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Financial News: Latvia Q2 GDP Growth Slows Less Than Estimated

Latvia Q2 GDP Growth Slows Less Than Estimated

08/31/2022 - 09:44:00 (RTTNews)

(RTTNews) - Latvia's economic growth eased less than initially estimated in the second quarter, data from the statistical office showed on Wednesday.

Gross domestic product expanded a non-adjusted 3.0 percent year-on-year in the June quarter, after a 6.7 percent rise in the March quarter. The latest figure was revised up from a 2.6 percent rise reported initially on July 28.

On the expenditure side, household expenditure grew 8.0 percent. As a result of the lifting of all restrictions on the spread of COVID-19, household expenses for accommodation, food, and recreation increased significantly.

Government final consumption rose 2.7 percent from last year, and gross fixed capital formation gained by the same 2.7 percent. Both exports and imports climbed by 9.2 percent and 11.2 percent, respectively.

On a seasonally and calendar-adjusted basis, GDP advanced 2.6 percent compared to last year, slower than the 6.4 percent increase in the first quarter. The second quarter growth was revised up from 2.5 percent.

On a quarterly basis, the economy contracted by a seasonally and calendar adjusted 1.0 percent from the first quarter, when it expanded 3.4 percent. In the flash report, the rate of decline in GDP was 1.4 percent.

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