Analytics, Economics, GDP, Latvia, Statistics
International Internet Magazine. Baltic States news & analytics
Thursday, 18.04.2024, 22:49
GDP grew by 2.2% in Latvia in 2019
Compared to the 3rd quarter, in the 4th quarter of 2019 GDP
at constant prices grew by 0.1% (according to seasonally and calendar adjusted
data).
In 2019, increase was registered in agriculture, forestry
and fishing – of 12.8%, which was mainly affected by production output rise in
crop and livestock production – of 23.8%, forestry and logging – of 5.9%, but
decrease was recorded in fishery. In 2019, weather conditions were very
favorable for the development of crop production sector, which ensured highest
harvested production of grain in Latvia's history (3.2 million tonnes) and rise
of crop production over the previous year of 46.4%. Volume of livestock
production fell by 1.1% (prices of livestock production have risen by 3.9% over
a year).
Manufacturing went up by 2.1% (rise was observed in ten out
of 22 sectors). In the sector having the largest share in manufacturing –
manufacture of wood and of products of wood – production output remained at the
level of the previous year. Rise was recorded in manufacture of fabricated
metal products (of 13.6%), manufacture of computer, electronic and optical
products (9.3%), manufacture of electrical equipment (16%), printing and
reproduction of recorded media (7.5%). But reduction was observed in
manufacture of food products (of 0.8%), manufacture of other non-metallic
mineral products (2.1%) and manufacture of furniture (2.8%).
In electricity, gas, steam and air conditioning supply
manufacturing volume fell by 4.4%, of which in production and distribution of
electricity – by 3.2% and in steam and air conditioning supply there was a
decrease of 10.3%.
Construction production volume rose by 2.9%. Over the year,
construction of buildings grew by 7.8%, civil engineering – by 1%, and
specialized construction activities by 0.2%.
In 2019, retail trade increased by 2.4%, of which retail
trade in food products – by 1.1%, but trade in non-food products – by 4.2%.
Wholesale trade, retail trade and repair of motor vehicles and motorcycles rose
by 6.2%, but wholesale – by 5.3%.
In transport and storage sector decrease of 4% was promoted
by drop in freight transport by 6%, fall in warehousing and support activities
for transportation by 7.5%, rise in passenger traffic by 7.7%, increase in
postal and courier activities by 17.8%.
Accommodation and catering services grew by 8%, of which
accommodation – by 1.2%, catering – by 11.2%.
Information and communication services grew by 2%, including
rise of 9.1% in computer programming and consulting. Information and
communication services decreased by 0.3%, and telecommunication services – by
5.8%.
In 2019, financial and insurance activities fell by 8.8%,
which was mainly because of the decline in financial service activities of 10.9%
and drop in activities auxiliary to financial services and insurance activities
of 17.8%. Rise of 4.6% in insurance, reinsurance and pension funding was
ensured by drop in claims and prices. Decrease in financial service activities
was enhanced by the increase of the other administrative expenses of monetary
financial institutions (especially, expenses for information services and
computer services, as well as for other services), as well as reduction of
profit on transactions with financial instruments and decrease of commission
income. In activities auxiliary to financial services and insurance activities
reduced net turnover in other activities auxiliary to financial services,
except insurance and pension funding and activities of insurance agents and
brokers. Also commission income of investment companies (manages 2nd and 3rd
pension pillars) reduced.
Rise of volume of professional, scientific and technical
activities of 7.5% was promoted by increase in all sectors. Most significant
growths in the largest sectors: head offices; management consultancy activities
– by 17.4%, advertising and market research – by 8.7%, other professional,
scientific and technical activities – by 8%, legal and accounting activities –
by 6.1%, architectural and engineering activities; technical testing and
analysis – by 4.3%.
In 2019, administrative and support service activities went
up by 6.5%, which was facilitated by the significant rise in labor recruitment
and provision of personnel sector (of 24.3%) and growth of 6.6% in services to
buildings and landscape activities. But security and investigation activities
experienced a drop of 3.9%.
Increase of 5.8% was registered in arts, entertainment and
recreation sector, which was mainly affected by 7.9% rise in gambling and
betting activities.
In 2019 the volume of taxes on products (value added tax,
excise and customs taxes) increased by 0.2% .
GDP changes in the Baltic countries
(at constant prices, seasonally and calendar non-adjusted, as % of the corresponding period of the previous year)
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