According to revised data published by the statistical office on 9 December, GDP increased 4.5% in the third quarter over the same period last year. The reading was revised up from the 4.2% expansion reported in the flash estimate and represents an acceleration compared to the 4.3% increase observed in the second quarter. On a sequential basis, GDP increased 1.3% in seasonally-adjusted terms in Q3, which was well above the 0.1% expansion recorded in Q2. The acceleration in Q3 reflected an improvement in domestic demand. Gross fixed investment increased 3.0%, which was faster than the 1.1% expansion recorded in the second quarter. Meanwhile, the result for total consumption was due to softer growth in both private consumption (Q2: +6.5% year-on-year; Q3: +4.9% yoy) and government consumption (Q2: +5.8% yoy; Q3: 1.4% yoy). On the external front, exports of goods and services fell 1.3% in Q3 (Q2: +2.4% yoy). Imports decreased 1.4% in the third quarter, which was less sharp than the 4.2% decline recorded in the second quarter. The external sector's net contribution to economic growth fell from 4.0 percentage points in Q2 to 0.1 percentage points in Q3. In its October Macroeconomic Developments Report, the Central Bank stated that it expects the economy to expand 4.1% this year. FocusEconomics Consensus Forecast panelists expect the economy to grow 3.4% this year, which is unchanged over the previous month's projection. For 2014, panelists see economic growth picking up to 4.0%, which is down 0.1 percentage points from last month's Consensus.
Economy accelerates in Q3
December 9, 2013
Looking for forecasts related to GDP in Latvia? Download a sample report now.
Latvia GDP Chart
Note: Year-on-year changes of GDP in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.
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.