Latvia GDP decline worsens in Q1

Figures

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. 

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