On changes of Gross Domestic Product in the 1st quarter of 2009

09.06.2009

Compared to the first quarter of 2008 gross domestic product (GDP) in the first quarter of 2009 has decreased by 18.0%,* according to the seasonally non-adjusted data of the Central Statistical Bureau of Latvia.

Production approach

Changes in the main activities in the 1st quarter of 2009
(at constant prices, % of the corresponding quarter of the previous year)

The decrease in GDP was due to the drop in the following sectors: trade (share in GDP structure – 15.9%) - by 25.8%, transport and communications (11.0%) – by 15.4%, manufacturing (8.6%) – by 25.8% and construction (5.4%) – by 28.2%.

Retail trade

Transport and communications

Manufacturing

Construction

Changes of GDP in the 1st quarter of 2009 by kind of economic activity
(NACE rev. 1.1, at constant prices, % of the corresponding quarter of the previous year)

A Agriculture, hunting and forestry;
B Fishery;
C Mining and quarrying;
D Manufacturing;
E Electricity, gas and water supply;
F Construction;
G Trade;
H Hotels and restaurants;
I Transport and communications;
J Finances;
K Business services;
L Public administration and defence; compulsory social security;
M Education;
N Health and social work;
O Other community, social and personal service activities


Expenditure approach

Increase of 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


In the 1st quarter of 2009 compared to the 1st quarter of 2008 (at current prices) in final private consumption expenditure on food has decreased by 4.6%, on recreation and culture - by 9.7%, on clothing and footwear – by 42%. Slight increase was observed in expenditure on housing, electricity – by 3.7%, on transport – by 1.4%, on health – by 0.9%.

Decrease in private final consumption at constant prices was caused bypurchase volume reduction. Government final consumption expenditure decreased by 1.2%, but expenditure on gross capital formation – by 34.1%. Export of goods (61.1% of total exports) has reduced by 22.6% and exports of services – by 4.7%. However, volume of imports of goods (79.4% of total imports) has decreased by 34.2%, but volume of imports of services – by 35.1%.

GROWTH OF GROSS DOMESTIC PRODUCT IN THE BALTIC COUNTRIES
(at constant prices, % of the corresponding period of the previous year)

* Seasonally adjusted data on changes of GDP on the data base will be published on 10.06.2009.

Prepared by National Accounts Section
Tel. 67366961
Elita Kalniņa