Latvia leads Baltic GDP growth in third quarter

Latvia's strong economic growth continued into the third quarter of the year according to data compiled by the Central Statistical Bureau (CSB) and released November 30.

In the 3rd quarter of 2018, compared to the 3rd quarter of 2017, gross domestic product (GDP) increased by 4.7 %, according to seasonally and calendar non-adjusted data. At current prices, GDP constituted EUR 7.8 billion in the 3rd quarter.

Compared to the previous quarter, GDP rose by 1.7 % (according to seasonally and calendar adjusted data).

In the 3rd quarter of 2018, compared to the 3rd quarter of 2017, value added of forestry and logging grew by 27 %. The notable rise compensated the decline in agriculture and fishing.

In financial and insurance activities, a rise was recorded in insurance, reinsurance and pension funding (of 10 %). In financial service activities, significant increase was recorded in profit from financial instruments trading (four times, compared to the 3rd quarter of the previous year) and decline was observed in commissions and other administrative expenses. The changes resulted in a rise of the sector value added of 0.8 %. Activities auxiliary to financial services and insurance activities rose by 0.9 %.

Administrative and support service activities grew by 13 %, of which rental and leasing activities by 24 %, employment activities by 22 %, and office administrative, office support and other business support activities by 6 %.

In the 3rd quarter of 2018, the volume of taxes on products (value added tax, excise and customs taxes) increased by 8 %.

The data means Latvia currently has the fastest-growing economy of the three Baltic states. Estonia's third quarter GDP growth was 4.2 % and Lithuania's was 2.4 %. 

Baltic states GDP growth 2018


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