Posts tagged as GDP

GDP declined 1.3 % in first quarter of 2021

Monday, May 31, 2021

Data compiled by the Central Statistical Bureau (CSB) and released May 31 show that in the 1 st  quarter of 2021, compared to the 1 st  quarter of 2020, gross domestic product (GDP) decreased by 1.3 % (according to seasonally and calendar non-adjusted data). In the 1 st  quarter GDP at constant prices was EUR 6.8 billion. Compared to the previous quarter, GDP fell even more, by 1.7 %. Many sectors continue to be hit by COVID-19 restrictions.…

Riigikogu’s finance committee to IMF: Estonia structural deficit to improve next year

Friday, May 7, 2021

Estonia’s structural deficit in 2022 will improve by two percentage points to 3.4 percent of Gross Domestic Product, members of the Riigikogu’s finance committee told the International Monetary Fund (IMF) Thursday. Speaking to the IMF via remote video link, the committee also said that in the years after 2022, the structural deficit will also fall by at least 0.5 percent of GDP per year, as required by fiscal rules. The…

First quarter GDP hit by virus effect

Friday, April 30, 2021

A flash estimate released by the Central Statistical Bureau (CSB) April 29 shows that in the first quarter of 2021, compared to the same quarter of 2020, gross domestic product (GDP) decreased by 2.2 % (according to seasonally and calendar non-adjusted data). According to provisional estimates, GDP was affected by a drop of 1.3 % in producing sectors and a reduction of 4.0 % in services sectors. Compared to the final quarter of 2020, GDP fell by 2.6 %…

Government budget deficit in Latvia was 4.5% of GDP in 2020

Thursday, April 22, 2021

Provisional results published April 21 by the Central Statistical Bureau (CSB) show that   in 2020 general government budget deficit accounted for EUR 1.3 billion or 4.5 % of the Gross Domestic Product (GDP). General government consolidated gross debt amounted to EUR 12.7 billion or 43.5 % of the GDP. Under the impact of Covid-19 pandemic in 2020 general government revenues, compared to 2019, reduced by 0.4 % and comprised EUR 11.5 billion, but expenditure – increased by 9.5 % and reached…

Latvian central bank becomes more upbeat on growth

Wednesday, March 31, 2021

Latvijas banka, the Latvian central bank (LB) revealed its latest macroeconomic predictions March 30. Central bank governor Mārtiņš Kazāks revealed a slight improvement in sentiment overall. In 2021, Latvia’s gross domestic product (GDP) is expected to grow by 3.3%, and in 2022 at almost twice that rate at 6.5%. Previous    forecasts   made in    December   predicted 2.8% growth this year, and 5.3% in 2022. Due to the spread of Covid-19, Latvia’s GDP    decreased by 3.6%…

Supplementary budget bill passes first Riigikogu reading

Thursday, March 25, 2021

On Wednesday evening, the Riigikogu finished the first reading of the €641 million supplementary budget drafted by the government to help mitigate the impacts of the coronavirus crisis. The lion’s share of the supplementary budget, that is 87 percent, is support for the private sector and other government sector agencies. It includes remuneration support, investment support for local governments as well as other forms of support for the public and…

Stats suggest fourth-quarter GDP up on month, down on year

Tuesday, February 2, 2021

A flash estimate released by the Central Statistical Bureau (CSB) February 1 shows that in the 4 th  quarter of 2020, compared to the 4 th  quarter of 2019, Latvia’s gross domestic product (GDP) decreased by 1.4 % (according to seasonally and calendar non-adjusted data). According to provisional estimations, GDP was affected by an output rise in the production sector of 3.7 %. In the services sectors there was a drop of 3.2 % Compared to the 3 rd…

European Commission predicts 5.6% GDP contraction for Latvia this year

Thursday, November 5, 2020

The latest economic forecasts from the European Commission predict that Latvia’s economy will shrink by 5.6% this year. While that is still a major economic hit, it is better than the eurozone average. Though the EC text talked about a “5½%” decline in GDP, accompanying data tables and comments from EC Commissioner Valdis Dombrovskis quoted a figure of 5.6%. “Latvia’s GDP is projected to decline by 5½% in 2020 with consumption…

Latvian GDP “bounced back” in third quarter

Friday, October 30, 2020

Latvia posted gross domestic product (GDP) figures for the third quarter October 29 that were better than generally expected. According to the flash estimate of the Central Statistical Bureau (CSB) in the 3 rd  quarter of 2020, compared to the 3 rd  quarter of 2019, GDP decreased by 3.1 %, according to seasonally and calendar non-adjusted data. However, compared to the 2 nd  quarter of 2020 — which included much of the first wave of the…

Pandemic borrowing pushes Lithuania’s deficit to 8–9 percent of GDP

Thursday, October 8, 2020

Lithuania’s budget deficit will reach 8–9 percent of GDP this year due to increased borrowing during the pandemic, an adviser to the country’s president said on Thursday. The budget deficit was justified during the Covid-19 crisis due to the need to absorb shocks to the economy and retain jobs, Simonas Krėpšta, adviser to President Gitanas Nausėda, told LRT RADIO. In spring, the Lithuanian government upped the state’s borrowing limit to…