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International Internet Magazine. Baltic States news & analytics Friday, 24.10.2014, 11:27

GDP of Latvia increased by 5.5% in 2011

Elita Kalniņa, Statistics Latvia, 09.03.2012.Print version
Compared to 2010, the Gross Domestic Product (GDP) in 2011 has increased by 5.5%, whereas in the 4th quarter of 2011, as compared to 4th quarter of 2010, it has grown by 5.7%, according to the seasonally non-adjusted data of the Central Statistical Bureau of Latvia.

In comparison with the 3rd quarter of 2011, the GDP in the 4th quarter of 2011 has risen by 1.1%, according to seasonally adjusted data.

 

Year

Gross Domestic Product

(seasonally non-adjusted data)

Gross Domestic Product per capita*

mlnLVL

at constant prices, as % over corresponding period of previous year

LVL

at current prices

at constant prices of 2000

at current prices

at constant prices of 2000

2010

12 739

6 765

99.7

1st quarter

2 845

1 475

94.5

2nd quarter

3 147

1 666

96.5

3rd quarter

3 293

1779

103.5

4th quarter

3 454

1 845

103.6

2011

14 161

7 135

105.5

6 862

3 457

1st quarter

3 046

1 527

103.5

1 470

737

2nd quarter

3 505

1 760

105.6

1 698

853

3rd quarter

3 706

1 897

106.6

1 800

921

4th quarter

3 903

1 951

105.7

1 900

950

* GDP per capita was re-calculated in compliance with the provisional results of the Population and Housing Census 2011. Data on the GDP per capita for the time period 2001 – 2010 will be available in September 2012.


Production approach

In 2011 the GDP changes were due to the increase in following sectors:trade (share in the GDP structure – 16.9%) – by 8.7%, manufacturing (14.1%) – by 11.7%, and transport and storage (13.0%) – by 8.0%. Accommodation services have witnessed a growth of 23.6%, whereas catering services – of 21.5% (total share of the sector in the GDP comprises 1.7%). In construction (6.1%) the increase constituted 12.4%.

 

In comparison with the 4th quarter of 2010, in the 4th quarter of 2011 a volume growth of 8.5% was recorded in the trade sector, in manufacturing – of 9.1%, while in transport and storage – of 7.5%. The accommodation sector witnessed a growth of 15.8%, whereas catering services – of 20.8%. Notable increase was recorded in construction – of 25.9%.


Changes of GDP in the 4th quarter of 2011 by kind of economic
activity (NACE Rev. 2, at constant prices, % of the corresponding
quarter of the previous year)


A agriculture, hunting and forestry;
C manufacturing;
BDE other manufacturing;
F construction;
G wholesale, retail trade; repair of motor vehicles, motorcycles, personal, household goods;
H transport and storage;
I accommodation and food service activities;
J information and communication;
K financial and insurance activities;
L real estate activities;
MNS business activities;
O public administration and defence; compulsory social security;
P education;
Q human health and social work activities;
R arts, entertainment and recreation;
D.21-D.31 product taxes minus subsidies


Changes in key sectors in the 4th quarter of 2011 (at constant prices, % of the corresponding quarter of the previous year)


Impact of production approach components on changes of Gross Domestic Product (at constant prices,
percentage points)


Expenditure approach

Private final consumption (at current prices) in 2011 has grown by 9.6%. The most notable expenditure in private final consumption was required by transport, it rose by 17.6%, food (by 9.1%), as well as housing maintenance (by 8.8%). Gross capital formation rose by 27.1%, import – by 27.2% and export – by 22.6%. Whereas government final consumption reduced by 0.8%.

 

In comparison with the 4th quarter of 2010, private final consumption in the 4th quarter of 2011 rose by 8.8%. The most notable expenditure in private final consumption was required by transport, it rose by 16.2%, food (by 13.4%), as well as housing maintenance (by 4.9%). Gross capital formation increased by 26.0%, while import and export by 17.0% and 16.2%, respectively. Government final consumption has diminished by 0.9%.


Increase of the Gross Domestic Product by main expenditure item


Purchase volume in the private final consumption (at constant pricesin 2011 has grown by 4.4%. Expenditure on gross capital formation rose by 24.6%, but government final consumption – by 1.3%. Export of goods (72.2% of total exports) has increased by 12.0% and the export of services – by 14.0%. However, the volume of import of goods (83.6% of total import) has grown by 23.0%, but volume of import of services has risen by 9.1%.

 

Compared to the 4th quarter of 2010, private final consumption in the 4th quarter of 2011 has grown by 4.1%, gross capital formation – by 24.7%, while government final consumption – by 0.7%. Export of goods (71.4% of total exports) has increased by 6.6% and the export of services – by 15.8%. Import of goods (83.2% of total imports) has risen by 14.3%, while import of services – by 6.7%.


Impact of expenditure approach components on changes of Gross Domestic Product (at constant prices,
percentage points)


Changes of Gross Domestic Product in the Baltic States (at constant prices, % of the corresponding
period of the previous year)







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