Latvia economy shrinks for 2nd consecutive quarter
Latvia's economy contracted for a fourth consecutive quarter in the final three months of 2020, mainly due to the severe impact of the coronavirus pandemic throughout the year, preliminary data from the Riga-based Central Statistical Bureau (CSB) showed on Monday.
Gross domestic product (GDP) decreased a non-adjusted 1.4% year-on-year after a 2.6% slump in the third quarter.
The economy had contracted 1.0% and 8.9% in the first and second quarters, respectively. On a seasonally and calendar-adjusted basis, GDP fell 1.7% year-on-year following a 2.6% drop in the previous quarter. The economy grew a seasonally and calendar adjusted 1.1% from the third quarter, when it expanded 7.1%.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.