Analytics, Baltic, Economics, GDP, Latvia, Statistics

Compared to the previous quarter, GDP rose by 1.7% (according to seasonally and calendar adjusted data).

GDP changes in Q3 2016–Q3 2018
(at constant prices, as per cent)

In the 3rd quarter of 2018, GDP at current prices constituted EUR 7 760.5 mln

Production approach

(at constant prices, seasonally and calendar non-adjusted data)

Changes of GDP in Q3 2018 by main kind of economic activity

In the 3rd quarter of 2018, compared to the 3rd quarter of 2017, value added of forestry and logging grew by 27 %. The notable rise compensated the decline in agriculture and fishing.

Comparatively low upturns in several activities were influenced by the increase in consumer, producer and business service prices.

Manufacturing went up by 1%. The most notable increase – of 6% – was recorded in manufacture of wood and of products of wood and cork. Decline, in turn, was registered in manufacture of food products and manufacture of non-metallic mineral products (of 5%), followed by manufacture of computer, electronic and optical products (4%), and manufacture of fabricated metal products, except machinery and equipment (3%).

Construction value added increased by 10 %. Construction of buildings grew by 9%, civil engineering by 6%, while specialised construction activities by 20%.

Retail trade went up by 2%, of which retail sale of food grew by 4% and retail sale of non-food products by 2%. Wholesale and retail trade and repair of motor vehicles and motorcycles increased by 2%, while wholesale fell by 1%.

In transportation and storage, there was a growth of 8%, which was influenced by the rise of 8% in freights and of 7% in warehousing and support activities for transportation. Passenger transportation shows a rise of 11 %, and postal and courier activities of 16%.

Accommodation and food service activities went up by 4%, of which accommodation by 9% and food service activities by 2%.

Information and communications rose by 14%, of which computer programming, consultancy and related activities by 17% and telecommunications by 13%.

Expenditure approach

(at constant prices, seasonally and calendar non-adjusted data)

GDP changes in Q3 2018 by main kind of expenditure

Government final consumption expenditure grew by 4%.

Investment in the gross fixed capital formation grew by 13%, of which investments in dwellings and other buildings and structures by 10%, in machinery and equipment (incl. in vehicles) by 15% and in intellectual property products (research, computer software, databases, copyrights, etc.) by 27%.

In the 3rd quarter, exports of goods and services went up by 1%, of which exports of goods by 1% and exports of services by 0.2%.

Income approach

(at current prices, seasonally and calendar non-adjusted data)

Compared to the 3rd quarter of 2017, in the 3rd quarter of 2018 the total compensation of employees increased by 11%, including rise of 10% in total wages and salaries and social security contributions of employers by 15%. The rise was promoted by the increase in wage and salary fund in information and communication (of 20%), construction (14%), and services sectors (10%). Gross operating surplus and mixed income increased by 6%, while the balance of taxes on production and imports and subsidies went up by 13%.

Total wage and salary fund and changes thereof

GDP changes in the Baltic states
(at constant prices, seasonally and calendar non-adjusted, as % of the corresponding period of the previous year)