Flash estimate shows that in Q1 GDP rose by 0.7 %

Flash estimate of the Central Statistical Bureau (CSB) shows that in the Q1 2023, compared to the Q1 2022, gross domestic product (GDP) increased by 0.7 % (according to seasonally and calendar non-adjusted data).

According to provisional estimations, the GDP was affected by a drop of 1.3 % in producing sectors, but in services sectors there was a growth of 0.4 %. Taxes on products collected increased by 8.2 %.

Compared to Q4 2022, GDP increased by 0.5 % (according to seasonally and calendar adjusted data).

*Data on Q4 2020, Q1–4 2021 and Q1–4 2022 have been updated on April 21

Press release on the precise value of and changes in the GDP in Q1 2023 will be published on 31 May.

Methodological information

Calculation methods used in GDP flash estimate are equivalent to methods used in previous periods, however, the current geopolitical situation in the world also affects Latvia's economy, causes uncertainty and complicates its assessment. During periods of moderate economic development, the magnitude of regular data audits is usually not significant, as opposed to times when the economy is facing various significant external challenges. Therefore, users must take into account that both unadjusted and seasonally adjusted data may be potentially exposed to greater data revisions than they were previously.

Media requests:
Communication Section
E-mail: media@csp.gov.lv
Tel: +371 67366621, +371 27880666

More information on quarterly data:
Gita Ķiņķevska
Quarterly National Accounts Section
E-mail: Gita.Kinkevska@csp.gov.lv
Phone: +371 67366791