GDP up 5.1% in third quarter in Latvia

Take note – story published 1 year ago

According to the data published by the Central Statistical Bureau (CSB) on November 30, Latvia continued its GDP growth in the third quarter of 2021, though slower than in the second quarter.

In the 3rd quarter of 2021, compared to the 3rd  quarter of 2020, gross domestic product (GDP) rose by 5.1 % (according to seasonally and calendar non-adjusted data at constant prices).

In the 3rd  quarter GDP at current prices was EUR 8.9 billion. As compared to the previous quarter, GDP went up by 0.6 % (according to seasonally and calendar adjusted data at constant prices).

In the v quarter of 2021 GDP at current prices comprised EUR 8 852.2 million 

Graph - In the 3rd quarter of 2021 GDP at current prices comprised

Significant contribution in total value added growth was provided by successful activity in manufacturing – a rise of 7.9 % (increase was observed in 17 out of 22 sectors). Steady growth for several consecutive quarters was observed in the largest manufacturing sector – manufacture of wood and of products of wood (rise of 4.5 %). Significant increases were also observed in other manufacturing sectors: manufacture of chemicals and chemical products (of 37.1 %), manufacture of furniture (24.1 %), manufacture of fabricated metal products (9.1 %).

In the third quarter of 2021, total expenditure rose by 7.9 %, which was mainly affected by an increase in total household expenditure of 9.0 %. Total household expenditure was promoted both by reduction of unemployment and increase of average labour remuneration and rather loose Covid-19 restrictions. 

Compared to the 3rd quarter of 2020, in the 3rd  quarter of 2021 compensation of employees at current prices increased by 10.8 %, of which total wages and salaries rose by 11.3 %, but employers' social security contributions – by 8.7 %.

Compared to earlier GDP flash estimate for the quarter, the latest information both on assessment of total value added of sectors and on taxes on products concerning the period affected the overall estimate positively.

The full report is available on the Central Statistical Bureau's website.

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