According to quick estimate data not adjusted for season and calendar, Latvia's gross domestic product (GDP) in the second quarter of this year increased by 0.1% compared to the same period in 2023, according to data from the Central Statistical Office. According to preliminary estimates, GDP was affected by a fall in manufacturing sectors by 1.2% and in services by 0.2%. Taxes on products were collected by 1.5% more, and the amount of GDP-reducing subsidies on products decreased by 45.4%. At the same time, according to seasonally and calendar-adjusted data, during the specified period the Latvian economy experienced a decline of 0.4%. In the second quarter of 2024, compared to the first quarter of 2024, GDP decreased by 1.1%, according to seasonally and calendar-adjusted data. A detailed report on the updated GDP size and changes in the second quarter of this year will be published on August 30.
