Gross Domestic Products in the fourth quarter of 2012 increased by 5.1% and in 2012 - by 5.6%

11.03.2013

Seasonally non-adjusted data of the Central Statistical Bureau of Latvia show that Gross Domestic Product (GDP) in 2012 as compared to 2011 increased by 5.6%, while in the fourth quarter of 2012 as compared to the fourth quarter of 2011 - by 5.1%.

In its turn, seasonally adjusted data indicate that the GDP in the 4th quarter of 2012 rose by 1.4%, as compared to the 3rd quarter of 2012.

 

Year

Gross Domestic Product

(seasonally non-adjusted data)

Gross Domestic Product per capita

mln LVL

at constant prices, % of the corresponding period of the 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

15 520

7 488

105.6

7 629

3 681

1st quarter*

3 403

1 623

107.0

1 669

796

2nd quarter*

3 819

1 842

105.2

1 876

905

3rd quarter*

4 042

1 988

105.2

1 989

978

4th  quarter

4 256

2 035

105.1

2 097

1 003

* According to the CSB data revision policy data on the first three quarters of 2012 have been revised.Data are available in the CSB data base.

Production approach

In 2012 the GDP changes were determined by increase in the following sectors:in trade (share in the GDP structure – 16.1%) – of 7.0%,manufacturing (14.5%) – of 9.3%, and transport and communications (12.1%) – of 4.0%.Construction sector (5%) witnessed a rise of 14.6%.

As compared to the 4th quarter of 2011, the GDP changes in the 4th quarter of 2012 were determined by growth in following sectors: in trade (share in the GDP structure – 16.3%) – of 8.8%,in manufacturing (13.5%) – of 6.2%, and in transport and communications (11.1%) – of 1.1%.Construction sector (7.4%) witnessed a rise of 9.3%.

GDP changes in the 4th quarter of 2012 by kind of 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

transport and storage;

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 4th 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 Gross Domestic Product changes
(at constant prices, percentage points)

Expenditure approach

In 2012 private final consumption at current prices grew by 8.6%. The most notable expenditure in private final consumption was recorded in housing maintenance (of 9.0%), food (6.0%) and transport (19.7%). Gross capital formation grew by 19.7%, import – by 10.1% and export – by 13.1%.In its turn, government final consumption dropped by 3.8%.

In the fourth quarter of 2012 as compared to the fourth quarter of 2011, private final consumption grew by 6.7%. Rise was recorded within the main groups of final consumption expenditure:on housing maintenance (25% of the total expenditure) – of 8.9%, on food (20%) – of 3.3%, and on transport (16%) - of 23.7%. Gross capital formation grew by 12.6%. Export of goods (73% of total exports) increased by 20.2% and exports of services – by 1.7%.Import of goods (84% of total imports) rose by 9.9%, while import of services decreased by 0.8%.In its turn, government final consumption declined by 2.2%.

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 4th quarter of 2011, expenditure on private final consumption in the 4th quarter of 2012 at constant prices grew by 4.2%, of which expenditure on housing rose by 3.2%, expenditure on food – by 2.4%, and expenditure on transport – by 18.8%. Increase of the private final consumption had a positive effect on the total GDP rise – of 2.8 percentage points. 

Export of goods increased by 13.5%, whereas export of services dropped by 4.0%. Exports increased the GDP by 4.7 percentage points.In its turn, import of goods grew by 2.7%, while import of services decreased by 7.9%. Imports reduced the GDP by 0.7 percentage points.

In 2012 private final consumption purchase volume grew by 5.4%. Expenditure on gross capital formation rose by 12.3%, whereas government final consumption declined by 0.2%.

Export of goods (72.2% of total exports) increased by 9.8% and export of services – by 0.2%.In its turn, import of goods (83.6% of total imports) rose by 3.0% and import of services - by 3.1%.

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

Prepared by Quarterly National Accounts Section
Tel.67366961
Elita Kalniņa