Latvia’s gross domestic product (GDP) has gone down by 0.7% in the first nine months of 2024 when compared to the same period of 2023 and according to seasonally and calendar-unadjusted flash assessment data compiled by the Central Statistical Bureau of Latvia (CSP).
At the same time, this year in the third quarter compared to the third quarter of last year, Latvia’s GDP, according to seasonally and calendar-unadjusted quick estimates, has decreased by 2.4%.
According to preliminary estimates, GDP was affected by a drop of 4.1% in the manufacturing sectors and 2.3% in the services sectors. Similarly, 1.3% less product taxes were collected.
The data provided by CSP also show that, according to seasonally and calendar adjusted data, there was a 1.4% drop in the Latvian economy during the said period.
In the third quarter of 2024, compared to the second quarter of 2024, according to seasonally and calendar adjusted data, GDP went down by 0.4%.
A complete report on the exact GDP level and changes in the third quarter will be published on the 29th of November.