Latvian GDP growth estimated at 1.8% for 2022

Compared to 2021, in 2022 as a whole, gross domestic product (GDP) in Latvia rose by a modest 1.8 %, according to a flash estimate published by the Central Statistical Bureau (CSB) on January 30.

In the 4th quarter of 2022, compared to the 4th quarter of 2021, gross domestic product (GDP) remained at the level of the previous year (according to seasonally and calendar non-adjusted data).

According to provisional estimations, GDP was affected by a drop of 3.3 % in the production sector, but in the services sector there was growth of 0.7 %.

Compared to the 3rd quarter of 2022, GDP increased by 0.3 % (according to seasonally and calendar adjusted data).

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The figures are subject to revision. Detailed revised data will be published on February 28.

Commenting on the data, the Finance Ministry said growth of 1.8%, is "slightly more than the current forecasts of the Ministry of Finance's macroeconomic creators, which predicted a growth of 1.6%. Similarly, in 2023, the situation could be slightly more favorable than allowed in the forecasts developed at the beginning of December, however, the economic signals are still very ambiguous."

The Ministry added that it is currently updating its own forecasts of macroeconomic indicators for the preparation of the 2023 Latvian Stability Program, which is expected to be published in mid-February, but according to the current forecasts, a 0.6% decline was expected for the Latvian economy this year.

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