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Latvia’s GDP Increases 2.5% in Q2

Latvia’s GDP Increases 2.5% in Q2

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In the second quarter of 2014 as compared to the second quarter of 2013, Latvia’s gross domestic product increased by 2.5 percent.

The GDP was affected by the value increase of 4 percent in retail trade. Increase in construction accounted for 16 percent. In services (except trade) and in manufacturing the indicator stayed at the level of the second quarter of 2013, while industry in total witnessed a decline of 1 percent.

As reported, in the first quarter of 2014 GDP increased 2.8 percent  as compared to the first quarter of 2013, whereas in comparison with the fourth quarter of 2013, it grew 0.6 percent. In the first quarter of 2014, GDP at current prices comprised EUR 5.3 billion.

In 2013, Latvia’s GDP increased 4.1 percent from 2012.This past June, the Bank of Latvia reduced its economic growth forecast for Latvia to 3.3 percent.

Text: Latvian Institute 2014©