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Latvia’s gross domestic product grows 4.7% in nine months

Compared to Q2, Latvia’s gross domestic product increased by 1.5 % in Q3 2017. Compared to the corresponding period of 2016, in Q3 this year the GDP grew by 5.8 % according to seasonally and calendar non-adjusted data and by 6.2 % according to adjusted data.

Compared to Q3 2016, manufacturing grew by 8 % in Q3 2017. Manufacture of food products as well as manufacture of wood and of products of wood and cork went up by 4 %, while manufacture of fabricated metal products rose by 23 %. Significant rise was recorded also in other sections: manufacture of chemicals and chemical products (18 %), manufacture of electrical equipment (14 %), manufacture of computer, electronic and optical products (11 %), and manufacture of other non-metallic mineral products (10 %), according to data from the Central Statistical Bureau of Latvia.
 

Production volumes in mining and quarrying rose by 22 %, with an increase of 30 % in quarrying (sand, gravel, rubble) due to the construction of streets and roads.
 

Production volume in electricity, gas, steam and air conditioning supply went up by 19 %, of which by 21 % in electric power generation, transmission and distribution and by 12 % in steam and air conditioning supply.
 

Compared to the corresponding quarter of the previous year, construction output had increased by 25 % in Q3 2017. An increase of 25 % was recorded in construction of non-residential buildings, of 40 % in construction of civil engineering works, whereas in construction of residential buildings there was a drop of 18 %.
 

Over Q3 2017, retail trade rose by 5 %, of which by 6 % in retail sale of food products and by 4 % in retail sale of non-food products. Wholesale increased by 1 %, whereas wholesale, retail trade and motor vehicle repair services grew by 16 %.
 

A rise of 10% within the transport sector was influenced by 11 % increase in passenger traffic, growth of 10 % in transportation and storage, upturn of 12 % in postal and courier activities, and increase of 9 % in freight traffic.
 

Information and communication services went up by 5 %, of which computer programming, consultancy and related activities by 10 %, information service activities by 15 %, whereas telecommunication services fell by 3 %.
 

Financial and insurance activities indicated a drop of 12 %, which was because of the decline in commissions from monetary financial institutions by 4%, in profits of financial instruments trading by 68%, while the total expenses of the sector and prices for the services provided increased.
 

Professional, scientific and technical activities rose by 8 %, of which legal and accounting activities by 9 %, advertising and market research by 10 %, whereas other professional, scientific and technical activities dropped by 3 %.
 

Significant increase was observed in arts, entertainment and recreation – of 10 %, which was affected by 10 % rise in gambling and betting activities, by 15 % in sports activities and amusement and recreation activities, as well as by 7 % in creative, arts and entertainment activities.
 

Compared to Q3 2016, in Q3 2017 the volume of taxes on products (value added tax, excise and customs taxes) increased by 6 %.
 

Compared to the corresponding quarter of the previous year, household housing expenditure rose by 2 %, expenditure on transport (public transport, purchase and exploitation of transport vehicles) by 4 %, and expenditure on food by 1 % in Q3 2017. Household expenditure on recreation and culture went up by 16 %. Government final consumption expenditure grew by 5 %.
 

Investment in the gross fixed capital formation grew by 20 %, of which by 25 % in dwellings and other buildings and structures and by 13 % in machinery and equipment.  Investment in intellectual property products (research, computer software, databases, copyrights, etc.) increased by 17 %.
 

In the 3rd quarter, exports of goods and services rose by 2 %, of which exports of goods by 2 % and exports of services by 4 %.
 

Exports mainly consisted of wood and products of wood and cork (except furniture), electrical machinery and equipment and parts thereof, as well as transportation and tourism services.
 

Imports of goods and services, in its turn, went up by 14 %, of which imports of goods by 16 % and imports of services by 4 %. Imports mainly involved machinery and mechanical appliances, electrical equipment and parts thereof as well as transportation and tourism services.
 

Compared to Q3 2016, compensation of employees grew by 8 % in Q3 2017.The upturn was facilitated by the increase of compensation of employees in manufacturing (of 9 %) and services sector (8 %). Gross operating surplus and mixed income increased by 9 %, whereas the balance of taxes on production and imports and subsidies went up by 11 %.

BNN

01-12-2017
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