Latvia - Nominal Gross Domestic Product





Latvia: Nominal Gross Domestic Product

Mnemonic GDP.ILVA
Unit Ths. EUR, NSA
Adjustments Not Seasonally Adjusted
Quarterly 5.37 %
Data 2019 Q3 8,061,407
2019 Q2 7,650,643

Series Information

Source Central Statistical Bureau of Latvia
Release GDP - Detailed
Frequency Quarterly
Start Date 3/31/1995
End Date 9/30/2019

Latvia: GDP

Reference Last Previous Units Frequency
Government Consumption 2019 Q3 1,281,651 1,413,907 Ths. EUR, NSA Quarterly
Investment 2019 Q3 1,981,979 1,707,787 Ths. EUR, NSA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2019 Q3 1,980,465 1,598,358 Ths. EUR, NSA Quarterly
Nominal Gross Domestic Product 2019 Q3 8,061,407 7,650,643 Ths. EUR, NSA Quarterly
Private Consumption 2019 Q3 4,857,006 4,592,077 Ths. EUR, NSA Quarterly
Real Fixed Investment (gross fixed capital formation) 2019 Q3 1,861,731 1,518,068 Ths. Ch. 2015 EUR, NSA Quarterly
Real Government Consumption 2019 Q3 1,146,164 1,312,494 Ths. Ch. 2015 EUR, NSA Quarterly
Real Gross Domestic Product 2019 Q3 7,214,265 6,924,668 Ths. Ch. 2015 EUR, NSA Quarterly
Real Investment 2019 Q3 2,008,423 1,763,355 Ths. Ch. 2015 EUR, NSA Quarterly
Real Private Consumption 2019 Q3 4,406,125 4,153,170 Ths. Ch. 2015 EUR, NSA Quarterly

Release Information

Gross domestic product (GDP) represents the total value of final products and services produced within the country’s territory during a year. GDP can be calculated on the basis of data on domestic production, expenditure and income at current and constant prices.

The main components of the gross domestic product are the output of goods and services, that is, the value of production, intermediate consumption representing production costs and value added constituting about 45% of the output.

The income approach of GDP consists of the compensation of employees, taxes on production and imports, subsidies and incomes that at first remain at the disposal of the entrepreneur (profit and mixed income).

 From the expenditure approach, GDP shows information on the use of goods and services for final consumption, that is, the use that cannot be related to production costs. Final consumption is generated by consumption expenditure of the population and current expenditures of general government.

The GDP expenditure also includes enterprise inventories for the next periods (gross capital formation), as well as difference between exported and imported goods and services.

  • Framework: ESA 2010 
  • Classification: NACE Rev. 2
  • Measurements: 
    • Thousands of euros at current prices (Ths. EUR) 
    • At constant year-2015 prices (Ths. 2015 EUR)
    • At previous year prices (Ths. 2018 EUR)
  • Adjustments: Not seasonally unadjusted (NSA) or seasonally adjusted (SA) 
  • Geo coverage: Country 
  • Native frequency: Quarterly
  • Start date: As early as 1995Q1

Source of Data

Information is drawn from the following sources of data:

  • surveys of enterprises and institutions
  • Labour Force Survey
  • data from the Budget, the Treasury, the State Revenue Service, the Bank of Latvia and the Financial and Market Commission
  • Household Budget Survey

Methods of Calculation

Data on the production and expenditure of the gross domestic product may be calculated both at current prices (accounting and calculation are made at the same prices that exist in the defined period) and at constant prices where previous calendar year is used as calculation basis and “annual average method” is used for calculations, i.e., current quarter is calculated at average prices of previous year. Absolute values of indicators at constant prices are published at average prices of 2000, but dynamics – in form of chain indices.

Seasonally adjusted and working day adjusted GDP indices are published in breakdown by quarters. The users must take into account that adding data of new period previous timeseries are also recalculated.

GDP from income approach is calculated only at current prices.

Data on value added at current prices at NACE 2 two digit level are available in breakdown by years.

Gross domestic product from the production approach is the sum of gross value added obtained by subtracting intermediate consumption from the value of goods and services. Intermediate consumption comprises the value of purchased goods and services used up in production. Taxes on products added to gross value added are those, which are payable per unit of some good and service, produced and transacted (value added or turnover tax, customs and excise taxes).

The tables related to gross domestic product from the expenditure side show final consumption expenditure according to the principle of costs, that is, the general government expenditure includes all budget-financed expenses including those that ensure the provision of non-market services to the population (for example, education or health care). Private final consumption expenditure includes only those consumer goods and services that have been paid for by private persons on own account or were produced by their own efforts.

From the income approach gross domestic product is generated from: compensation of employees, taxes on production and income that initially remain at the disposal of the entrepreneur – gross operating surplus and mixed income. Profit is the basic element of gross operating surplus. Gross mixed income of households consists not only of the profit made by the enterprise owner as an entrepreneur but also includes implicit labour remuneration for the owner’s and his family members` work that cannot be separated from profit.

Gross national income is derived from the gross domestic product plus property income and compensation of employees minus property income and compensation of employees paid to other countries.

Classification

  • Statistical Classification of Economic Activities in the European Communities
  • Classification of Economic Activities in the European Community NACE 2
  • Statistical Classification of Individual Consumption (COICOP)
  • Classification of the Functions of Government (COFOG)
  • Classification of the Administrative Territories and Territorial Units of the Republic of Latvia (ATVK)

The published data are adjusted after the annual balancing of the System of National Accounts.