Latvian GDP growth was a modest 2% in 2022

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Data compiled by the Central Statistical Bureau (CSB) and published February 28 show that in 2022, compared to 2021, Latvia's Gross Domestic Product (GDP) increased by 2.0 % to reach EUR 39.1 billion.

Compared to the 4th quarter of 2021, in the 4th quarter of 2022, GDP increased by 0.3 % (according to seasonally and calendar unadjusted data). Compared to the 3rd quarter, GDP at constant prices has remained unchanged (according to seasonally and calendar adjusted data). In the 4th quarter GDP at current prices was EUR 10.7 billion.

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Among the more detailed figures, the successful revival of arts, entertainment and recreation after the lifting of various types of epidemiological requirements contributed to the growth of the sector by 26.6 %, compared to the previous year.

However, it may be of some concern that gambling and betting activities were up by 60.6 %, while creative and arts activities rose by 21.2 %.

Lifting of restrictions introduced in 2021 for the purpose of improving the epidemiological situation also affected the result of activity in the accommodation and food services industry – in 2022 there was a significant increase of 57.5 %.

In 2022 the most significant contribution (0.7 percentage points) on the growth of total value added was ensured by development of the information and communication sector – a rise of 14.0 %.

In 2022 the volume of taxes on products (mainly value added tax, excise and customs taxes) decreased by 0.2 %.

Compared to the previous year, in 2022 total household expenditure increased by 8.0 %. Government final consumption expenditure grew by 2.8 %. Exports of goods and services grew by 9.1 %, while imports of goods and services grew by 11.6 %.

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Compared to 2021, in 2022 compensation of employees increased by 11.5 %, of which total wages and salaries rose by 11.2 %, but employers' social security contributions by 12.7 %.

The largest growth in compensation of employees was in arts, entertainment and recreation, other service activities – by 18.8 %; in information and communication sector – by 17.5 % and in professional, scientific, technical activities and administrative and support service activities – by 16.6 %. Total compensation of employees in services sectors in total was 13.2 % higher than in 2021.

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