In the third quarter of 2012 Gross Domestic Product increased by 5.2%

07.12.2012

Seasonally non-adjusted data of the Central Statistical Bureau of Latvia show that Gross Domestic Product (GDP) in the 3rd quarter of 2012 as compared to the third quarter of 2011 increased by 5.2%, while in the first nine months of 2012 as compared to the nine months of 2011 - by 5.6%.

In its turn, seasonally adjusted data indicate that the GDP in the 3rd quarter of 2012 rose by 1.7%, as compared to the 2nd 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

 

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

 

 

 

 

 

1stquarter

3 401

1 622

106.9

1 668

796

2nd quarter

3 806

1 837

105.0

1 870

903

3rd quarter

4 036

1 987

105.2

1 985

978

Production approach

As compared to the 3rd quarter of 2011, the GDP changes in the 3rd quarter of 2012 were determined by growth in the following industries:  in trade (share in the GDP structure – 17.2%) – of 7.1%,in manufacturing (14.1%) – of 7.2%, and in transport and communications (12.5%) – of 3.2%. Construction sector (8%) witnessed a rise of 8.3%.

GDP changes in the 3rd 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 industry;

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 3rd 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

Compared to the 3rd quarter of 2011, private final consumption inthe 3rd quarter of 2012 (at current prices) grew by 7.8%. Rise was recorded within the main groups of final consumption expenditure: on housing maintenance (25% of the total expenditure) – of 8.5%, on food (20%) – of 5.1%, and on transport (16%) - of 11.8%.  Gross capital formation grew by 7.0%. Export of goods (73% of total exports) increased by 15.5% and export of services – by 8.1%. Import of goods (84% of total imports) rose by 5.6% and import of services - by 3.6%. In its turn, government final consumption decreased by 2.1%.

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 3rd quarter of 2011, expenditure on private final consumption in the 3rd quarter of 2012 (at constant prices) grew by 5.1%, of which expenditure on housing rose by 0.7%, expenditure on food – by 2.7%, and expenditure on transport – by 7.4%.Increase of the private final consumption had a positive effect on the total GDP rise – of 3.4 percentage points.  Expenditure on gross capital formation decreased by 8.3% and government final consumption – by 2.8%, which decreased the GDP by 2.6 and 0.4 percentage points, respectively. Export of goods increased by 11.4%, whereas export of services dropped by 3.4%. Exports increased the GDP by 3.9 percentage points. Import of goods decreased by 2.1%, while import of services grew by 3.4%.  Imports increased the GDP by 0.9 percentage points.

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

* Estonia 3rd quarter of 2012 – flash estimate data

Prepared by Quarterly National Accounts Section
Tel. 67366961
Elita Kalniņa