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Latvia: GDP slows further in Q2

August 11, 2014

In the second quarter, GDP increased 2.5% over the same period last year, according to a preliminary flash estimate released by Statistics Latvia on 11 August. The reading came in below the 2.8% expansion registered in the first quarter and marked the slowest pace of growth since Q3 2010. According to the statistical office, a deterioration in industry was the main driver behind the quarterly slowdown. Moreover, services maintained the pace of growth, while construction showed notable growth in the second quarter.

A quarter-on-quarter comparison does not corroborate the slowdown suggested by the annual data. GDP rose a seasonally-adjusted 1.0% in Q2, which came in above the 0.6% expansion registered in Q1. According to Statistics Latvia, more detailed data, together with the new European System of Accounts (ESA 2010), will be released in the second half of September, which still needs to be confirmed.

The Central Bank indicated that it expects the economy to expand 3.3% in 2014. FocusEconomics Consensus Forecast panelists expect the economy to grow 3.8% in 2014, which is down 0.1 percentage points from last month’s projection. For 2015, panelists also expect the economy to expand 3.8%.


Author:, Senior Economist

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Latvia GDP Chart


Latvia GDP Q2 2014

Note: Year-on year changes of GDP in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.


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