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Latvia’s GDP expanded 2.8 percent year-on-year in the third quarter 2019, accelerating from a downwardly revised 1.8 percent advance in the previous period, preliminary estimates showed. Growth was mainly driven by industrial (4.3 percent) and services (3.0 percent) sectors. On a quarterly seasonally adjusted basis, the GDP grew 0.7 percent, the same as in Q2.

The Latvian economy advanced 2.0 percent year-on-year in the second quarter of 2019, after a 3.0 percent rise in the previous quarter and downwardly revised from the initial estimate of 2.1 percent. Regarding the production side, the expansion was driven by increases in trade (3.8 percent); manufacturing (0.4 percent) and real estate activities (4.5 percent). On the expenditure approach, main drivers of growth were household consumption (3.5 percent) and gross fixed capital formation (21.7 percent). Regarding foreign net trade, exports of goods and services advanced 1.9 percent while imports increased at a faster 7.0 percent. On a seasonally adjusted basis, the GDP expanded 0.7 percent, also downwardly revised from the initial estimate of 0.8 percent and compared to a 0.1 percent contraction in the previous quarter. .