Latvia records GDP growth of 0.8% in Q1

Data published on May 31 by the Central Statistical Bureau (CSB) shows that in the 1st quarter of 2023, compared to the 1st quarter of 2022, gross domestic product of Latvia (GDP) rose by 0.8 % (according to seasonally and calendar non-adjusted data at constant prices).

As compared to the previous quarter, GDP went up by 0.6 % (according to seasonally and calendar adjusted data at constant prices).

In the 1st quarter GDP at current prices was EUR 9.1 billion.

To view this resource, we need your consent to the use of cookies.
To view this resource, we need your consent to the use of cookies.

After a long period of decline, a significant rise (of 17.0 %) was observed in the development of construction sector. In all three construction sub-sectors there was an increase: construction of buildings rose by 25.2 %, work carried out in civil engineering – by 6.3 % and specialized construction work carried out – by 13.1 %.

There was a drop in trade of 10.3 %, which was significantly affected by a fall in wholesale trade of 27.3 %. Positive contribution to the development of trade was reached by rise in trade and repair of motor vehicles and motorcycles (by 22.7 %). In retail trade a decrease (of 1.4 %) was affected by the drop in retail sale of food products by 5.5 % and rise in retail sale of non-food products by 0.9 %.

The largest positive impact on the growth of total value added was ensured by information and communication sector (rise of 12.2 %), which was promoted by the rise in volume of provision of information services by 14.0 % as well as of computer programming and consultancy sector (by 19.0 %), in turn a drop is observed in provision of telecommunication services (by 0.7 %).

Possible changes made by the government sector estimates, balance of payments and financial services sector, moreover updated indices of business services will be taken into account in the GDP calculations and balancing of the quarterly national accounts on the 85th day after the reference quarter. The updated information will be available on official statistics portal on June 22.

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Related articles


Most important