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Financial News: Latvia Economy Shrinks For Second Consecutive Quarter

Latvia Economy Shrinks For Second Consecutive Quarter

02/01/2021 - 11:46:00 (RTTNews)

(RTTNews) - Latvia's economy contracted for a fourth consecutive quarter in the final three months of 2020, mainly due to the severe impact of the coronavirus pandemic throughout the year, preliminary data from the statistical office showed on Monday.

Gross domestic product decreased a non-adjusted 1.4 percent year-on-year after a 2.6 percent slump in the third quarter. The economy had contracted 1.0 percent and 8.9 percent in the first and second quarters, respectively.

On a seasonally and calendar-adjusted basis, GDP fell 1.7 percent year-on-year following a 2.6 percent drop in the previous quarter.

The economy grew a seasonally and calendar adjusted 1.1 percent from the third quarter, when it expanded 7.1 percent. In the first quarter, GDP fell 2.3 percent and output decreased 7.1 percent in the second quarter.

Detailed data for the fourth quarter as well as full year growth is set to be released on February 26.

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