Latvian economy dwindles in Q2

Analysis

During the second quarter of this year, Latviaʼs seasonally unadjusted gross domestic product (GDP) dwindled 9.8% year-on-year, according to a flash-estimate released by the Riga-based Central Statistical Bureau (CSB) on Friday. 

As the first wave of coronavirus pandemic hit the economy in April-June, the manufacturing sector declined 3.8%, the services sector shrank 11% and retail trade was down 1.6% in annual terms, said the statistics office.

According to seasonally adjusted data, the economic downturn in Q2 reached 9.6%, it said. Compared to the previous quarter, the economy shrank by 7.5% in Q2. 

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