In Q3 2022 Latvia was one of two countries in the European Union (EU) in which a GDP drop was observed, according to data published by Eurostat on Wednesday, the 7th of December.
According to seasonally adjusted data, Latvia’s GDP dropped by 0.4% when compared to Q3 2021.
An even bigger drop was observed in Estonia – 2.3%. In Lithuania, however, GDP increased by 2.5%.
The most rapid economic growth in this period of time was observed in Ireland (+10.6%), Croatia (+5.5%), Cyprus (+5.4%) and Malta (+5.2%). Compared with the same period of 2021, the average GDP across the EU increased by 2.5% in Q3 2022. Average GDP increase in Eurozone was 2.3%.
Economic growth was observed in 18 EU member states for which data is available.
Compared with the previous quarter, the most rapid economic growth in Q3 was in Ireland (+2.3%); Cyprus, Malta and Romania (+1.3% in all three). The biggest drop was observed in Estonia (-1.8%), Latvia (-1.7%) and Slovenia (-1.4%). Lithuania’s economy, on the other hand, increased by 0.5%.
Compared with Q2, the average GDP in the EU increased by 0.4% and in Eurozone – by 0.3%.
Also read: Latvia’s GDP down by 0.6% in Q3 2022