Latvian GDP rose 6.7% on the year in first quarter

Data released by the Central Statistical Bureau (CSB) May 31 show that in the 1st quarter of 2022, compared to the 1st quarter of 2021, gross domestic product (GDP) rose by 6.7 % (according to seasonally and calendar non-adjusted data at constant prices).

In the 1st quarter GDP at current prices was EUR 8.1 billion. Compared to the previous quarter, GDP went up by 3.6 % (according to seasonally and calendar adjusted data at constant prices).

The most startling sectoral recoveries were prompted by the removal of travelling, movement and epidemiological restrictions related to Covid-19. That resulted in positive developments in the accommodation and food service activities sectors (a rise of 83.8 %), consisting of a 97.4% rise in the accommodation sector and an 80.8% rise in the provision of food services.

In the 1st quarter of 2022, compared to the corresponding period of the previous year, total household expenditure rose by 15.3 %. Expenditure of households on accommodation and food service activities, as well as on recreation and culture was significantly affected by the mitigated COVID-19 restrictions and expenditure in the respective groups rose by 92.0 % and 50.5 %. Expenditure of households on transport (public transport, purchase and exploitation of transport vehicle) has grown by 12.6 %. Consumption of food products purchased both in retail sale and in e-environment increased by 3.3 %.

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