In the 3rd quarter of 2011 the Gross Domestic Product has increased by 6.6%

09.12.2011

Compared to the 3rd quarter of 2010, the Gross Domestic Product (GDP) in the 3rd quarter of 2011 has increased by 6.6%, whereas in the nine months of 2011 as compared to the nine months of 2010 – increased by 5.4% according to the seasonally non-adjusted data of the Central Statistical Bureau of Latvia.

In comparison with the 2nd quarter of 2011, the GDP in the 3rd quarter of 2011 has grown by 1.7%, according to the seasonally adjusted data.

Year

Gross Domestic Product

(seasonally non-adjusted data)

Gross Domestic Product per capita

mlnLVL

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

 

 

 

 

 

1st quarter

3 046

1 527

103.5

1 368

686

2nd quarter

3 505

1 760

105.6

1 579

793

3rd quarter

3 706

1 897

106.6

1 674

857

Production approach

The GDP changes were due to the increase in following sectors: trade (share in the GDP structure – 18.1%) - by 9.7%, manufacturing (14.3%) – by 9.3%, and transport and storage (12.3%) – by 9.0%. The accommodation sector witnessed a growth of 17.0%, whereas catering services – of 21.6%. Notable increase was recorded in construction (share in GDP structure 8.3%) – of 19.6%.

In the sector of professional and technical services (56% of all business activities) there was an increase of 5.2%, while the service volume of travel agencies and tour operators has risen by 15.9%

Changes of GDP in the 3rd 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 industry;
F construction;
G wholesale, retail trade; repair of motor vehicles, motorcycles, personal, household goods;
H transport 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 human health and social work activities;
R arts, entertainment and recreation;
D.21-D.31 product taxes minus subsidies;

 

Changes in key sectors in the 3rd quarter of 2011
(at constant prices, % of the corresponding quarter of the previous year)
Retail tradeTransport and storage
ManufacturingConstruction

 

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

Expenditure approach

In comparison with the 3rd quarter of 2010 (at current prices), the private final consumption in 3rd quarter of 2011 has grown by 11.5%. The most notable expenditure in private final consumption had housing maintenance, it rose by 13.7%, and food – increase of 9.5%. Expenditure on gross capital formation grew by 30.2%, import – by 22.6% and export – by 18.3%. Whereas government final consumption increased by 0.8%.

Increase of the Gross Domestic Product by main expenditure item
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 3rd quarter of 2010, purchase volume in the private final consumption in the 3rd quarter of 2011 has grown by 5.5% (at constant prices). Expenditure on gross capital formation rose by 24.4%, but government final consumption – by 2.7%. Export of goods (71.6% of total exports) has increased by 6.6% and the export of services – by 20.5%. However, the volume of import of goods (82.7% of total import) has grown by 17.7%, but volume of import of services has risen by 16.4%.

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, % of the corresponding period of the previous year)

 


Prepared by Quarterly National Accounts Section
Tel. 67366791
Gita Ķiņķevska