Gross Domestic Product Analysis of Latvia
In 2011–2013, the economy of Latvia was among the fastest-growing economies in the European Union; in 2012, the GDP growth rate comprised 4.0 %, in 2013 – 2.6 %, and in 2014 – 2.1 %. As compared to 2014, in 2015 the growth rate of the Latvian economy reached 2.7 %. In 2016, GDP at current prices comprised 25.0 billion euros, while at constant prices of 2010 – 21.8 billion euros.( Central Statistical Bureau of Latvia, 2017)
Speaking about the structure of GDP based on Service export it has appeared that dramatic decrease of economic activities in 2009-2010 were mainly driven due to the decrease of following sectors: Financial services (from 610 million Euros to 332 Million Euros) and Transportation (429 Mil. Eur to 352 Mil. Eur). The other sectors mostly showed the same output. Surprisingly, in 2011 mentioned sectors again started to grow, and until our days, 2018 there are no fluctuation of GDP, but stable growth. Otherwise, the auto transportation increased almost twice from 2011 (from 476 Mil. Euros to 855 Mil. Euros).
Analysing the sectors impact on Latvia’s GDP growth from 2013-2018 (graph could be found below (LDDK, 2018)), it appears, that from 2013 there was decline in manufacturing until Q2 2016, and only starting from next Q the Manufacturing become the one of the main driver sector to GDP growth. The construction service experienced even bigger decline until 2017.…
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