Consumption in Latvia
Latvia - Consumption
Contraction in GDP softens again in Q1
The economy shrank 1.3% year-on-year in the first quarter of 2021, according to detailed national accounts data released on 31 May. The reading showed a slight improvement from the 1.5% contraction logged in Q4 2020, and was also above the 2.2% downturn reported in the preliminary Q1 release. That said, the result still marked the fifth consecutive quarter of declining output.
Q1’s softer downturn was chiefly due to a milder decline in consumer spending (Q1: -7.3% yoy; Q4: -8.5%). On the other hand, the result was weighed on by deteriorating capital and public spending: Fixed investment fell 4.5% in Q1, contrasting the previous quarter’s 2.6% rise, while government consumption growth slowed slightly to 2.9% in the first quarter (Q4: +3.0% yoy).
Externally, exports of goods and services fell 1.0% year-on-year in Q1, swinging from the 3.0% increase logged in the previous quarter. Meanwhile, imports grew 0.3% annually, moderating from Q4’s 1.8% rise.
On a seasonally-adjusted quarter-on-quarter basis, GDP fell 1.7% in Q1 (Q4: +1.1% yoy).
GDP is set to recover from the pandemic’s impact this year, as demand revives both abroad and at home. That said, still-high Covid-19 infections and a relatively lagging vaccination campaign, coupled with concerns regarding the strength of the recovery in the Eurozone, cloud the outlook.
FocusEconomics panelists see GDP growth of 3.6% in 2021, which is unchanged from last month’s estimate. In 2022, the economy is seen expanding 4.8%.
Latvia - Consumption Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Consumption (annual variation in %) | 2.5 | 1.5 | 3.1 | 4.2 | 2.9 |
Latvia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.55 | 0.0 % | Jun 30 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
Sample Report
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Economic News
-
Latvia: Contraction in GDP softens again in Q1
May 31, 2021
The economy shrank 1.3% year-on-year in the first quarter of 2021, according to detailed national accounts data released on 31 May.
-
Latvia: Inflation hits 25-month high in April
May 10, 2021
Consumer prices rose 0.91% over the previous month in April, quickening from March’s 0.73% increase and marking the fastest rise in over two years.
-
Latvia: Industrial production gains momentum in March
May 5, 2021
Industrial production rose 4.7% in year-on-year, calendar-adjusted terms in March, firmly above the 2.7% increase logged in February. March’s higher reading was driven by faster output growth in the manufacturing sector, as well as activity in the mining and quarrying sector rebounding solidly.
-
Latvia: GDP drops at a quicker pace in Q1
April 29, 2021
GDP fell 2.2% on an annual basis in the first quarter of 2021, according to a preliminary release.
-
Latvia: Inflation returns in March after seven months of falling prices
April 9, 2021
Consumer prices rose 0.73% over the previous month in March, quickening from February’s 0.46% increase.
© Copyright: 2021. | Latvia Consumption | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed
