In the 1st quarter of 2016 Gross Domestic Product grew by 0.1 %

31.05.2016

Data compiled by the Central Statistical Bureau show that in the 1st quarter of 2016, compared with the 4th quarter of 2015, GDP at constant prices, according to seasonally adjusted data, increased by 0.1 %. In the 1st quarter of 2016 compared with the 1st of 2015, GDP grew by 1.5 % according to seasonally adjusted data, and by 2.1 % - according to seasonally non-adjusted data.

Changes of GDP volume

 

Mln euros, seasonally non-adjusted

Changes %, at constant prices of 2010

Period

at current prices

at constant prices of 2010

over the previous period, seasonally adjusted

over the corresponding period of the previous year, seasonally non-adjusted

2014

23 580.9

20 876.4

2.4

2015

24 377.7

21 448.7

… 

2.7

Quarter 1

5 389.0

4 725.9

0.7

1.8

Quarter 2

6 073.9

5 353.0

1.1

2.8

Quarter 3

6 449.8

5 612.2

0.8

3.5

Quarter 4

 6 465.1

 5 757.6

-0.4

2.7

2016

 

 

 

 

Quarter 1

5 467.0

4 822.8

0.1

2.1

 

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

In the 1st quarter of 2016, compared with the 1st quarter of 2015, manufacturing sector grew by 0.5 %. The most notable growth was recorded in manufacture of textiles - of 12 %, in manufacture of wood and of products of wood - of 9 %, in manufacture of other non-metallic mineral products - of 8 %. Decrease was recorded in manufacture of food products – of 1.5 %, in manufacture of computer, electronic and optical products - of 4 %, in manufacture of wearing apparel apparel - of 6 %.

Construction production volume dropped by 19 %. The largest decrease was recorded in construction of residential buildings - of 25 %, in construction of highways, streets, roads and railway lines - of 26 %. Growth was observed in construction of local pipelines and cables - of 49 %, and in construction of hotels - of 107 %.

Retail trade grew by 1 %, of which retail trade in food products - by 2 %, and retail trade in non-food products - by 1 %. During this period of time wholesale grew by 6 %.

In the 1st quarter of 2016 compared with the 1st quarter of 2015 transport sector grew by 2 %, of which passenger traffic - by 6 %, and freight turnover - by 1 %.

Volume of entertainment and recreation services increased by 6 %, of which in gambling and betting sector there was a rise of 9 %.

GDP growth was also promoted by taxes on products (value added, excise and customs taxes and duties), which in the 1st quarter of 2016 grew by 6 %.

 

Changes of GDP in the 1st quarter of 2016 by kind of economic activity

At constant prices, as % over the 1st quarter of 2015

Sectors according to NACE Rev.2

Share of sectors in value added, as %

Agriculture, forestry and fishing (A)

2.7

Manufacturing (C)

12.1

Other industry (BDE)

5.8

Construction (F)

3.2

Trade (G)

13.4

Transportation and storage (H)

9.0

Accommodation and food service activities (I)

1.8

Information and communication (J)

5.3

Financial and insurance activities (K)

5.1

Real estate activities (L)

13.9

Commercial services (MNS)

9.2

Public administration and defence, compulsory social security (O)

7.7

Education (P)

5.0

Health and social work (Q)

3.5

Arts, entertainment and recreation (R)

2.3

 

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

 

x

 

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

In the 1st quarter of 2016, compared with the 1st quarter of 2015, private final consumption grew by 4 %. Households' expenditure on food in private final consumption grew by 5 %, expenditure on transport (expenditure on public transport, purchase and exploitation of transport vehicles) – by 9 %, on recreation and culture – by 3 %. Expenditure on housing remained at the level of the previous year. Final consumption of households was promoted by both - the drop in prices, and growth households' income.

Government final consumption grew by 2 %.

Gross fixed capital formation dropped by 16 %. Investment in equipment and machinery decreased by 10%, in intellectual property - by 15 %, in dwellings and other buildings and structures - by 24 %. 

Export decreased by 3 %, and import grew by 5 %.

Changes in expenditure approach items in 2015
(at constant prices, percentage points)

 

Changes of Gross Domestic Product in the Baltic Countries
(at constant prices, seasonally non-adjusted, % of the corresponding period of the previous year)

*Flash estimate data for the 1st quarter of 2016

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 22 June.

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

 

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Beate Danusēviča, Sanda Rieksta
Information and Communication Section
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More information on data:
Elita Kalniņa
Quarterly National Accounts Section
E-mail: Elita [dot] Kalnina [at] csb [dot] gov [dot] lv
Tel.: +371 67366961