In the second quarter, GDP increased 5.0% over the same period last year, according to revised data published by the statistical office on 7 September. The reading was revised from the previous 5.1% flash estimate and came in below the 6.9% expansion recorded in the first quarter. Despite the robust growth, the second quarter expansion represents the slowest growth rate since the first quarter of 2011. On a quarter-on-quarter basis, GDP increased a seasonally adjusted 1.3% over the previous quarter, slightly above the 1.1% increase tallied in the first quarter. The second quarter reading showed that government spending grew at a modest 0.5% pace in the second quarter, below the 1.8% expansion recorded in the first. In contrast, private consumption accelerated from a 5.4% increase in Q1 to a 7.2% expansion in Q2. Finally, gross fixed investment increased a healthy 20.5% in the April-June period, which, nonetheless, represented a sharp slowdown over the 39.0% expansion observed in the first three-month period of the year. On the external front, exports of goods and services slowed notably, growing 3.8% in the second quarter, well below the 11.5% expansion recorded in the previous period. Imports followed suit and increased 3.7% in Q2, weaker than the 10.7% expansion recorded in the first quarter. As a result, the external sector's net contribution to overall economic growth was minus 0.3 percentage points, which was slightly above the 0.5 percentage-point detraction observed in the first quarter.
Economic growth decelerates in Q2
September 7, 2012
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Latvia Economic News
October 10, 2016
In September, consumer prices increased 0.4% from the previous month, which contrasted August’s 0.6% decrease.
October 4, 2016
Industrial production in Latvia contracted 0.6% year-on-year in August, which contrasted the 2.6% increase in July.
September 8, 2016
In August, consumer prices fell 0.6% over the previous month and came in below July’s 0.3% decrease.
September 5, 2016
Industrial production in Latvia grew 2.7% year-on-year in July, which was down from 7.9% increase in June.
August 31, 2016
In the second quarter, Latvia’s economy increased 2.1% year-on-year, according to a revised set of data released by the Statistical Institute on 31 August.