According to a comprehensive report by Worldway: On September 30, the Central Statistical Bureau of Latvia re-released statistics in accordance with the new European Union System of National and Regional Accounts (ESA2010). In the second quarter, Latvia's Gross Domestic Product (GDP) at current prices was calculated at 5.9billion euros. Based on non-seasonally adjusted data, the year-on-year growth was 2.3%, and based on seasonally adjusted data, the quarter-on-quarter growth was 0.9%.
I. Production Sector
Calculated at constant prices, the manufacturing sector grew by 0.1%year-on-year in the second quarter. Among this, the manufacture of wood and wood products grew by 7.2% (accounting for 26.3% of manufacturing), food manufacturing grew by 3.9% (accounting for 18.8% of manufacturing), clothing manufacturing fell by 18.0% (accounting for 2.6% of manufacturing), and beverage manufacturing fell by 17.0% (accounting for 2.3% of manufacturing).
The construction industry grew by 15.8% year-on-year, among which residential construction grew by 67.3% (accounting for 14.4% of the construction industry), office building construction grew by 18% (accounting for 7.1% of the construction industry), industrial building and warehouse construction grew by 30.4% (accounting for 6.0% of the construction industry), and the construction of highways, airport runways, roads, streets, and railways fell by 2.4% (accounting for 19.3% of the construction industry).
The retail industry grew by 4.3% year-on-year, among which automotive fuel retail grew by 6.1%, food trade grew by 5.9%, and non-food trade grew by 3.4%.
In the transportation industry, road freight transport grew by 11%. The accommodation and catering industries grew by 6.5% and 6.0% respectively. The tourism industry grew by 4.4%. The entertainment and leisure industry grew by 12.2%, and the gambling and betting industry grew by 19.7%.
II. Consumption Sector
Calculated at current prices, private consumption grew by 2.8% year-on-year in the second quarter. Consumption expenditure growth was mainly in two major areas: food grew by 6.0% (accounting for 19% of total expenditure), and transport grew by 2.0% (accounting for 11% of total expenditure). Housing expenses remained unchanged from the same period in 2013 (accounting for 23% of total expenditure). Total fixed assets grew by 1.4%. Goods exports grew by 1.4% (accounting for 72% of total exports), while service exports fell by 2.5%. Goods imports grew by 2.6% (accounting for 86% of total imports), while service imports fell by 5.4%.
Worldway Editor
