Latvia: Economics growth wanes in Q2

GDP expanded 2.6% on an annual basis in the second quarter of 2022, according to preliminary national accounts data released by the Statistical Institute. The result followed the 6.7% rise recorded in the prior quarter. Meanwhile, GDP contracted 1.4% in seasonally-adjusted quarter-on-quarter terms in Q2, contrasting the 3.4% rise logged in the previous quarter.



The second quarter’s downturn was chiefly due to fall in the producing sectors. On a positive note, the services sector logged a swifter expansion in the same period. More detailed national accounts data for the second quarter will be released on 31 August.

FocusEconomics panelists see GDP increasing 2.6% in 2022, which is unchanged from last month’s estimate. In 2023, the economy is seen expanding 2.3%.