Flash estimate shows that in the 4th quarter GDP fell by 0.5 %

Flash estimate of the Central Statistical Bureau (CSB) shows that in the 4th quarter of 2023, compared to the 4th quarter of 2022, gross domestic product (GDP) decreased by 0.5 % (according to seasonally and calendar non-adjusted data).

According to provisional estimates, the GDP was affected by a rise of 3.6 % in producing sectors and a drop of 0.7 % in services sectors. Collected taxes on products decreased by 9.2 %.

Compared to the 3rd quarter of 2023, GDP increased by 0.4 % (according to seasonally and calendar adjusted data).

According to provisional data, in 2023, compared to 2022, GDP fell by 0.6 %.

Detailed press release on adjusted GDP and changes in the 4th quarter of 2023 and 2023 will be published on 29 February.

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
Phone: +371 67366989, +371 27880666

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