Analytics, Economics, EU – Baltic States, GDP
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Wednesday, 01.05.2024, 13:00
Latvia registers EU's steepest GDP fall in Q1
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Estonia registered a 15.6% GDP contraction year-on-year, followed by Lithuania – 11.8%, Germany – 6.9%, Romania and Sweden – 6.4%, Italy – 5.9%, and Slovakia – 5.4%. The EU's average GDP decreased 4.5%, and the euro area GDP shrank 4.8%.
According to the Eurostat data, GDP decreased in eighteen EU countries and only increased in Poland, 1.9%, and Cyprus, 1.6%. The smallest GDP contractions were reported by Austria – 2.9%, Spain and Belgium – 3% each.
Eurostat report is based on seasonally adjusted data. The Latvian Central Statistical Bureau previously informed that Latvia's GDP fell 18% in the first quarter year-on-year.
When compared to the fourth quarter of 2008, Latvia's GDP fell 11.2%, which was also the biggest GDP drop among all the EU member states. Slovakia's GDP decreased as much, Lithuania registered the second steepest plunge with 10.5% GDP decrease and Estonia's GDP contracted 6.5%.
The EU's average GDP contracted 2.4%, and the euro area's – 2.5%.
Bloomberg/LETA points out in the first three months of 2009, Europe's economy contracted at the fastest pace in 13 years. Consumer spending reduced 0.5%, exports volume shrank 8.1%, imports – 7.2% and enterprises cut down investments by 4.2% in the first quarter this year.
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