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 Statistics Office.
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.
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.
It has already been announced that in 2023, Latvia’s GDP decreased by 0.3% compared to 2022.
Euro banknote. Photo: Pexels
Tags: Latvias GDP shrank provisionally quarter
