Analytics, Economics, GDP, Latvia, Markets and Companies

In comparison with the 3^rd quarter of 2011, the GDP in the 4^th quarter of 2011 has risen by 1.1%, according to seasonally adjusted data.

* GDP per capita was re-calculated in compliance with the provisional results of the Population and Housing Census 2011. Data on the GDP per capita for the time period 2001 – 2010 will be available in September 2012.

Production approach

In 2011 the GDP changes were due to the increase in following sectors:trade (share in the GDP structure – 16.9%) – by 8.7%, manufacturing (14.1%) – by 11.7%, and transport and storage (13.0%) – by 8.0%. Accommodation services have witnessed a growth of 23.6%, whereas catering services – of 21.5% (total share of the sector in the GDP comprises 1.7%). In construction (6.1%) the increase constituted 12.4%.

In comparison with the 4^th quarter of 2010, in the 4^th quarter of 2011 a volume growth of 8.5% was recorded in the trade sector, in manufacturing – of 9.1%, while in transport and storage – of 7.5%. The accommodation sector witnessed a growth of 15.8%, whereas catering services – of 20.8%. Notable increase was recorded in construction – of 25.9%.

Changes of GDP in the 4th quarter of 2011 by kind of economic activity (NACE Rev. 2, at constant prices, % of the corresponding quarter of the previous year)

A agriculture, hunting and forestry;
C manufacturing;
BDE other manufacturing;
F construction;
G wholesale, retail trade; repair of motor vehicles, motorcycles, personal, household goods;
H transport and storage;
I accommodation and food service activities;
J information and communication;
K financial and insurance activities;
L real estate activities;
MNS business activities;
O public administration and defence; compulsory social security;
P education;
Q human health and social work activities;
R arts, entertainment and recreation;
D.21-D.31 product taxes minus subsidies

Changes in key sectors in the 4th quarter of 2011 (at constant prices, % of the corresponding quarter of the previous year)

Impact of production approach components on changes of Gross Domestic Product (at constant prices, percentage points)

Expenditure approach

Private final consumption (at current prices) in 2011 has grown by 9.6%. The most notable expenditure in private final consumption was required by transport, it rose by 17.6%, food (by 9.1%), as well as housing maintenance (by 8.8%). Gross capital formation rose by 27.1%, import – by 27.2% and export – by 22.6%. Whereas government final consumption reduced by 0.8%.

In comparison with the 4^th quarter of 2010, private final consumption in the 4^th quarter of 2011 rose by 8.8%. The most notable expenditure in private final consumption was required by transport, it rose by 16.2%, food (by 13.4%), as well as housing maintenance (by 4.9%). Gross capital formation increased by 26.0%, while import and export by 17.0% and 16.2%, respectively. Government final consumption has diminished by 0.9%.

Increase of the Gross Domestic Product by main expenditure item

Purchase volume in the private final consumption (at constant prices) in 2011 has grown by 4.4%. Expenditure on gross capital formation rose by 24.6%, but government final consumption – by 1.3%. Export of goods (72.2% of total exports) has increased by 12.0% and the export of services – by 14.0%. However, the volume of import of goods (83.6% of total import) has grown by 23.0%, but volume of import of services has risen by 9.1%.

Compared to the 4^th quarter of 2010, private final consumption in the 4^th quarter of 2011 has grown by 4.1%, gross capital formation – by 24.7%, while government final consumption – by 0.7%. Export of goods (71.4% of total exports) has increased by 6.6% and the export of services – by 15.8%. Import of goods (83.2% of total imports) has risen by 14.3%, while import of services – by 6.7%.

Impact of expenditure approach components on changes of Gross Domestic Product (at constant prices, percentage points)

Changes of Gross Domestic Product in the Baltic States (at constant prices, % of the corresponding period of the previous year)