Gross Domestic Product (ESA-2010) – annual data

Gross Domestic Product (GDP) is one of the indicators in the System of National Accounts.

The System of National Accounts is a set of harmonised and conformable macroeconomic indicators, providing an overall picture of the economic situation and is widely used for economic analysis, forecasting and elaboration of the state policy.

The main annual national accounts indicators are compiled in accordance with the European System of National and Regional Accounts (ESA 2010) (Regulation (EU) No 549/2013 of the European Parliament and of the Council, Annex A).

The data are calculated in line with the following classifications:

• Statistical Classification of the Economic Activities in the European Communities (NACE Rev. 2);
• Classification of Institutional Sectors (ES);
• Classification of Individual Consumption According to Purpose (COICOP 2018);
• Classification of the functions of government (COFOG);
• Classification of Products by Activity (CPA version 2.1);
• Classification of Administrative Territories and Territorial Units of the Republic of Latvia (CATTU);
• Nomenclature of Territorial Units for Statistics (NUTS 2016);
• Classification of transactions and other flows.

Annual national accounts refer to the whole economy, but breakdowns by sectors are provided the annual sector accounts: non-financial corporations, financial corporations, general government, households and non-profit institutions serving households.

National accounts aim to capture economic activity within the domestic territory. They combine data from a host of base statistics, and thus they have no common sampling reference frame. The elementary building blocks of ESA 2010 statistics are statistical units and their groupings. ESA 2010, defines two types of units, institutional units and local kind-of-activity units.

National accounts combine data from many source statistics. The concept of statistical population is not applicable in a national accounts context.

The whole economic territory of Latvia. Regional added value is published by 6 statistical regions and cities.

Since 1995

• GDP from production and expenditure approach is calculated also at constant prices: prices of the previous year and prices of the reference year. Calculation at prices of the previous year is based on the "annual average method" where the running quarter is calculated at the average prices of the previous year
• To calculate GDP changes over a longer period it is “chain-linked” in one dynamic series with one reference year. Currently the year 2020 is used.

Euro at current prices, prices of previous year and constant prices of 2020, as a percentage of the total, changes compared to the previous year.

GDP from production and expenditure approach is calculated also at constant prices: prices of the previous year and prices of the reference year. Calculation at prices of the previous year is based on the "annual average method" where the running quarter is calculated at the average prices of the previous year.

To calculate GDP changes over a longer period it is “chain-linked” in one dynamic series with one reference year. Currently the year 2020 is used.

Year

REGULATION (EU) No 549/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 May 2013 on the European system of national and regional accounts in the European Union

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Confidentiality of the information provided is protected by Statistics Law: 

Section 7. Competence of the Statistical Institution in Production of Official Statistics

• (2) The statistical institution shall:
• 8) ensure statistical confidentiality in accordance with the procedures laid down in this Law;

Section 17. Data Processing and Statistical Confidentiality

Section 19. Dissemination of Official Statistics

• (1) The statistical institution shall disseminate official statistics in a way that does not allow either directly or indirectly identify a private individual or a State institution in cases other than those laid down in Section 25 of this Law.
• (2) The statistical institution shall publish the official statistics which have been produced within the framework of the Official Statistics Programme in a publicly available form and by a predetermined deadline on the portal of official statistics. Until the moment of publication of official statistics this statistics shall not be published.

Confidential cells in business statistics are defined by using minimum frequency rule (n) and dominance criterion (n, k).

A cell in a table is considered safe if there are at least four contributors (respondents, n=4) and the share of the largest contributor in the total cell value does not exceed 80 % (1.80) or the share of two largest contributors in the total cell value does not exceed 90 % (2.90).

All official statistics is published according to the advance dissemination calendar, at 13:00 o’clock.

Data release calendar

Statistical release dates and times are pre-announced in the data dissemination calendar.

Annually.

The first annual GDP estimate is presented together with a quarterly press release on gross domestic product.

Data are available in the annual publications "Statistical Yearbook of Latvia" and "Latvia. Key indicators'.

Statistics database

Not available.

https://ec.europa.eu/eurostat/web/national-accounts/database

Eurostat decisions and guidelines are explained in the European System of Accounts 2010.

National Accounts Volume Estimates Inventory (ESA 2010).

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Quality of statistics is assessed in accordance with the existing requirements of external and internal regulatory enactments and in accordance with the established quality criteria.

Regulation (EC) No 223/2009 of the European Parliament and of the Council on European statistics states that European Statistics European statistics shall be developed, produced and disseminated on the basis of uniform standards and of harmonised methods. In this respect, the following quality criteria shall apply: relevance, accuracy, timeliness, punctuality, accessibility, clarity, comparability and coherence.

The Central Statistical Bureau (CSB), as the leading institution of the national statistical system, has set common general (institutional level) quality requirements for Latvian statistical institutions, applying the European Statistics Code of Practice. The European Statistics Code of Practice contains 16 principles.

The overall assessment of data quality is good.

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Preparation of reliable statistical data for studying the socio-economic processes of the society and for making future decisions.

Data users can provide feedback on data quality via e-mail at: pasts@csp.gov.lv

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The geographical comparability of national accounts in Member States of the European Union is ensured by the application of common definitions of the European System of Accounts (ESA 2010).

The Statistical Office of the European Union (Eurostat) publishes on its website information on gross domestic product for the EU-27 and for each country separately - the National Accounts section of Eurostat.

Worldwide geographical comparison is also possible as most non-European countries apply the System of National Accounts (SNA 2008) guidelines, and SNA 2008 is consistent with ESA 2010.

The OECD publishes Member State data.

Comparable data for the period since 1995.

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Within the system of national accounts there is full consistency between the domains: annual and quarterly national accounts. Some minor deviations may occur due to the so-called "vintage effect" and rounding of the data.

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Within the system of national accounts there is full consistency between the domains: sector accounts, financial accounts, regional accounts, supply and use tables. However, in practice full consistency may not always be possible and temporary discrepancies might occur. They are usually the result of vintage differences.

In line with the strategic directions of the European Statistics System and latest trends in statistical production, continuous use of information acquired in regular CSB surveys and proportionate reduction of the response burden are among the key CSB priorities.

In cooperation with holders of administrative data and in line with the competences provided for in the Statistics Law, CSB is striving to solve the issues related to the use of administrative data sources, thus aiming to acquire as comprehensive and high-quality administrative data allowing to reduce response burden on enterprises and households as possible.

CSB measures to improve use of administrative data and reduce response burden taken in 2024 (in Latvian only).

Revision Policy is an important component of good governance practice addressed more and more often in the international statistical society. The objective of the Revision Policy is to lay down the order of review or revision of the prepared and published data. The first chapter of the present document explains the terms applied in the Revision Policy, the second chapter shortly characterises the CSB Revision Policy, whereas the third chapter stipulates the revision cycle of the statistical data produced by the CSB.

Revision policy guidelines 08.09.2022 (PDF, 597 KB)

GDP revisions in 2024 (PDF)

GDP revisions in 2023 (PDF)

GDP revisions in 2022 (PDF)

GDP revisions in 2021 (PDF)

GDP revisions in 2020 (PDF)

GDP revisions in 2019 (PDF)

Revision triangles of the National Accounts system main aggregates (annual data):

Download (XLS)

Calculations are made in line with the methodology of the European System of Accounts (ESA 2010). Main data sources used in calculations are:

• Surveys of enterprises and institutions;
• Labour Force Survey;
• Data from the Budget, the Treasury, the State Revenue Service, the Bank of Latvia and the Financial and Market Commission;
• Household Budget Survey.

The calculations include also estimates for non-response, non-registered units, under-reporting to fiscal administration, income in kind, products produced for own consumption as well as income from illegal activities (e.g., sale of drugs).

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The GDP statistics from production and expenditure approach is calculated at current prices (registration and calculations are made at the actual prices of the respective period) and constant prices. The indicators at constant prices are expressed at prices of the previous calendar year and prices of the reference year (chain-linked).

To calculate GDP at the prices of the previous calendar year the actual prices of the previous calendar year are used as a base and the “annual average” method (where each running quarter (or year) is calculated at the average prices of the previous year) is used. To make the calculations, various deflators are used. Both volume indices and price indices may be used as deflators. The following price indices are used: consumer price index, producer price index, construction cost index, services producer price index, price indices of agricultural products, export unit value index, import unit value index. The following volume indices are used: change in number of employees and change in natural indicators (e.g., in removals, passenger number, freights, etc.).

To calculate GDP at the prices of the reference (base) year (currently, prices of 2020) the indices calculated from the GDP indicators at the prices of the previous year are used to chain-link the calculated volume indices with 2020.

Gross domestic product from the production approach is calculated as a sum of value added plus taxes on products minus subsidies on products.

Value added is calculated by subtracting intermediate consumption from the value of output of goods and services. Output refers to the total products created during the reference year. Intermediate consumption consists of the value of goods and services used during the production. Breakdown of the data by years provides information on value added at current prices at 2-digit level of NACE Rev. 2 classification.

Taxes on products added to the total value added cover the taxes paid at the sale of product, e.g., value added tax, customs and excise duties.

Gross domestic product from the expenditure side at current and constant prices is calculated by summing final consumption expenditure, gross capital formation, exports of goods and services and minus imports of goods and services.

Gross domestic product from the income approach is calculated at current prices only. When calculating GDP from the income approach, the data on the primary income of the economic activity: compensation of employees (wages and salaries in cash and kind and social contributions of employers), taxes on production and imports, subsidies, gross operating surplus and gross mixed income (including consumption of fixed capital).

Gross national income is calculated by summing gross domestic product with property income, compensation of employees and subsidies received from other countries and by subtracting property income, compensation of employees and taxes on production and imports paid to other countries.

Seasonally and calendar adjusted GDP indices are available in quarterly breakdown. Users must take into account the fact that upon adding data of a new period also the previous timeseries are recalculated.  (Gross Domestic Product in Latvia, seasonally adjusted – methodology)

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