Latvia’s economy slightly increase in Q2

GDP impacts by drops in manufacturing, services sector, according to country’s statistical office

By Sahika Malkoc

ISTANBUL (AA) - Latvia’s seasonally and calendar-adjusted gross domestic production (GDP) increased by 0.1% in second quarter of 2024 compared to the same period last year, according to a flash estimate by Latvia’s Central Bureau of Statistics, CSB.

In addition, GDP was affected by a 1.2% decline in the manufacturing sectors and a 0.2% drop in the services sectors, according to provisional estimates.

The data revealed that taxes on products increased by 1.5%, on the other hand the volume of product subsidies fell by 45.4%, reducing GDP.

Meanwhile, seasonally and calendar-adjusted GDP fell by 1.1% compared to first quarter of 2024.

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