Information on GDP changes in the 2nd quarter of 2014 will be provided on 30 September
The revised and detailed data on Gross Domestic Product (GDP) in the second quarter of 2014 will be published on 30 September 2014.
This press release will have a special annex, providing detailed information on the influence of changes introduced to the ESA 2010 methodology of the European System of National and Regional Accounts on the GDP of Latvia. In the course of work the CSB has identified the possible data sources, analysed and reviewed the methods of calculation and recalculated the time series for the period of time from 1995 onwards.
Implementation of the improved methodology and recalculation of time series are of great importance for identification and evaluation of the level of economic development, as well as serves as the basis for forecasting macroeconomic development.
The following changes will be introduced to the System of National Accounts of Latvia:
- improved calculations that will facilitate more precise capturing of costs for research and development activities;
- revised order for recording goods sent for processing/ received after processing in the Latvian export and import aggregates and in the national balance of payments;
- included assessment of underground economy (smuggling, prostitution, drug trafficking, etc.);
- included assessment of the VAT paid by buyers but not transferred to the state budget or the so called "hidden VAT";
- better captured wages in kind, etc.
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