In the 3rd quarter of 2011 the Gross Domestic Product has increased by 6.6%
Compared to the 3rd quarter of 2010, the Gross Domestic Product (GDP) in the 3rd quarter of 2011 has increased by 6.6%, whereas in the nine months of 2011 as compared to the nine months of 2010 – increased by 5.4% according to the seasonally non-adjusted data of the Central Statistical Bureau of Latvia.
In comparison with the 2nd quarter of 2011, the GDP in the 3rd quarter of 2011 has grown by 1.7%, according to the seasonally adjusted data.
Year | Gross Domestic Product (seasonally non-adjusted data) | Gross Domestic Product per capita | |||
mlnLVL | at constant prices, as % of the corresponding quarter of the previous year | LVL | |||
at current prices | at constant prices of 2000 | at current prices | at constant prices of 2000 | ||
2009 | 13 070 | 6 788 | 82.3 | 5 796 | 3 010 |
2010 | 12 739 | 6 765 | 99.7 | 5 690 | 3 022 |
1st quarter | 2 845 | 1 475 | 94.5 | 1 267 | 657 |
2nd quarter | 3 147 | 1 666 | 96.5 | 1 404 | 743 |
3rd quarter | 3 293 | 1779 | 103.5 | 1 472 | 795 |
4th quarter | 3 454 | 1 845 | 103.6 | 1 547 | 827 |
2011 |
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1st quarter | 3 046 | 1 527 | 103.5 | 1 368 | 686 |
2nd quarter | 3 505 | 1 760 | 105.6 | 1 579 | 793 |
3rd quarter | 3 706 | 1 897 | 106.6 | 1 674 | 857 |
Production approach
The GDP changes were due to the increase in following sectors: trade (share in the GDP structure – 18.1%) - by 9.7%, manufacturing (14.3%) – by 9.3%, and transport and storage (12.3%) – by 9.0%. The accommodation sector witnessed a growth of 17.0%, whereas catering services – of 21.6%. Notable increase was recorded in construction (share in GDP structure 8.3%) – of 19.6%.
In the sector of professional and technical services (56% of all business activities) there was an increase of 5.2%, while the service volume of travel agencies and tour operators has risen by 15.9%
Changes of GDP in the 3rd quarter of 2011 by kind of economic activity (NACE rev. 2, at constant prices, % of the corresponding quarter of the previous year) | |
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![]() | 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 subsidies; |
Changes in key sectors in the 3rd quarter of 2011 (at constant prices, % of the corresponding quarter of the previous year) | |
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Retail trade | Transport and storage |
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Manufacturing | Construction |
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Impact of production approach components on changes of Gross Domestic Product (at constant prices, percentage points) |
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Expenditure approach
In comparison with the 3rd quarter of 2010 (at current prices), the private final consumption in 3rd quarter of 2011 has grown by 11.5%. The most notable expenditure in private final consumption had housing maintenance, it rose by 13.7%, and food – increase of 9.5%. Expenditure on gross capital formation grew by 30.2%, import – by 22.6% and export – by 18.3%. Whereas government final consumption increased by 0.8%.
Increase of the Gross Domestic Product by main expenditure item |
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at current prices, % of the corresponding quarter of the previous year |
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at constant prices, % of the corresponding quarter of the previous year |
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Compared to the 3rd quarter of 2010, purchase volume in the private final consumption in the 3rd quarter of 2011 has grown by 5.5% (at constant prices). Expenditure on gross capital formation rose by 24.4%, but government final consumption – by 2.7%. Export of goods (71.6% of total exports) has increased by 6.6% and the export of services – by 20.5%. However, the volume of import of goods (82.7% of total import) has grown by 17.7%, but volume of import of services has risen by 16.4%.
Impact of expenditure approach components on changes of Gross Domestic Product (at constant prices, percentage points) |
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Changes of Gross Domestic Product in the Baltic States (at constant prices, % of the corresponding period of the previous year) |
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Prepared by Quarterly National Accounts Section
Tel. 67366791
Gita Ķiņķevska