Consumption in Latvia
Latvia - Consumption
Growth plummets to near three-year low in Q2
GDP increased 2.0% on annual basis in the second quarter, according to a second estimate released on 30 August. This was a notch below the preliminary estimate of a 2.1% year-on-year increase, was considerably below Q1’s 3.0% expansion and marked the slowest expansion since Q3 2016. However, in seasonally- and working day-adjusted quarter-on-quarter terms, growth rebounded to 0.7% in Q2, from a 0.1% contraction logged in Q1.
A faltering external sector and weaker investment activity chiefly led the deceleration in the second quarter. Fixed investment growth nearly halved (Q2: +4.3% year-on-year; Q1: +8.0% yoy), beset by weaker inflows of EU funds, thus denting overall domestic demand. On a more positive note, household spending accelerated (Q2: +3.5% yoy; Q1: +2.8% yoy), supported by a tighter labor market, while government spending growth largely held up (Q2: +2.3% yoy; Q1: +2.4% yoy).
Meanwhile, the external sector weakened in the quarter as imports surged and exports deteriorated. Imports jumped 7.0% year-on-year in the second quarter, accelerating considerably from the first quarter’s 2.2% increase. Meanwhile, exports decelerated markedly (Q2: +1.9% yoy; Q1: +4.8% yoy) amid stagnant merchandise shipments.
FocusEconomics panelists expect GDP to increase 3.0% in 2019, which is down 0.4 percentage points from last month’s forecast, and also 3.0% in 2020.
Latvia - Consumption Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Consumption (annual variation in %) | 5.3 | 1.2 | 2.7 | 1.4 | 4.2 |
Latvia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.55 | 0.0 % | Jun 30 |
| Exchange Rate | 1.10 | 0.65 % | Sep 04 |
| Stock Market | 1,025 | 0.17 % | Sep 04 |
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Economic News
Latvia: Inflation falls to nine-month low in September
October 9, 2019
Consumer prices ticked up 0.1% from the previous month in September, down slightly from August’s 0.2% drop.
Latvia: Industrial production rebounds in August
October 4, 2019
Industrial production rose 2.0% in annual working-day adjusted terms in August, rebounding from July’s 1.3% dip.
Latvia: Inflation edges up in August
September 9, 2019
Consumer prices ticked up 0.2% from the previous month in August, contrasting July’s 1.0% drop, which had marked the strongest monthly contraction since July 2015.
Latvia: Industrial output dips in July
September 3, 2019
Industrial production fell 1.3% in annual working-day adjusted terms in July, contrasting June’s robust 4.4% increase.
Latvia: Inflation ticks down in July
August 12, 2019
Consumer prices fell 1.0% in July from the previous month in July, contrasting June’s 0.4% increase and marking the strongest monthly contraction since July 2015.
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