Third quarter GDP down on year but up on second quarter in Latvia

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Data compiled by the Central Statistical Bureau (CSB) and released November 30 show that in the third quarter of 2020, compared to the third quarter of 2019, Latvia's gross domestic product (GDP) decreased by 2.6 % (according to seasonally and calendar non-adjusted data). 

Over the first nine months of 2020 GDP has reduced by 4.3 %.

In the third quarter GDP at constant prices was worth EUR 7.8 billion. 

As compared to the previous quarter, according to seasonally and calendar adjusted data, GDP increased by 7.1 %.

Swedbank commented on the data saying: "The second reading of GDP figures was even more optimistic than the flash estimate. Private consumption saw the strongest swings, but remained 7.3% down YoY. Exports rebounded solely due to excellent performance in goods, while services saw almost no improvement. 

"With the virus in Latvia unfortunately not under control, indicators point to decreasing activity in winter months. However, the economic situation is not as bleak as was observed in the first wave yet. The positive Q3 data suggest that GDP is likely to contract by less than the previously projected 5% in 2020. The current virus surge means recovery in 2021 is to be more gradual (+3.1%)."

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