On changes of Gross Domestic Product in the 2nd quarter of 2009

08.09.2009

Compared to the first half of 2008 gross domestic product (GDP) in the first half of 2009 has decreased by 18.4%, according to the seasonally non-adjusted data of the Central Statistical Bureau of Latvia.

Compared to the 2nd quarter of 2008, in the 2nd quarter of 2009 GDP has diminished by 18.7%*.

Production approach

The decrease in GDP was due to the drop in the following sectors: trade (share in GDP structure – 15.8%) - by 29.0%, transport and communications (11.2%) – by 15.0%, manufacturing (9.2%) – by 24.4% and construction (7.1%) – by 29.5%.

Changes in the main activities in the 2nd quarter of 2009
(at constant prices, % of the corresponding quarter of the previous year)

Retail trade

Transport and communications

Manufacturing

Construction


Changes of GDP in the 2nd quarter of 2009 by kind of economic activity
(NACE rev. 1.1, at constant prices, % of the corresponding quarter of the previous year)


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 2nd quarter of 2009 compared to the 2nd quarter of 2008 (at current prices) in final private consumption expenditure on education has decreased by 9.5%, on food – by 18.5%, on transport, communications – by 18.5%, on alcoholic beverages, tobacco – by 26.3%, on restaurants and hotels – by 43.7%.

Decrease in private final consumption at constant prices mainly was caused byreduction of goods purchase volume. Government final consumption expenditure dropped by 6.9%, but expenditure on gross capital formation – by 38.1%. Export of goods (63.6% of total exports) has reduced by 19.1% and exports of services – by 15.7%. However, volume of imports of goods (78.8% of total imports) has decreased by 39.4%, but volume of imports of services – by 38.2%.

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 09.09.2009.


Prepared by National Accounts Section
Tel. 67366961
Elita Kalniņa