In the 1st quarter of 2011 gross domestic product has increased by 3.5%

09.06.2011

Compared to the first quarter of 2010, the Gross Domestic Product (GDP) in the first quarter of 2011 has increased by 3.5%, according to the seasonally non-adjusted data of the Central Statistical Bureau of Latvia.

In comparison with the 4th quarter of 2010, the GDP in the 1st quarter of 2011 has grown by 0.3%, according to seasonally adjusted data.

Year

Gross Domestic Product

(seasonally non-adjusted data)

Gross Domestic Product per capita

million LVL

at constant prices, as % over corresponding quarter of the previous year

LVL

at current prices

at constant prices of 2000

at current prices

at constant prices of 2000

2009

13 083

6 828

82.0

5 802

3 028

2010

12 736

6 805

99.7

5 688

3 039

1st quarter

2 853

1 461

93.9

1 270

651

2nd quarter

3 143

1 667

97.4

1 402

743

3rd quarter

3 291

1 801

102.8

1 471

805

4th quarter

3 449

1 876

103.6

1 545

841

2011

 

 

 

 

 

1st quarter

3 071

1 513

103.5

1 379

680

Production approach

The changes of the GDP were influenced by the volume rises in the following sectors:trade (share in GDP structure – 17.2%) - by 6.5%, manufacturing (12.6%) – by 14.6%, and transport and communications (12.5%) – by 6.6%.Increase of the forestry sector comprised 24.8%.In hotel and restaurant sector the hotel services witnessed a growth of 32%, but catering services – of 25%.

 A reduction was still observed in construction sector (2.4%) – 15.1%.

Changes of GDP in 1st quarter of 2011 by kind of economic activity

(NACE rev. 1.1, at constant prices, as % over the corresponding quarter of previous year)

A          Agriculture, hunting and forestry;

B         Fishing;

C         Mining and quarrying;

D         Manufacturing;

E         Electricity, gas and water supply;

F         Construction;

G         Wholesale, retail trade; repair of motor vehicles, motorcycles, personal, household goods;

H         Hotels and restaurants;

I           Transport and communications;

J          Financial intermediation;

K         Real estate, renting and business activities;

L         Public administration and defence; compulsory social security;

M         Education;

N         Health and social work;

O         Other community, social and personal service activities;

D.21-D.31 product taxes minus subsidies
  

            

Changes in key sectors in 1st quarter of 2011
(at constant prices, as % over the  corresponding quarter of previous year)
Retail tradeTransport and communications
ManufacturingConstruction

 

Impact of production approach components on changes of Gross Domestic Product
(at constant prices, percentage points)

Expenditure approach

In comparison with the 1st quarter of 2010, the private final consumption in 1st quarter of 2011 grew by 8.0% (at current prices).The most notable expenditure in private final consumption was formed by expenditure on housing maintenance, which has increased by 7.1% and by expenditure on food – by 7.5%.Gross capital formation rose by 32.4%, import – by 31.6% and export – by 30.2%.But government final consumption reduced by 0.5%.

Increase of Gross Domestic Product by main expenditure items
at current prices, as % over the corresponding quarter of previous year
at constant prices, as % over the corresponding quarter of previous year

In comparison with 1st quarter of 2010, in the 1st quarter of 2011 in private final consumption an increase of purchase volume of 3.6% was observed (at constant prices).Expenditure on gross capital formation rose by 28.4%, but government final consumption – by 0.6%.Export of goods (73.5% of total exports) has grown by 19.4% and export of services – by 3.5%.However, the volume of import of goods (83.0% of total import) has increased by 23.2%, but volume of import of services – by 6.8%.

Impact of expenditure approach components on changes of Gross Domestic Product

(at constant prices, percentage points)

 

Changes of Gross Domestic Product in the Baltic States
(at constant prices, as % over the corresponding period of previous year)

 

Prepared by Quarterly National Accounts Section

Tel.67366961
Elita Kalniņa