The gross domestic product (GDP) of Latvia in the first quarter of this year, according to the seasonally and calendar unadjusted rapid assessment data, has decreased by 0.2% compared to the corresponding period of 2023, according to the data of the Central Statistical Office (CSB).
According to preliminary estimates, GDP was affected by a decline in the manufacturing sector by 1.4% and in the service sector by 1.1%. Product taxes were collected by 0.4% less, but product subsidies, which reduce GDP, decreased by 60.2%.
At the same time, according to seasonally and calendar-adjusted data, the Latvian economy grew by 0.7% in the mentioned time period, according to CSB.
On the other hand, in the first quarter of 2024, compared to the previous quarter – the fourth quarter of 2023 – according to seasonally and calendar adjusted data, GDP increased by 0.8%.
A detailed report on the adjusted GDP size and changes in the first quarter of this year will be published on May 31.
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