GDP has grown by 1.2 % over the quarter and by 4.8 % over the year

31.08.2017

Data compiled by the Central Statistical Bureau (CSB) show that, as compared to the 1st quarter of 2017, in the 2nd quarter the gross domestic product (GDP) at constant prices increased by 1.2 % (according to revised, seasonally and calendar adjusted data). Compared to the corresponding period of 2016, in the 2nd quarter of this year the GDP grew by 4.0 % according to seasonally and calendar non-adjusted data and by 4.8 % according to adjusted data.

In the 2nd quarter, the GDP amounted to 6.8 billion euros at current prices and at 5.7 billion euros at constant prices.

Changes in the GDP volume, %

At constant prices

Per capita, compared to the corresponding period of the previous year

1Seasonally and calendar non-adjusted data
2Seasonally and calendar adjusted data

In the 2nd quarter of 2017, GDP at current prices amounted to 6 770.8 million euros

 

Production approach
(at constant prices, seasonally and calendar non-adjusted data)

Changes of the GDP in the 2nd quarter of 2017 by kind of economic activity

 

At constant prices, as % of the 2nd quarter of 2016

Sectors according to NACE Rev.2

Share of section in value added, as %

Agriculture, forestry and fishing (A)

3.7

Manufacturing (C)

13.3

Other industry (BDE)

3.7

Construction (F)

5.2

Wholesale and retail trade; repair of motor vehicles and motorcycles (G)

13.2

Transportation and storage (H)

9.4

Accommodation and food service activities (I)

1.9

Information and communication (J)

4.7

Financial and insurance activities (K)

6.3

Real estate activities (L)

11.5

Commercial services (MNS)

8.3

Public administration and defence, compulsory social security (O)

7.6

Education (P)

5.5

Human health and social work activities (Q)

3.5

Arts, entertainment and recreation (R)

2.2

 

Taxes on products minus subsidies on products (D.21-D.31)

 

X

Compared to the 2nd quarter of 2016, in the 2nd quarter of 2017 the manufacturing section grew by 7 %. Growth was recorded in almost all manufacturing divisions. Manufacture of food products went up by 7 % and manufacture of fabricated metal products by 4 %. Significant rise was also experienced in manufacture of electrical equipment – of 34 %, manufacture of chemicals and chemical products – of 23 %, and manufacture of computer, electronic and optical products – of 21 %.

There was an 18 % increase in the production volumes of mining and quarrying. Under the influence of the building of streets and roads, significant rise was recorded in quarrying – of 33 % (sand, gravel, rubble).

The production volume in electricity, gas, steam and air conditioning supply went up by 11 %, of which by 9 % in electric power generation, transmission and distribution and by 31 % in steam and air conditioning supply.

Construction output increased by 16 %. An increase of 17 % was recorded in the construction of non-residential buildings, of 28 % in construction of highways, streets and roads, airfield runways, and railways, and of 18 % in construction of long-distance pipelines, communication and electricity lines. A downturn of 15 % was registered in construction of residential buildings.

Retail trade in both non-food and food products increased by 3 %. Over the period, wholesale increased by 2 %, while wholesale, retail trade and repair of motor vehicles and motorcycles grew by 11 %.

Within the transportation and storage section, passenger traffic rose by 7 %, freight traffic fell by 4 %, warehousing and support activities for transportation grew by 7 %, and postal and courier activities increased by 5 %.

  

Accommodation and food service activities went up by 7 %, of which accommodation by 10 % and food and beverage service activities by 5 %.

Within the section of financial and insurance activities, the drop in the profit from commercial transactions with financial instruments was still observed.

The volume of taxes on products (value added tax, excise and customs taxes) increased by 1 %.

 

Expenditure approach
(at constant prices, seasonally and calendar non-adjusted data)

Changes of GDP in the 2nd quarter of 2017 by kind of expenditure

At constant prices, as % of the 2nd quarter of 2016

ESA 2010 codes

Share, %

Final consumption expenditure (P.3)

81.5

.. final consumption expenditure of households and non-profit institutions serving households P.3 (S.14; S.15)

63.0

.. government final consumption expenditure P.3 (S.13)

18.5

Gross capital formation (P.5)

21.6

.. gross fixed capital formation (P.51)

19.3

Exports of goods and services (P.6)

56.1

(-) Imports of goods and services (P.7)

59.2

 

Compared to the corresponding quarter of the previous year, in the 2nd quarter of 2017 household expenditure on housing rose by 0.5 % and on transport (expenditure on public transport, purchase and exploitation of transport vehicles) by 3 %. Household expenditure on recreation and culture went up by 8 %, whereas expenditure on food did not change over the year. Government final consumption expenditure grew by 5 %.

 

Impact of expenditure types on the GDP growth
in the 2nd quarter of 2017, percentage points

 

Investment in the gross fixed capital formation grew by 26 %, of which by 21 % in dwellings and other buildings and structures and by 25 % in machinery and equipment. Investment in intellectual property products (research, computer software, databases, copyrights, etc.) increased by 47 %.

In the 2nd quarter, exports of goods and services rose by 5 %, of which exports of goods by 4 % and exports of services by 7 %. Exports to the EU countries mainly consisted of wood and products of wood and cork (except furniture), food products, as well as transportation and tourism services. Imports, in its turn, went up by 8 %, of which imports of goods by 9 % and imports of services by 6 %. Imports from the EU countries mainly involved food products, computer, electronic and optical products, as well as transportation and tourism services.

Income approach
(at current prices, seasonally and calendar non-adjusted data)

Compared to the 2nd quarter of 2016, in the 2nd quarter of 2017 compensation of employees grew by 8 %. The upturn was facilitated by the increase of compensation of employees in manufacturing (of 8 %), construction (10 %), and trade (9 %).  Gross operating surplus and mixed income increased by 5 %, whereas the balance of taxes on production and imports and subsidies went up by 9 %.

Components of the income approach
(% of the total GDP)

 

 

Changes of the DGP in the Baltic countries
(at constant prices, seasonally and calendar non-adjusted, % of the corresponding period of the previous year)

*According to the flash estimate on the 2nd quarter of 2017

 

The GDP data will be revised due to the integration of the information on 2015 in the time series. The updated information will be available in the CSB database on 29 September.

More information on the GDP is available in the CSB database section Gross Domestic Product.

 

 

 

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More information on quarterly data:
Elita Kalniņa
Quarterly National Accounts Section
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