Latvia enters recession in Q2
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Latviaʼs economy entered a technical recession in the second quarter as measures taken by the government to limit the spread of the COVID-19 dampened household spending, investment and exports, data from the Central Statistical Bureau (CSB) showed on Monday.
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Gross domestic product fell 6.5% sequentially, following a 2.9% drop in the first quarter. This was the second consecutive contraction. Year-on-year, GDP shrank 8.9% versus a 1.5% drop a quarter ago.
In Q2, household spending fell by 20.9% year-on-year as unemployment spiked and peopleʼs income dwindled due to the coronavirus crisis.
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