31.05.202115:32:00UTC+00Latvia Economy Shrinks Less Than Estimated In Q1

Latvia's economy contracted at a slower pace in the first quarter than estimated earlier, latest figures from the Central Statistical Bureau showed Monday. Gross domestic product fell an unadjusted 1.3 percent year-on-year, which was revised from a 2.2 percent fall. The decline came after a 1.5 percent drop in the fourth quarter of 2020. Output has been decreasing since the first quarter of 2020, as the coronavirus pandemic hurt activity and pushed the economy into a severe recession.

Household consumption decreased 7.4 percent annually, while public spending grew 2.9 percent. Investment in gross fixed capital fell 4.5 percent. Exports of goods and services dropped 1.0 percent. Imports were unchanged. On a seasonally and calendar adjusted basis, GDP fell 1.2 percent annually in the first quarter after a 1.8 percent drop in the previous three months.

Seasonally and calendar adjusted GDP decreased 1.7 percent sequentially following a 1.1 percent growth in the fourth quarter.