Consumption in Latvia
Latvia - Consumption
GDP expands at the swiftest pace in over 13 years in Q2
The economy surged 11.1% year-on-year in the second quarter of 2021, according to detailed national accounts data released on 31 August. The reading showed a notable rebound from the 1.3% contraction logged in Q1, and was also above the 10.3% increase reported in the preliminary Q2 release. The result represented the quickest expansion in over 13 years, but was somewhat buttressed by a low base effect, as Q2 2020 saw a correspondingly steep contraction.
Q2’s upturn was mainly due to a marked rebound in household spending (Q2: +16.0% yoy; Q1: -7.3% yoy), as well as fixed investment (Q2: +11.2% yoy; Q1: -4.5% yoy). Moreover, government spending growth rose to 7.1% in the second quarter, quickening from the previous quarter’s 2.9% rise.
Meanwhile, exports of goods and services increased 16.0% year-on-year in Q2, contrasting the 0.9% drop logged in the previous quarter, while imports grew 32.2% annually (Q1: 0.0% yoy).
On a seasonally-adjusted quarter-on-quarter basis, GDP rose 4.4% in Q2, bouncing back from the 1.6% contraction posted in the prior quarter.
FocusEconomics panelists see GDP growth of 3.7% in 2021, which is up 0.3 percentage points from last month’s estimate. In 2022, the economy is seen expanding 5.1%.
Latvia - Consumption Data
|Consumption (annual variation in %)||2.5||1.5||3.1||4.2||2.9|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||0.55||0.0 %||Jun 30|
|Exchange Rate||1.12||0.65 %||Dec 31|
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September 3, 2021
Industrial output grew 8.4% in year-on-year terms in July, which was above June's 7.6% increase.
August 31, 2021
The economy surged 11.1% year-on-year in the second quarter of 2021, according to detailed national accounts data released on 31 August.
August 10, 2021
Consumer prices increased 0.36% from the previous month in July, matching June's reading.
August 3, 2021
Industrial production rose 7.6% year-on-year in June, following May’s 10.6% result.
July 29, 2021
GDP surged 10.3% on an annual basis in the second quarter of 2021, according to preliminary national accounts data released by Latvia’s Statistical Institute on 29 July.