Analytics, Baltic, Economics, GDP, Latvia

Production approach

The decrease in GDP was due to the drop in the following sectors: trade (share in GDP structure – 14.1%) – by 31.4%, transport and communications (11.0%) – by 10.3%, manufacturing (10.6%) – by 9.0% and construction (6.1%) – by 38.5%.

 

Changes in the main activities in the 3rd quarter of 2009 (at constant prices, % of the corresponding quarter of the previous year)

 

Changes of GDP in the 3rd quarter of 2009 by kind of economic activity (NACE rev. 1.1, at constant prices, % of the corresponding quarter of the previous year)

Expenditure approach

Change of gross domestic product by main expenditure items, at constant prices, % of the corresponding quarter of the previous year

 

Compared to the 4^th quarter of 2008 (at current prices), in the 4^th quarter of 2009 in final private consumption expenditure on alcoholic beverages, tobacco has decreased by 9.3%, on food – by 19.6%, on transport – by 37.1%, on clothing and footwear – by 37.2%, on restaurants and hotels – by 40.4%.

 

Decrease ofpurchase volume in private final consumption at constant prices continued. Government final consumption expenditure decreased by 14.3%, but expenditure on gross capital formation – by 38.4%. Export of goods (72.9% of total exports) has grown by 6.0% and exports of services reduced by 28.5%. However, volume of imports of goods (84.4% of total imports) has decreased by 25.7%, but volume of imports of services – by 33.8%.

 

Compared to 2008, in 2009 (at current prices) in private final consumption expenditure on food decreased – by 16%, on alcoholic beverages and tobacco – by 19%, on transportation – by 25.1%, on restaurants and hotels – by 43%, on clothing and footwear – by 44.7%.

 

In 2009 decrease ofpurchase volume reduction in private final consumption (at constant prices) continued. Government final consumption expenditure decreased by 9.2%, but expenditure on gross capital formation – by 37.7%. Export of goods (66.2% of total exports) has dropped by 12.0% and exports of services – by 17.4%. However, volume of imports of goods (83.2% of total imports) has decreased by 34.2%, but volume of imports of services – by 34.2%.

CHANGES OF GROSS DOMESTIC PRODUCT IN THE BALTIC COUNTRIES (at constant prices, % of the corresponding period of the previous year)

 * Seasonally adjusted data on changes of GDP on the data base will be published on 12.03.2010