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Latvian GDP contracts 9.8% in Q2 - flash estimate
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    Latvian GDP contracts 9.8% in Q2 - flash estimate

    RIGA, July 31 (LETA) - During the second quarter of 2020, Latvia's seasonally and calendar-unadjusted gross domestic product (GDP) contracted 9.8 percent from the same period a year ago, according to a flash estimate released today by the Central Statistical Bureau.

    According to preliminary calculations, the GDP was affected by output drop in producing sectors of 3.8 percent and in services sectors – 11 percent, of which in retail trade – 1.6 percent. Also, the volume of taxes on products collected reduced.

    Compared to the first quarter of 2020, GDP fell by 7.5 percent (according to seasonally and calendar adjusted data).

    In the second quarter of 2020, the value of Latvia's GDP was EUR 6.211 billion at constant prices, compared to EUR 6.715 billion in the first quarter of this year.

    A detailed and updated report on Latvia's GDP in the second quarter of 2020 is due to be released on August 31.

    The statistical office said that COVID-19 crisis in time-series analysis area at the moment are considered as occurrence that is not seasonal, therefore, impact of crisis is not excluded from the data when carrying out seasonal adjustment. It must be taken into account that during the crisis both unadjusted and seasonally adjusted data may be potentially exposed to greater data revisions than they were in a pre-crisis period. 

    • Published: 31.07.2020 13:37
    • LETA
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