|Unit||Ths. Ch. 2010 EUR, NSA|
|Adjustments||Not Seasonally Adjusted|
|Balance of Goods||May 2019||-361.7||-290.6||Mil. EUR, NSA||Monthly|
|Current Account Balance||May 2019||-13||-115||Mil. EUR, NSA||Monthly|
|Exports of Goods||May 2019||1,068||1,056||Mil. EUR, NSA||Monthly|
|Imports of Goods||May 2019||1,430||1,347||Mil. EUR, NSA||Monthly|
|Exports of Goods and Services||2019 Q1||4,216,258||4,586,942||Ths. EUR, NSA||Quarterly|
|Imports of Goods and Services||2019 Q1||4,044,211||4,569,340||Ths. EUR, NSA||Quarterly|
|Net Exports||2019 Q1||172,047||17,602||Ths. EUR, NSA||Quarterly|
|Real Exports of Goods and Services||2019 Q1||3,556,147||3,857,525||Ths. Ch. 2010 EUR, NSA||Quarterly|
|Real Imports of Goods and Services||2019 Q1||3,641,898||4,063,602||Ths. Ch. 2010 EUR, NSA||Quarterly|
|Real Net Exports||2019 Q1||-85,751||-206,077||Ths. Ch. 2010 EUR, NSA||Quarterly|
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.
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 1.1 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.
-Statistical Classification of Economic Activities in the European Communities;
-Classification of Economic Activities in the European Community NACE 1.1 rev.;
-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.
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