According to some data, the Latvian economy has grown, but according to others it has fallen

In the first quarter of this year, Latvia’s gross domestic product (GDP), according to preliminary estimates of seasonally and calendar-unadjusted data, decreased by 0.2% compared to the corresponding period in 2023, according to data from the Central Statistical Office.

Thus, Latvian GDP has been falling for the fourth quarter in a row.

According to preliminary estimates, GDP declined this year due to a fall in the manufacturing sector by 1.4% and the service sector by 1.1%. Revenue from product taxes decreased by 0.4%.

However, it’s not all bad. According to seasonally and calendar adjusted data, the Latvian economy grew by 0.7% over the specified period.

Comparing the first quarter of 2024 with the previous quarter, the fourth quarter of 2023, seasonally and calendar adjusted data shows GDP growth of 0.8%.

A detailed report on the exact volume of GDP and changes in the first quarter of this year will be published on May 31.
As already reported, in 2023 Latvia’s GDP decreased by 0.3% compared to 2022.