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Financial News: Latvia Enters Recession In Q2

Latvia Enters Recession In Q2

08/31/2020 - 07:51:00 (RTTNews)

(RTTNews) - Latvia's economy entered a technical recession in the second quarter as measures taken by the government to limit the spread of the covid-19 dampened household spending, investment and exports, data from the Central Statistical Bureau showed on Monday.

Gross domestic product fell 6.5 percent sequentially, following a 2.9 percent drop in the first quarter. This was the second consecutive contraction.

Year-on-year, GDP shrank 8.9 percent versus a 1.5 percent drop a quarter ago.

Data showed that household spending plunged 21.4 percent annually, while government spending grew 1.7 percent. Gross fixed capital declined 6.1 percent. Exports decreased 12.5 percent and imports fell 15.3 percent.

In the first half of the year, GDP declined 5.4 percent from the same period last year.

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