In the 1st quarter of 2015 gross domestic product rose by 0.3%

29.05.2015

Data compiled by the Central Statistical Bureau (CSB) show that in the 1st quarter of 2015, compared to the 4th quarter of 2014, gross domestic product (GDP) at constant prices, according to seasonally adjusted data, rose by 0.3%. But, compared to the 1st quarter of 2014, GDP increased by 2.0%.

In the 1st quarter of 2015, compared with the 1st quarter of 2014, the GDP grew by 1.9%, according to seasonally unadjusted data.

In the 1st quarter of 2015 gross domestic product at current prices is 5.5 bln euros.

Changes of GDP volume (at constant prices, as %)

Data source: Central Statistical Bureau of Latvia

Production approach (seasonally non-adjusted data, at constant prices)

In the 1st quarter of 2015, compared to the 1st quarter of 2014, growth rate of manufacturing comprised 4.4%, of which manufacture of wood and of products of wood – 9%, manufacture of fabricated metal products – 2%. Reduction of volume in manufacture of non-metallic mineral products – by 6% and in manufacture of food products – by 5% had negative impact on growth rate of manufacturing.

Construction production volume reduced by 0.1%.  Drop was observed in both largest segments: construction of non-residential buildings and civil engineering structures (in total 82% in the structure) by 2% and 3%, respectively. There was an increase in the sector of construction of residential buildings by 7%, in construction of highways, streets, roads and railway lines – by 27%, in construction of industrial buildings and warehouses – by 20%.

Retail trade grew by 8%, of which retail sale of automotive fuel – by 18%. There was a 4% increase in trade of food products and 10% increase – in trade of non-food products.

Wholesale trade has decreased by 6%.

In transport sector there was a reduction in passenger transportation by 2% and in freight turnover in road transport – by 5% and at ports – by 5%. Increase of 2% was in storage and transport auxiliary services.

In accommodation and food service activities there was an increase of 7% and 5%.

Volume of entertainment and recreation services increased by 18%, but in gambling and betting sector there was a rise of 19%.

Changes of GDP in the 1st quarter of 2015 by kind of economic activity

At constant prices, as % over 1st quarter of 2014

NACE Rev. 2 activities

Share of sectors in value added, as %

Agriculture, forestry and fishing (A)

2.6

Manufacturing (C)

12.5

Other industry (BDE)

5.1

Construction (F)

3.9

Trade (G)

13.5

Transportation and storage (H)

9.1

Accommodation and food service activities (I)

1.5

Information and communication (J)

4.8

Financial and insurance activities (K)

5.3

Real estate activities (L)

14.3

Commercial services (MNS)

9.1

Public administration and defence; compulsory social security (O)

7.6

Education (P)

4.9

Human health and social work activities (Q)

3.5

Arts, entertainment and recreation (R)

2.3

Taxes on products minus subsidies on products       (D.21-D.31)

x

Expenditure approach (seasonally non-adjusted data)

In the 1st quarter of 2015, compared to the 1st quarter of 2014, private final consumption at current prices grew by 3%. Households' expenditure on food in private final consumption has risen by 2%, expenditure on transport (expenditure on public transport, purchase and exploitation of transport vehicles) – by 0.4%, expenditure on recreation and culture – by 5%. But expenditure on housing increased by 2%.  At constant prices, respectively: on food +4%, on transport +1%, on recreation and culture +5%, on housing -1%.

Government final consumption at current prices has increased by 9%, but at constant prices – by 3%.

Gross fixed capital formation, at current prices, has remained at the level of the previous year, but due to the rise in imports prices, at constant prices it shows reduction of 1%. 

Export of goods at current prices increased by 1%, export of services – by 2%. Export of goods at constant prices increased by 2% and export of services rised of 4%.

Import of goods at current prices dropped by 1%, while import of services increased by 3%. Import of goods at constant prices shrank by 1%, while import of services decreased by 5%.

Gross domestic product by main expenditure items
at constant prices, as of the corresponding quarter of the previous year

Data source: Central Statistical Bureau of Latvia

 

Changes of Gross Domestic Product in the Baltic Countries

(at constant prices, seasonally non-adjusted, as % of the corresponding period of the previous year)

*Flash estimate data for the 1st quarter of 2015

Possible changes in calculations of government sector, balance of payments and sectors of financial services, as well as services producer indices will be taken into account in GDP calculations and balancing of quarterly national accounts on the 85th day after the reference quarter. More information will be available in the CSB database – on 19 June.

More information on GDP time series is available in the CSB database in section Gross Domestic Product.

 

More information:
Elita Kalniņa
Quarterly National Accounts Section
Tel. +371 67366961