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Latvia's GDP grows 5.6% in 2012

 RIGA, March 11 - Compared to 2011, Latvia's gross domestic product (GDP) grew 5.6 percent in 2012, according to the Central Statistical Bureau's seasonally non-adjusted data.
In comparison with the corresponding period of 2011, the GDP grew 5.1 percent in the fourth quarter of 2012.

In its turn, seasonally adjusted data indicate that the GDP rose 1.4 percent in the fourth quarter of 2012, compared to the third quarter of 2012.

In 2012, the GDP changes were determined by increases in the following sectors: trade (share in the GDP structure – 16.1 percent) – 7 percent, manufacturing (14.5 percent) – 9.3 percent, transport and communications (12.1 percent) – 4 percent. The construction sector (5 percent) witnessed a rise of 14.6 percent.

Compared to the fourth quarter of 2011, the GDP changes in the fourth quarter of 2012 were determined by growth in the following sectors: trade (share in the GDP structure - 16.3 percent) – 8.8 percent, manufacturing (13.5 percent) – 6.2 percent, transport and communications (11.1 percent) – 1.1 percent. The construction sector (7.4 percent) saw a 9.3 percent increase.

In 2012, private final consumption at current prices grew 8.6 percent. The most notable expenditure in private final consumption was recorded in housing maintenance (9 percent), food (6 percent) and transport (19.7 percent). Gross capital formation grew 19.7 percent, import – 10.1 percent and export – 13.1 percent. In its turn, government final consumption dropped 3.8 percent.

In the fourth quarter of 2012, compared to the fourth quarter of 2011, private final consumption grew 6.7 percent. Growth was recorded within the main groups of final consumption expenditure: on housing maintenance (25 percent of total expenditures) – 8.9 percent, food (20 percent) – 3.3 percent, and transport (16 percent) - 23.7 percent. Gross capital formation grew 12.6 percent. Export of goods (73 percent of total exports) increased 20.2 percent and exports of services – 1.7 percent. Import of goods (84 percent of total imports) rose 9.9 percent, while import of services decreased 0.8 percent. Government final consumption declined 2.2 percent.

Compared to the fourth quarter of 2011, expenditure on private final consumption grew 4.2 percent at constant prices in the fourth quarter of 2012, of which expenditure on housing rose 3.2 percent, food – 2.4 percent, transport – 18.8 percent. An increase in the private final consumption had a positive impact on the total GDP rise – 2.8 percentage points.

Export of goods increased 13.5 percent, whereas export of services fell 4 percent. Exports increased the GDP by 4.7 percentage points. Import of goods grew 2.7 percent, while import of services decreased 7.9 percent. Imports reduced the GDP by 0.7 percentage points.

In 2012, private final consumption purchase volume grew 5.4 percent. Expenditure on gross capital formation rose 12.3 percent, whereas government final consumption declined 0.2 percent.

Export of goods (72.2 percent of total exports) increased 9.8 percent and export of services – 0.2 percent. Import of goods (83.6 percent of total imports) rose 3 percent and import of services - 3.1 percent.
leta.lv
11-03-2013
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