Gross Domestic Product (GDP) is one of the indicators in the System of National Accounts.

The System of National Accounts is a set of harmonised and conformable macroeconomic indicators, providing an overall picture of the economic situation and is widely used for economic analysis, forecasting and elaboration of the state policy.

Definitions

Gross domestic product (GDP) represents the total amount of end products and services produced in the territory of a country within a year. GDP is calculated on the basis of data on domestic production (at current and constant prices), expenditure (at current and constant prices) and income (only at current prices).
Gross domestic product from the production approach is calculated as the sum of gross value added (at basic prices) from all kinds of economic activity or institutional sectors plus taxes and less subsidies on products.
From the expenditure approach, gross domestic product is the sum of domestic use of goods and services (administrative and personal expenditures for actual final consumption and gross capital formation) plus exports minus imports of goods and services.
Gross domestic product from the income approach contains information on primary income from economic activity (remuneration of employees + gross income/mixed income + taxes on production and imports – subsidies).
Gross National Income characterises income from economic activities of residents.
Gross National Income equals GDP plus property income, compensation of employees and subsidies receivable from other countries minus property income, compensation of employees and taxes from production and import payable to other countries.
Intermediate consumption is value of those goods and services which are involved in the production process for consumption, excluding fixed assets consumption of which is entered as consumption of fixed capital. In the production process goods and services can be either transformed, or used.
Output is products (goods and services) generated in the reference period.
Subsidies on products are subsidies which are paid for one unit of goods or services produced or imported.
Subsidies on products are usually paid when the good is produced, sold or imported. It is accepted that subsidies on products can be related only to market output or output for own final consumption.
The System of National Accounts is a set of specific sequential tables, which shows resources of goods and services and the use thereof, as well as flows across the main economic sectors of revenues generated by economic activities, and the increase or decrease in the national wealth
Taxes of products are taxes which must be paid for each unit of good or service produced or included in the operation.
Value added is increase of product’s market value, which arises in the result of any kind of economic activity.
It is calculated by deducting intermediate consumption from production (at basic prices). The balancing item of the production account is value added.
Value added at factor cost is the gross income from operating activities after adjusting for operating subsidies and indirect taxes. It can be calculated from turnover, plus capitalised production, plus other operating income, plus or minus the changes in stocks, minus the purchases of goods and services, minus other taxes on products which are linked to turnover but not deductible, minus the duties and taxes linked to production.

Data availability

Dissemination Format and Release Calendar

Theme Reference period Planned release datesort icon Remarks
Gross Domestic Product in Latvia
  • 2012
19.09.2014
Gross Domestic Product in Latvia
  • 2nd quarter 2014
23.09.2014
Gross Domestic Product in Latvia
  • 3rd quarter 2014
28.11.2014

Theme Reference period Actual release datesort icon Remarks
Gross Domestic Product in Latvia
  • 1st quarter 2014
09.06.2014
Gross Domestic Product in Latvia
  • 4th quarter 2013
11.03.2014
Gross Domestic Product in Latvia
  • 3rd quarter 2013
09.12.2013
Gross Domestic Product in Latvia
  • 2012
06.09.2013
  • final data
Gross Domestic Product in Latvia
  • 2nd quarter 2013
06.09.2013

Press realese


Date Title
23.09.2014 On changes of Gross Domestic Product in the 2nd quarter of 2014
30.10.2014 On Flash Estimate of Gross Domestic Product in the 3rd quarter of 2014
28.11.2014 On changes of Gross Domestic Product in the 3rd quarter of 2014

Publications

Download CSB publications on various time periods (starting from 2007) in section E-publications and subscribe for paper publications in section Publications.

Data on GDP are available in the monthly bulletins and in the statistical yearbooks.

Classification

Data are available by the following classifications:

  • Statistical Classification of Economic Activities in the European Communities (NACE Rev. 2).

The following classifications are used for the data calculation:

  • Statistical Classification of Individual Consumption (COICOP);
  • Classification of the Functions of Government (COFOG);
  • Classification of the Administrative Territories and Territorial Units of the Republic of Latvia (CATTU).
     

Classifications are available on RAMON Eurostat's Metadata Server.

Customised Datasets

If you would like to obtain statistical data that are not available in publications or in the CSB online data base, please send us an information request:
 - postal mail: 1 Lāčplēša Street, Riga, Latvia, LV-1301;
 - e-mail: info [at] csb [dot] gov [dot] lv;
 - visiting Information centre.

Read more

Data Collection

Survey Method and Source Data

Calculations in line with the methodology of the European System of Accounts (ESA-95), including the following data sources:

  • Surveys of enterprises and institutions;
  • Labour Force Survey;
  • Data from the Budget, the Treasury, the State Revenue Service, the Bank of Latvia and the Financial and Market Commission;
  • Household Budget Survey.

Estimates are made for non-response, non-registered units, under-reporting to fiscal administration, income in kind, tips etc., but not for illegal activities. Illegal activities are not covered. The ratios of the level of unrecorded activity to the total are diversified by the various institutional sectors, activities and GDP components.

Statistical Processing

Calculation Method

GDP indicators are calculated in line with the European System of Accounts (ESA-95) in breakdown by institutional sector. This indicator can be obtained in three ways: from production approach (GDP from production approach), from demand (expenditure) approach (GDP from the expenditure approach) and from income approach (GDP from income approach).

Data on the production and expenditure of the gross domestic product may be calculated both at current prices (accounting and calculation are made at the same prices that exist in the defined period) and at constant prices where previous calendar year is used as calculation basis and "annual average method" is used for calculations, i.e., current quarter is calculated at average prices of previous year. Absolute values of indicators at constant prices are published at average prices of 2000, but dynamics – in form of chain indices.

Gross domestic product from the production approach is the sum of gross value added obtained by subtracting intermediate consumption from the value of goods and services. Intermediate consumption comprises the value of purchased goods and services used up in production. Taxes on products added to gross value are those, which are payable per unit of a good or service, produced and transacted (value added or turnover tax, customs and excise taxes).

The tables related to gross domestic product from the expenditure side show final consumption expenditure according to the principle of costs, that is, the general government expenditure includes all budget-financed expenses including those that ensure the provision of non-market services to the population (for example, education or health care). Private final consumption expenditure includes only those consumer goods and services that have been paid for by private persons on own account or were produced by their own efforts.

From the income approach gross domestic product is generated from: compensation of employees, taxes on production and income that initially remain at the disposal of the entrepreneur – gross operating surplus and mixed income. Profit is the basic element of gross operating surplus. Gross mixed income of households consists not only of the profit made by the enterprise owner as an entrepreneur but also includes implicit labour remuneration for the owner’s and his family members' work that cannot be separated from profit. GDP from income approach is calculated only at current prices.

Gross national income is derived from the gross domestic product plus property income and compensation of employees minus property income and compensation of employees paid to other countries.

Seasonally and calendar adjusted GDP indices are available in quarterly breakdown. Users must take into account the fact that upon adding data of a new period also the previous timeseries are recalculated.  (Gross Domestic Product in Latvia, seasonally adjusted - methodology)

Base period

  • GDP from production and expenditure approach – the previous calendar year – "annual average method" – current quarter is calculated at the average prices of the previous year.
  • GDP from production and expenditure approach – absolute values of indicators at constant prices are published at average prices of 2010, but dynamics – in form of chain indices.

Data adjustment

In line with the Guidelines for CSB revision policy, the published data are adjusted after the annual balancing of the System of National Accounts.

Comparability

Comparability over time

Comparable data available from 1995.

International Comparability

Eurostat

The Statistical Office of the European Union (Eurostat) on its homepage publishes information on gross domestic product in EU-28 and in each country separately (annual and quarterly statistics). Information can be found in the section: Statistics/ Economy and finance/ National accounts (including GDP).

http://epp.eurostat.ec.europa.eu/

International Monetary Fund

International Monetary Fund (IMF) publishes methodological description on national accounts in English in the so called SDDS format on its home page:

http://dsbb.imf.org/

Confidentiality

Confidentiality of the information provided by respondents is protected by Section 18 of the Official Statistics Law stipulating rights and obligations of the Central Statistical Bureau and other state authorities producing official statistics.

Section 19 of the Official Statistics Law determines confidentiality exceptions. Read more

Contact person on methodology

Name Surname Telephone number Position E-mail
Elita Kalniņa +371 67366961 Head of the Section Elita [dot] Kalnina [at] csb [dot] gov [dot] lv
Inese Medne +371 67366799 Deputy Head of the Section Inese [dot] Medne [at] csb [dot] gov [dot] lv

Last update

18.03.2014

Gross Domestic Product by region

Gross Domestic Product in Latvia, seasonally adjusted

Explanation of symbols

-

Magnitude zero

0

Less than half of the unit employed

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Data not available or too uncertain for presentation

X

Figure not applicable because column headinng and stub line make entry impossible, absurd or meaningless

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Data not released for confidentiality reasons

If data are absolute numbers

0

Magnitude zero