and in construction of main pipelines, communication and electricity lines 2.6 times. Construction of industrial buildings and warehouses grew by 3.4%, but investment in construction of highways, streets and roads reduced by 31.8%.

Information and communication services sector comprised GDP increase of 0.6 percentage points which grew by 13.4%. Rise in sector was advanced by development of telecommunication services.

In Q1 of 2013 manufacturing rate decreased by 4.8%, which reduced total GDP rate by 0.7 percentage points. Major impact on the reduction of sector’s rate had manufacture of wood and of products of wood (21.2% of total manufacturing) – decrease of 3.1% and manufacture of basic metals (3.3% of total manufacturing) – decrease of 21.3%. Manufacture of food products rose by 3.5% (19.9% of total manufacturing).

In Q1 of 2013, compared to Q1 of 2012, private final consumption at current prices grew by 4.9%. Rise was recorded within the main groups of final consumption expenditure:on housing maintenance (28% of the total expenditure) – of 2.7%, on food (20% of total expenditure) – of 2.8%, and on transport (14% of total expenditure) – of 9.6%. Gross fixed capital formation reduced by 7.2%. Export of goods (73% of total exports) has risen by 7.7% and exports of services – by 5.0%. Volume of imports of goods (85% of total imports) has increased by 5.0%, but volume of imports of services has decreased by 0.3%. But government final consumption grew by 12.0%. Compared to Q1 of 2012, expenditure on private final consumption in Q1 of 2013 at constant prices grew by 4.7%, of which expenditure on housing rose by 2.9%, expenditure on food – by 1.8%, and expenditure on transport – by 6.5%. Increase of the private final consumption had a positive effect on the total GDP rise – of 3.4 percentage points. Expenditure on gross fixed capital formation declined by 10.6%, but government final consumption increased by 1.1% which, respectively, had a negative effect on the GDP – of 2.5 percentage points and a positive effect – of 0.2 percentage points. Export of goods increased by 3.6% and export of services – by 1.4%. Exports increased the GDP by 1.8 percentage points. In its turn,import of goods grew by 1.9%, while import of services decreased by 3.2%. Imports reduced the GDP by 0.7 percentage points.

Ref: 102.109.109.7619


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