On changes of Gross Domestic Product in the 2nd quarter of 2012

07.09.2012

IN 2nd QUARTER OF 2012 GROSS DOMESTIC PRODUCT HAS INCREASED BY 5.0%

Seasonally non-adjusted data of the Central Statistical Bureau of Latvia show that, in comparison with the 2nd quarter of 2011, Gross Domestic Product (GDP) in the 2nd quarter of 2012 has increased by 5.0%, whereas in the 1st half, as compared to the 1st half of 2011, GDP has grown by 5.9%.

While seasonally adjusted data indicate that GDP in the 2nd quarter of 2012 has risen by 1.3%, if compared to the 1st half of 2012.

Year

Gross Domestic Product

(seasonally non-adjusted data)

Gross Domestic Product per capita

mln LVL

at constant prices, as % over corresponding period of previous year

LVL

at current prices

at constant prices of 2000

at current prices

at constant prices of 2000

 

 

 

 

 

 

2011*

14 275

7 092

105.5

6 939

3 448

1st quarter

3 073

1 517

103.6

1 484

733

2nd quarter

3 532

1 751

105.7

1 713

849

3rd quarter

3 741

1 889

106.6

1 823

921

4th quarter

3 929

1 936

105.7

1 921

947

 

 

 

 

 

 

2012

 

 

 

 

 

1st quarter*

3 401

1 622

106.9

1 668

796

2nd quarter

3 806

1 837

105.0

1 870

903

* In compliance with data revision policy of the CSB, data on 2010 have been re-calculated, and information on quarters of 2011 and 2012 was accordingly revised.Data are available in the CSB database.

Production approach

In comparison with the 2nd quarter of 2011, changes in the GDP in the 2nd quarter of 2012 were due to the growth in following industries: trade (share in the GDP structure – 15%) - of 6.1%, manufacturing (15%) – of 9.0%, as well as transport and communications (13%) – of 7.5%.Construction (5%) witnessed a rise of 23.5%.

Changes of GDP in the 2nd quarter of 2012 by 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

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 product subsidies

 

Changes in key industries in the 2nd quarter of 2012
(at constant prices, % of the corresponding quarter of the previous year)

Retail trade

Transport and storage

Manufacturing

Construction

 

Impact of production approach components on changes of GDP
(at constant prices, percentage points)

Expenditure approach

Compared to the 2nd quarter of 2011, private final consumption in the 2nd quarter of 2012 (at current prices) grew by 11.0%. Rise was recorded within the main groups of final consumption expenditure: on housing maintenance (25% of total expenditure) – of 12.7%, on food (20%) – of 6.8%, and on transport (16%) - of 24.2%. Gross capital formation grew by 30.0%. Export of goods (71% of total exports) increased by 6.9% and export of services – by 13.4%. Import of goods (84% of total imports) rose by 10.8%, while import of services - by 10.1%. Whereas government final consumption increased by 5.0%.

GDP dynamics by main expenditure component
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 2nd quarter of 2011, expenditure on private final consumption in the 2nd quarter of 2012 (at constant prices) has grown by 7.2, of which expenditure on housing rose by 5.2%, expenditure on food – by 2.4%, and expenditure on transport – by 18.9%. Increase of the private final consumption positively influenced overall GDP rise – by 4.9 percentage points. Expenditure on gross capital formation grew by 1.0%, while government final consumption – by 0.5%, and that increased the GDP by 0.3 and 0.1 percentage point, respectively. Export of goods has increased by 4.1% and export of services – by 3.1%. Exports increased the GDP by 2.1 percentage point.However, import of goods has grown by 2.6%, while import of services - by 10.2%. Imports reduced the GDP by 2.4 percentage points.

Changes of GDP in the Baltic States
(at constant prices, % of the corresponding period of the previous year)

 

Prepared by the Quarterly National Accounts Section
Tel.67366961
Elita Kalniņa