In the 1st quarter GDP increased by 2.8%

09.06.2014

Data compiled by the Central Statistical Bureau show that Gross Domestic Product (GDP) at current prices in the 1st quarter of 2014 was 5.3 bln euros.

According to seasonally non-adjusted data, in the 1st quarter of 2014, compared to the 1st quarter of 2013, GDP at constant prices has grown by 2.8%, but, according to seasonally adjusted data, compared to the 4th quarter of 2013, it has increased by 0.6%.

Changes of GDP volume, 1st quarter 2012 - 1st quarter 2014
 (at constant prices, %)

Production approach

In the 1st quarter of 2014, as compared to the 1st quarter of 2013, manufacturing rate has grown by 1.2%, which was affected by 7.5% increase in manufacture of food products (21.1% of total manufacturing) and 7.6% increase in manufacture of wood and of products of wood (23.4% of total manufacturing). Manufacture of beverages has reduced by 4.9% (1.9% of total manufacturing) and manufacture of wearing apparel – by 15.4% (3.7% of total manufacturing).  Manufacture of basic metals has decreased by 80.9%.

Construction has gone up by 24.6%. Construction of residential buildings has grown by 44.3% (16.9% of total construction), construction of main pipelines, communication and power lines – by 11.8% (7.7% of total construction), construction of administrative buildings – by 97.4% (7.5% of total construction) and construction of hotels and similar buildings – by 84.3%. Construction of highways, streets, roads, airfield runways, railways witnessed drop of 4.8% (6.1% of total construction) and construction of bridges and tunnels – of 19.4% (2.1% of total construction).

Trade rose by 2.5%, of which retail trade – by 2.6%, which formed 2.8% increase in trade of food products and 2.5% increase – of non-food products.

In commercial services sector the largest increase was observed among the following services: in architectural, engineering and inspection services and analysis – by 12.9%, in travel agencies – by 3.2%, in hairdressing and other beauty treatment – by 9.5%, as well as in repair of other personal goods – by 25.2%.

Rise in entertainment and recreation sector comprised 20.1%, but in gambling and betting sector – 12.6%.

Taxes on products (Value Added Tax, Excise Duty, customs duties) were collected by 1.7% more.

Changes of GDP in the 1st quarter of 2014 by kind of economic activity

at constant prices, % over 1st quarter of 2013

NACE Rev. 2 activities

agriculture, forestry and fishing (A);

4.9

Structure of activities at current prices, %

manufacturing (C);

13.9

other industry (BDE);

5.8

construction (F);

4.0

trade (G);

15.4

transportation and storage (H);

11.8

accommodation and food service activities (I);

1.7

information and communication (J);

4.7

financial and insurance activities (K);

3.6

real estate activities (L);

11.5

commercial services (MNS);

7.0

public administration and defence; compulsory social security (O);

6.8

education (P);

3.9

human health and social work activities (Q);

3.1

arts, entertainment and recreation (R);

1.9

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

x

Expenditure approach

In the 1st quarter of 2014, compared to the 1st quarter of 2013, private final consumption at current prices grew by 2.5%. Rise was observed within two main groups of consumption expenditure: food (20% of total expenditure) – of 3.1% and transport (14% of total expenditure) – of 1.9%. Households' expenditure on housing due to the warm weather has reduced by 2.5% (27% of total expenditure). Gross fixed capital formation increased by 2.8%. Export of goods (72% of total exports) has risen by 0.4%, but exports of services – by 4.3%. Volume of imports of goods (86% of total imports) has reduced by 1.9%, but imports of services – by 2.4%.

Gross domestic product by main expenditure items

at current prices, % of the corresponding quarter of the previous year

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

Compared to the 1st quarter of 2013, private final consumption in the 1st quarter of 2014 at constant prices grew by 2.1%, of which expenditure on food – by 2.7%, but expenditure on transport – rose by 3.6%. But expenditure on housing decreased by 3.4%.

Expenditure on gross fixed capital formation increased by 2.2%. Volume of investment in the manufacturing has grown by 34.2%, but electricity, gas, steam and air conditioning supply experienced significant decrease of volume of investment – 33.4%.

Export of goods increased by 1.7%, but export of services – by 3.6%. In its turn, import of goods decreased by 1.3%, while import of services – by 3.6%.

Changes of Gross Domestic Product in the Baltic Countries

(at constant prices, % of the corresponding period of the previous year)

In September of this year GDP will be published accordingly new methodology of national system of accounts – European System of Accounts ESA 2010.

 

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