-1.7% In the first quarter of this year, Latvia's GDP declined by 1.7% quarter-on-quarter.
  • Inflation (year-on-year; %; HICP)

  • GDP at constant prices (adjusted data; year-on-year; %)

  • Registered unemployment rate (% of economically active population)

  • Current account balance (% of GDP)

EXPERT'S COMMENT

Oļegs Krasnopjorovs

Economist, Latvijas Banka

Andrejs Bessonovs

Economist, Latvijas Banka

EXPERT'S COMMENT

Agnese Rutkovska

Economist, Latvijas Banka
The impact of the second wave of the pandemic on the goods industry was much smaller, with some goods producers recording even higher production volumes than a year ago. Meanwhile, the effect of the state-of-emergency restrictions on the services sector was severe and harsh.

EXPERT'S COMMENT

Anete Migale

Economist, Latvijas Banka
Overall, the unemployment rate was close to the projected one.  So far, both the gradual lifting of restrictions over the summer and stronger economic activity across the goods-producing sectors at the end of the year have helped to prevent a steeper increase in the unemployment rate.

EXPERT'S COMMENT

Guntis Kalniņš

Economist, Latvijas Banka
In the fourth quarter of 2020, recovery in the global economic activity facilitated further growth in Latvia's exports of goods. Meanwhile, with further intermittent tightening of restrictions on movement and gathering, services exports continued to stagnate.
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