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Financial News: Latvian GDP Contracts In Q3

Latvian GDP Contracts In Q3

10/28/2022 - 10:18:00 (RTTNews)

(RTTNews) - Latvia's economy contracted in the third quarter, after expanding in the previous five quarters, preliminary data from the statistical office showed on Friday.

Gross domestic product fell a non-adjusted 0.6 percent year-on-year in the September quarter, reversing a 2.9 percent rise in the June quarter.

On a seasonally and calendar-adjusted basis, GDP also contracted 0.4 percent in the third quarter, following a 2.7 percent expansion in the previous quarter.

On a quarterly basis, the seasonally and calendar-adjusted GDP decreased 1.7 percent in the September quarter, after a stagnation in the previous quarter.

Detailed data for the third quarter growth is set to be released on November 30.

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