Compared to the corresponding period of previous year, gross domestic product (GDP) in 1st half of 2008 has increased by 1.6%, according to the Central Statistical Bureau.
Compared to 2nd quarter of 2007, in the 2nd quarter of 2008 GDP has increased by 0.1%.
The increase in GDP was due to the rises in the following sectors: transport and communications (share in GDP structure – 11.2%) – by 2.0%. But in manufacturing (12.8%), trade (17.0%) and agriculture (3.0%) there was a decrease of 4.6%, 5.9% and 0.5%, respectively.
Compared to the 2nd quarter of 2007 (at current prices), in the 2nd quarter of 2008 main groups of private final consumption were: recreational and culture activities (8.7%), where growth comprised 13.7%. But consumption expenditure on clothing and footwear (14.3%) witnessed a decrease of 1.6%.
Total growth of export of goods and services was influenced by increase of goods export by 3.8% (constituting 63.2% of total export) and rise of services exports by 0.4%.
Total volume of imports of goods and services has reduced, what may be explained with the decrease of imports of goods by 10.7% (constituting 79.8% of total imports), nevertheless, the imports of services has grown by 3.3%.
Central Statistical Bureau of Latvia
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