On changes of Gross Domestic Product in the 1st quarter of 2010

09.06.2010

Compared to the first quarter of 2009 gross domestic product (GDP) in the first quarter of 2010 has decreased by 6.0%, according to the seasonally non-adjusted data of the Central Statistical Bureau of Latvia*.

Year

Gross Domestic Product**

Gross Domestic Product per capita

mln lats

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

in lats

at current prices

at constant prices of 2000

at current prices

at constant prices of 2000

      

2008

16 188

8 323

95.8

7 112

3 657

2009

13 083

6 828

82.0

5 802

3 028

1st quarter

3 309

1 556

82.2

1 464

688

2nd quarter

3 340

1 710

81.9

1 480

758

3rd quarter

3 221

1 751

80.9

1 429

777

4th quarter

3 213

1 811

83.2

1 428

805

      

2010

 

 

 

 

 

1st quarter

2 853

1 463

94.0

1 288

651


Production approach

The decrease in GDP was due to the drop in the following sectors: in trade (share in GDP structure – 16.0%) – 8.1% and in construction (3.1%) – by 43.2%. In its turn, there was an increase in transport and communications (which comprises 12.6% of GDP) of 2.3% and in manufacturing (11.0%) – by 6.8%.

Changes of GDP in the 1st quarter of 2010 by kind of economic activity
(NACE rev. 1.1, at constant prices, % of the corresponding quarter of the previous year)

 

Impact of production approach components on changes of gross domestic product
(at constant prices, percentage points)

 

Changes in the main activities in the 1st quarter of 2010
(at constant prices, % of the corresponding quarter of the previous year)

Retail trade

Transport and communications

 

Manufacturing

Construction

 


Expenditure approach

Compared to the 1st quarter of 2009 (at current prices), in the 1st quarter of 2010 final private consumption expenditure has decreased by 14.8%, government final consumption – by 15.2%, gross capital formation – by 47.0%, but imports – by 3.9%. In its turn, exports volume has increased by 5.7%.

Increase of gross domestic product by main expenditure items

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

 

In final private consumption major expenditure was on housing maintenance which increased by 16.5%, on food which decreased by 8.9%, and on transport which reduced by 32.4%.

Changes of final private consumption expenditure by consumer groups in the 1st quarter of 2010
(COICOP, at current prices, % of the corresponding quarter of the previous year)

 


 

Changes of exports and imports in main commodities groups in the 1st quarter of 2010
(at current prices, % of the corresponding quarter of the previous year)

 

 

Changes of exports and imports in main services groups in the 1st quarter of 2010
(data of the bank of Latvia, at current prices, % of the corresponding quarter of the previous year)

 

In the 1st quarter of 2010 over the 1st quarter of 2009 decrease of purchase volume in private final consumption at constant prices continued. Government final consumption expenditure decreased by 14%, but expenditure on gross capital formation – by 17.6%. Export of goods (68.2% of total exports) has increased by 19.3% and exports of services – reduced by 19.2%. However, volume of imports of goods (80.7 % of total imports) has decreased by 0.03%, but volume of imports of services – by 15.4%.

 

Increase of gross domestic product by main expenditure items

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

 

Impact of use approach components on changes of gross domestic product
(at constant prices, percentage points)
 

 

CHANGES 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 10.06.2010.

** GDP data of 2008 and 2009 have been revised after national accounts balancing in 2008. More detail information is available in the CSB data base.

 

Prepared by Quarterly National Accounts Section
Elita Kalniņa
Tel. 67366961