In the 2nd quarter of 2011 the Gross Domestic Product has increased by 5.6%

08.09.2011

From September 2011 the Central Statistical Bureau will publish GDP indicators in line with NACE rev.2 classification as determined by Commission Regulation No 715/2010 with the aim to represent technological development and structural changes in the economy.

In line with the revision policy, time series 1st quarter 2000 – 2nd quarter 2011 have been recalculated. Within the course of recalculation also other improvements to the GDP calculation in separate components have been introduced.

Compared to the second quarter of 2010, the Gross Domestic Product (GDP) in the second quarter of 2011 has increased by 5.6%, whereas in the first half of 2011 as compared to the first half of 2010 – increased by 4.6% according to the seasonally non-adjusted data of the Central Statistical Bureau of Latvia.

Compared to the 1st quarter of 2011, in the 2nd quarter of 2011 the GDP has grown by 2.0%, according to seasonally adjusted data.

 

Year

Gross Domestic Product

(seasonally non-adjusted data)

                Gross Domestic Product per capita

milj. latu

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

LVL

at current prices

at constant prices of 2000

at current prices

at constant prices of 2000

2009

13 070

6 788

82.3

5 796

3 010

2010

12 739

6 765

99.7

5 690

3 022

1st quarter

2 845

1 475

94.5

1 267

657

2nd quarter

3 147

1 666

96.5

1 404

743

3rd quarter

3 293

1779

103.5

1 472

795

4th quarter

3 454

1 845

103.6

1 547

827

2011

 

 

 

 

 

1stquarter

3 046

1 527

103.5

1 368

686

2nd quarter

3 505

1 760

105.6

1 579

793

 

Production approach

The GDP changes were due to the increase in the following sectors:in trade (share in the GDP structure – 16.0%) – by 7.3%,manufacturing (14.7%) – by 14.6%, and transport and storage (13.1%) – by 8.1%.The accommodation sector witnessed a growth of 27.6%, whereas catering services – of 20.9%.

In the sector of professional and technical services (60% of all business activities) there was an increase of 2.8%, while the service volume of travel agencies and tour operators has grown by 11.1%.

Changes of the GDP in the 2nd quarter of 2011 by kind of economic activity
(NACE rev. 2, at constant prices, % of the corresponding quarter of the previous year)
A agriculture, hunting and forestry;
C manufacturing;
BDE other manufacturing;
F construction;
G wholesale, retail trade; repair of motor vehicles, motorcycles, personal, household goods;
H transportation and storage;
I accommodation and food service activities;
J information and communication;
K financial and insurance activities;
L real estate activities;
MNS business activities;
O public administration and defence; compulsory social security;
P education;
Q health and social work;
R arts, entertainment and recreation;
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

Compared to the 2nd quarter of 2010private final consumption in the 2nd quarter of 2011 has grown by 10.3% (at current prices).Most notable expenditure in private final consumption had housing maintenance, it increased by 10.3%, food – increase of 10.4% and transport – of 9.0%. Expenditure on gross capital formation rose by 22.0%, on import – by 28.8% and export – 30.6%.Whereas government final consumption increased by 0.9%.

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

Compared to the 2nd quarter of 2010, purchase volume in the private final consumption in the 2nd quarter of 2011 has grown by 4.6% (at constant prices). Expenditure on gross capital formation rose by 21.7%, but government final consumption – by 1.3%. Export of goods (72.3% of the total export) has increased by 14.7% and export of services – by 15.8%. However, volume of import of goods (82.8% of the total import) has increased by 23.7%, but volume of import of services has increased by 13.6%.

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