Tue, 01 Dec 2020

Latvian economy drops 3 pct in Q3: flash estimate

Xinhua
29 Oct 2020, 22:51 GMT+10

RIGA, Oct. 29 (Xinhua) -- Latvia's gross domestic product (GDP) contracted by 3.1 percent in the third quarter of this year from the respective period a year ago, according to a flash estimate released Thursday by the national statistics office.

However, compared with the second quarter of this year, the Latvian economy grew by 6.6 percent, statistics showed.

The statistics office indicated that during the third quarter of 2020, the annual dynamic of Latvia's GDP was primarily affected by a 0.4 percent increase in industrial production and a 4.8 percent drop in the services sector. Retail trade picked up 4.3 percent.

In the third quarter of 2020, the value of Latvia's GDP was 6.704 billion euros at constant prices.

This year, Latvia recorded a 1 percent economic growth for the first quarter and an 8.9 percent slump for the second quarter as the coronavirus pandemic struck. (1 euro = 1.17 U.S. dollars)

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