Latvia's Q1 GDP revised upwards to 6.9% y-o-y
08.06.2012, 16:32The Latvian statistics office Centrala statistikas parvalde has released the Q1 GDP growth data, showing that the Latvian economy is up 6.9% y-o-y, reports news2biz.
The figure has been revised upwards by 0.1% from the Q1 GDP growth estimate. The Latvian GDP growth officially is the largest in the European Union.
The quarterly growth has been revised upwards as well and now stands at 1.1%.
The other Baltic countries have fared worse: the Estonian growth figure has been revised down to 3.6% y-o-y, while the Lithuanian rate has been revised up to 4.4%.
The growing retail trade is among the biggest contributors to the growth: it makes up 17% of GDP and is up 8.1% y-o-y. Manufacturing, contributing 15%, is up 16.5%. Construction, contributing 4%, is up 28.5% y-o-y, showing that the sector is finally recovering from the recession. The growing GDP has resulted in a 19.3% increase in tax collection.
Latvian y-o-y GDP growth:
Q1 2012: +6.9%
Q4 2011: +5.7%
Q3 2011: +6.6%
Q2 2011: +5.6%
Q1 2011: +3.5%
Q4 2010: +3.6%
Q3 2010: +3.5%
Q2 2010: -3.5%
Q1 2010: -5.5%
Q4 2009: -16.0%
Q3 2009: -18.0%
Q2 2009: -18.6%
Q1 2009: -18.4%