Latvia GDP decline worsens in Q1
Latvia's economic output decreased at a steeper pace in the first quarter of the year, preliminary estimates from the Riga-based Central Statistical Bureau (CSB) showed Thursday.
Gross domestic product (GDP) fell an unadjusted 2.2% year-on-year after a 1.5% drop in the previous quarter. Output has been decreasing since the first quarter of 2020, as the coronavirus pandemic began to impact economic activity.
On a seasonally and calendar-adjusted basis, GDP fell 2.1% annually in the first quarter after a 1.8% drop in the previous three months. Output decreased 1.3% in producing sectors and 4% in services sectors. Compared to the previous quarter, the economy shrank 2.6% after a 1.1% gain in the previous three months.
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.