Latvia's GDP down 0.3% in 2023

Data published on February 29 by the Central Statistical Bureau (CSB) show that in 2023, as compared to 2022, Gross Domestic Product (GDP) decreased by 0.3 %. In 2020, GDP at current prices amounted to EUR 40.3 billion.

Compared to the 4th quarter of 2022, in the 4th quarter of 2023, GDP increased by 0.1 % (according to seasonally and calendar unadjusted data). Compared to the 3rd quarter, GDP at constant prices increased by 0.8 % (according to seasonally and calendar adjusted data). In the 4th quarter GDP at current prices was EUR 10.7 billion.

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In 2023 value added of producing sectors reduced by 1.4 %, but in services sector – increased by 0.8 %.

A decrease was registered in the volume of agriculture, forestry and fishing – of 8.1 %, which was affected by a production output drop in crop and livestock production (of 7.8 %) and forestry and logging (9.2 %), but a rise was observed in fishery (2.2 %).

In 2023, compared to the previous year, total household expenditure decreased by 1.0 %. Volume of food products consumed purchased both in retail sale and in e-environment decreased by 3.4 %. The use of housing-related goods and services (expenditure on housing, water, electricity, gas and other fuels) decreased by 7.3 %. Use of transport by households (public transport, purchase and exploitation of transport vehicle) increased by 6.3 %.

Government final consumption expenditure grew by 7.0 %.

Exports of goods and services fell by 5.9 %, of which exports of goods by 7.1 %, but exports of services – by 2.6 %. The main commodities in exports were wood and products of wood (except furniture), machinery and mechanical appliances as well as electrical machinery and equipment. In 2023, the main services exported were exports of transport services and other economic activity (R&D, professional and management consulting, technical, trade-related and other business services).

Imports of goods and services reduced by 2.9 %, of which imports of goods volume by 3.9 %, but imports of services increased – by 2.5 %. Mainly, mineral products, electrical machinery and equipment, vehicles and associated transport equipment were imported. Main imports services: transport services and other economic activity services.

Compared to 2022, in 2023 compensation of employees increased by 12.7 %, of which total wages and salaries rose by 12.8 %, but employers' social security contributions by 12.1 %.

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The full dataset can be accessed on the official statistics website.

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