Latvian GDP: changes in volume growth in the main sectors
The Central Statistical Office has published new data on economic development. According to the report, Latvian GDP grew by 4.7% at the beginning of the year compared to the same period of the previous year. At the same time, the indicator in the second quarter decreased by 1% compared to the first quarter. Total GDP in value terms amounted to 17.7 billion euros, last quarter it was fixed at 9.5 billion euros.
The agricultural sector showed a growth of 3.2% in the last 3 months compared to the same period in 2021. The crop sector increased by 4.6%, while the livestock sector decreased by 0.5%. The volume of forestry and logging industries increased by almost 15%, and the rate of fisheries slowed down by 1.6%.
The manufacturing industry showed an increase of almost 6% and the food industry – by 1.3%. On the whole, the department notes the growth of production volumes in 16 out of 22 sectors. There is an increase in dynamics in the production of finished metal products – by almost 5%, and in the manufacture of non-metallic mineral products – by 7%. There was an increase in the production of electrical equipment, its production grew by 4%. The production of furniture increased by 5.2%. Positive dynamics were observed in the sector of production of beverages, pharmaceuticals, and basic substances.
As for the industrial segment, there was a decline in the rates of development in the key industries. The extractive industry reduced production by 5.5%, the electric power industry – by almost 11%, and the water supply – by 10%.
The construction sector showed a reduction in output by almost 14%, which was due to higher prices for construction materials and services. As a result, there were delays in the implementation and commissioning of projects. The rate of residential construction sagged by 9.6%, the construction of engineering facilities – by about 17%, and specialized construction – by almost 16%.
For the current period of the year, there is a slowdown in wholesale trade by 21%. At the same time, retail sales increased by 2.5%, here growth was observed in both the non-food and food sectors.
The transport sector showed good dynamics at the level of 7.2%. In this case, the increase was due to the rate of growth in the land transportation and pipeline industry. Logistics and warehousing increased by 8.1%. However, there were problems in the courier and postal delivery sector, where there was a decrease in activity by 12%.
The hotel and catering sector showed excellent results – growth of more than 77%. The volume of information services and communications increased by 15%.
