Latvian economy contracted in third quarter

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Data compiled by the Central Statistical Bureau (CSB) and published November 30 show that in the 3rd quarter of 2022, compared to the 3rd quarter of 2021, gross domestic product (GDP) reduced by 0.6 % (according to seasonally and calendar non-adjusted data at constant prices).

In the 3rd quarter GDP at current prices was EUR 10.4 billion. 

Compared to the previous quarter, GDP went down more sharply, by 1.7 % (according to seasonally and calendar adjusted data at constant prices).

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Wages continue to rise as the cost of living crisis bites. Compared to the 3rd quarter of 2021, in the 3rd quarter of 2022 compensation of employees at current prices increased by 9.0 %, of which total wages and salaries – by 9.5 %, but employers' social security contributions – rose by 6.5 %.

There were a few crumbs of comfort with other data showing that compared to October, in November 2022 indicators of the business environment in construction, retail trade and the services sector have improved, but in manufacturing the business environment continues to worsen.

Business confidence indicators characterize the general situation in the sector and they are acquired by carrying out business surveys in industry, construction, retail trade and services sector. If the indicator is above zero, business environment is positive, if it is below zero – business environment is negative.

Most optimistic were entrepreneurs in the insurance sector, while the most pessimistic were in accommodation, the CSB said.

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