GDP has grown by 4.2 % in the 1st quarter

31.05.2018

Data compiled by the Central Statistical Bureau (CSB) show that in the 1st quarter of 2018, compared to the 1st quarter of 2017, the gross domestic product (GDP) (seasonally and calendar non-adjusted data) increased by 4.2 %. In the 1st quarter GDP at constant prices was EUR 6.32 billion.

As compared to the previous quarter, GDP (seasonally and calendar adjusted data) rose by 1.6 %.

GDP changes at constant prices in the 1st quarter of 2016 – 1st quarter of 2018
(as per cent)

 

 

In the 1st quarter of 2018, GDP at current prices comprised EUR 6 315.1 million

 

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

GDP changes in the 1st quarter of 2018 by kind of economic activity

 

In the 1st quarter of 2018, compared to the 1st quarter of 2017, forestry and logging increased by 22 %.

In the 1st quarter of 2018, compared to the 1st quarter of 2017, manufacturing rose by 2 %.  Significant growth was observed in manufacture of chemicals and chemical products – by 15 %, in manufacture of non-metallic mineral products – by 12 %, in manufacture of fabricated metal products, except machinery and equipment – by 10 %. Decrease, in turn, was observed in manufacture of computer, electronic and optical products – by3 %.

In electricity, gas, steam and air conditioning supply manufacturing volume rose by 6 %, of which in production and distribution of electricity – by 2 % and in steam and air conditioning supply – by 13 %.

In the 1st quarter of 2018, as compared to the corresponding period of the previous year, construction production volume rose by 36 %. Both buildings and engineering building were constructed more by 44 %, but specialised construction activities – more by 16 %. Increase was observed in all subsectors of civil engineering: construction of roads and railways (of 56 %), construction of utility projects (61 %), other civil engineering projects (8 %).

In the 1st quarter of 2018, retail trade increased by 5 %, of which trade in food products – by 6 %, but trade in non-food products – by 4 %. Wholesale trade, retail trade and repair of motor vehicles and motorcycles rose by 3 %, but wholesale – by1 %.

In transport and storage sector reduction of 1 % was promoted by decrease in freight transport by 7 %, drop in warehousing and support activities for transportation by 2 %. Rise, in turn, was observed in postal and courier activities – of 21 % and in passenger traffic – of 14 %.

Accommodation and catering services grew by 6 %, of which accommodation – by 11 %, catering – by 5 %.

Information and communication services grew by 5 %, including rise of 13 % in information services, of 10 % in telecommunication services and of 2 % in computer programming and consulting.

As volume of production dropped, financial and insurance activities shown increase of costs share, which determined reduction of 27 % along with price rise due to loses in financial instruments trading in contrast with profit of the 1st quarter of the last year, as well as due to a drop of 6 % in commissions from monetary financial institutions.

Professional, scientific and technical activities rose by 6 %, of which architectural, engineering, technical testing and analysis services – by 49 %, activities of head offices; management consultancy activities – by 3 %.

In the 1st quarter of 2018 the volume of taxes on products (value added tax, excise and customs taxes) increased by 9 %.

 

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

GDP changes in the 1st quarter of 2018 by kind of expenditure

 

Compared to the corresponding quarter of the previous year, in the 1st quarter household expenditure on food products rose by 6 %, on transport (public transport, purchase and exploitation of transport vehicles) – by 3 %, expenditure on recreation and culture – by 9 %. 

Government final consumption expenditure grew by 5 %.

Investment in the gross fixed capital formation grew by 19 %, excluding dwellings, other buildings and structures, also in intellectual property products (research, computer software, databases, copyrights, etc.) – by 4 %. Investment in machinery and equipment, of which in vehicles, reduced by 2 %.

In the 1st quarter exports of goods and services rose by 2 %, of which exports of goods – by 5 %. Exports of services dropped by 5 %, which mainly was affected by decrease in exports of transport services.

Imports of goods and services, in turn, went up by 6 %. Imports of goods rose by 6 %, and mainly it was made up by import from the EU countries (75 %), mainly by food products, computers, electronic and optical products. Imports of services rose by 10 %.

 

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

Compared to the 1st quarter of 2017, in the 1st quarter of 2018 compensation of employees grew by 11 %, of which total wages and salaries – by 11 % and social security contributions by employees – by 13 %. This rise was promoted by wage and salary fund increase in manufacturing by 12 %, in construction sector – by 24 %, services sectors – by 9 %. Gross operating surplus and mixed income increased by 3 %, whereas the balance of taxes on production and imports and subsidies went up by 7 %.

Total wages and salaries and changes 

 

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

*Data on Lithuania for the 1st quarter of 2018 are based on the flash estimate, on Estonia – on the 1st quarter of 2018 data.

Some changes may be made to the government sector estimates, balance of payments and financial services sector, moreover indices of business services will be taken into account in the GDP calculations and balancing of the quarterly national accounts on the 85th day after the reference quarter. The updated information will be available in the CSB databases on 22 June.

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
E-mail: Elita [dot] Kalnina [at] csb [dot] gov [dot] lv
Phone: +371 67366961