Latvia racks up strong economic growth in second quarter

A flash estimate released July 30 by the Central Statistical Bureau (CSB) shows that, compared to the 2nd quarter of 2017, in the 2nd quarter of 2018 Latvia's gross domestic product (GDP) value increased by 5.1 % (seasonally and calendar non-adjusted data).

A flash estimate released July 30 by the Central Statistical Bureau (CSB) shows that, compared to the 2nd quarter of 2017, in the 2nd quarter of 2018 Latvia's gross domestic product (GDP) value increased by 5.1 % (seasonally and calendar non-adjusted data).

Compared to the 1st quarter of 2018, GDP rose by 0.8 % (seasonally and calendar adjusted data).

The upward pressure on the GDP value was exerted by the output increase in construction (of 32 %), retail trade (6 %) and industry (of 2 %). The figure of 5% surprised on the upside following recent downgrades of expected GDP for the year as a whole.

However, the figure is subject to revision, with the definitive data due to be published on August 31.

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