Official GDP figures for 2020 and 2021 revised

Latvia's Central Statistical Bureau (CSB) said October 3 it was issuing revised figures for national GDP in both 2020 and 2021.

Revision of GDP data was carried out according to the CSB revision policy guidelines and in the context of the Covid-19 pandemic which greatly complicated the usual data collection efforts.

"2020 was the first year of COVID-19 pandemic, which brought significant changes into the economy. Therefore, the revised estimate of GDP and its indicators differs from the previously published data, and data users were informed in advance about possibly larger amounts of revision than usual," the CSB explained.

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In 2020 the revised data at constant prices show the contraction of the economy was smaller than previously thought. GDP fell by 2.2% on the year instead of the previously published 3.8 %.

Based on the revised GDP estimate of 2020, the GDP estimate of 2021 has also been revised. GDP growth for 2021 was smaller than thought, coming in at 3.9% instead of the previously published one 4.5 %.

The GDP estimate revision for 2019 was decribed as "insignificant", coming in 0.1 percentage point more (2.6 %) that the previously published 2.5 %.

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