Flash estimate shows that in the 2nd quarter GDP rose by 0.1 %

Flash estimate of the Central Statistical Bureau (CSB) shows that in the 2nd quarter of 2024, compared to the 2nd quarter of 2023, gross domestic product (GDP) increased by 0.1 % (according to seasonally and calendar non-adjusted data).

According to provisional estimations, the GDP was affected by a drop of 1.2 % in producing sectors and of 0.2 % in services sectors. Collected taxes on products has increased by 1.5 %, but volume of product subsidies (reduces GDP) has dropped by 45.4 %.

Compared to the 1st quarter of 2024, GDP fell by 1.1 % (according to seasonally and calendar adjusted data).

Press release on the precise volume of and changes in the GDP in the 2nd quarter of 2024 will be published on 30 August.

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:
Valters Kārkliņš
Quarterly National Accounts Section
E-mail: Valters.Karklins@csp.gov.lv
Phone: +371 67366679