Data compiled by the Central Statistical Bureau (CSB) shows that in the 3rd quarter of 2024, compared to the 3rd quarter of 2023, gross domestic product (GDP) reduced by 1.6 % (according to seasonally and calendar non-adjusted data at constant prices).
Also compared to the previous quarter, GDP went down by 0.2 % (according to seasonally and calendar adjusted data at constant prices).
In the first 9 months, compared to the respective period of the previous year, GDP at constant prices (seasonally and calendar non-adjusted) reduced by 0.5 %.
In the 3rd quarter GDP at current prices was EUR 10.1 billion, in nine month – EUR 29 billion.
Data about the retail sector also published November 29 only reinforced the picture of an economy short of pep at the moment.
Calendar adjusted data (at constant prices) show that, compared to October 2023, in October 2024 total retail trade turnover reduced by 0.1 %.
However, there was some slight cause for optimism with the data showing that, compared to September, the total turnover of retail trade in October 2024 rose by 0.5 %, according to seasonally adjusted data at constant prices.
As compared to the previous month, a significant turnover increase was registered in retail sale of clothing, footwear and leather goods (of 10.2 %), retail sale via mail order houses or via Internet (3.9 %) and retail sale of cultural and recreation goods (3.7 %) – perhaps agns that people were stocking up on winter clothes and doing a bit or early Christmas shopping.
As regards business sentiment, a third data set published November 29 based on the CSB's business tendency surveys showed that in November 2024, compared to October, the business environment has improved in manufacturing, but worsened in retail trade, construction and the services sector.
"After a promising upturn in the last three months, business environment in retail trade has deteriorated in November, although it still remains positive. In November, retail sellers are affected by seasonal factors, but even not taking them into account, worsening of environment is observed. In retail trade, compared to other sectors, economic uncertainty has increased faster this month, which does not suggest that there might be an improvement in the nearest future," commented Ieva Vanaga, head of the Trade and Services Statistics Section of the CSB.
