Latvia's GDP decreased by 0.4% / day last year

At the same time, in the fourth quarter of 2024, compared to the previous quarter, the third quarter of 2024, according to seasonal and calendar adjusted data, Latvia's GDP increased by 0.1%.

At current prices, Latvia's GDP last year was EUR 40.208 billion, including EUR 11 billion in the fourth quarter.

The Statistical Bureau points out that the added value of the manufacturing sectors decreased by 2.8%in 2024, but the service industry increased by 0.4%.

The agricultural, forestry and fisheries industry increased by 3.7%, which was facilitated by an increase in production in crop and livestock farming by 3%and in forestry and forestry by 4.6%, while the fisheries industry had a drop of 0.8%.

The increase in peat acquisition and recycling by 16%, as well as gravel and sand careers in the development of 18.7%influenced the overall increase in production in the mining industry by 17.1%.

In the manufacturing industry there was a fall of 4.6%, influenced by a reduction in 11 of the 22 manufacturing sub -sectors. According to the share in the largest sub -branch of manufacturing, the amount of wood and wood products – remained at the level of the previous year. The recession was 9.3%in the manufacture of finished metal products, as well as in the manufacture of computers, electronic and optical equipment – by 14.6%. Positive total added value was influenced by growth in the production of non -metallic mineral products by 1.6%, in the production of food products by 0.6%and in repairing and installing equipment and appliances by 7.2%.

Electricity, gas supply, heat supply and air conditioning production decreased by 1%.

The added value of construction in 2024 decreased by 6.9%. Building construction levels decreased by 19.4%during the year. The engineering structure increased by 9.1%, while specialized construction work increased by 0.4%over the year.

Retail trade was 0.9%, including retail sales of non -food goods by 2.3%, while food retail sales decreased by 1.7%. Wholesale, retail and repair of cars and motorcycles increased by 3.8%and wholesale by 0.1%.

Negative growth in 2024 was shown by all sub -sectors of the transport and storage industry, except for airports, which increased by 14%. Land and pipeline transport had a decline of 7.8%, in the field of water – by 12.7%, the amount of services provided in storage and transportation fell by 9.5%, but in postal and courier activities there was a reduction of 6.5%. In total, the added value of the transport and storage industry decreased by 7.9%.

The amount of accommodation and catering services increased by 1.3%, including in accommodation – by 6.7%, while catering services had a decrease of 1.2%.

In 2024, the information and communication sector had a reduction of 1.3%, including in major sub -sectors: computer programming and advice – 2.8%and telecommunications in provision of services – by 2.7%. In turn, the rise was 5%in information services.

The financial and insurance sector increased by 3.1%. This was determined by the increases in the industry and supplementing activities of the insurance, reinsurance and pension accumulation sector and financial services and insurance activities by 3.4% and 26.4% respectively. Insurance, reinsurance and pension storage industry increased earned insurance premiums. The increase in financial services and insurance activities was influenced by securities operations, other financial services other than insurance and pension financing and investment management companies. The financial services sector, on the other hand, was 0.4%.

In the professional, scientific and technical services industry, in 2024 there was a fall of 4.6%. Negative development of the industry was driven by a decline in central offices, consulting in commercial and management by 0.9%, architectural and engineering services, technical inspection and analysis of 0.6%, in providing other professional, scientific and technical services by 14.9%, legal and accounting services by 2.2%. The positive development of the industry was promoted by scientific research activities, which increased by 2.4%.

The increase in administrative and servicing services in the industry increased by 7.7%was contributed to positive development of leasing and operating leasing services by 18.4%, building maintenance and landscape care services by 13.1%, office administrative activities 7.5%and in labor search and provision of 9.5%. The industry was affected by a drop in security and investigation services by 16.2% and travel offices and travel operators by 6.7%.

The added value of the art, entertainment and recreation industry increased by 5.5%. The development of the industry was driven by growth in sports activities, entertainment and recreational activities by 8.7%, as well as 9%gambling and betting. Negative industry development was affected by a reduction in creative, artistic and entertainment activities by 2.3%.

Excise and customs duties of product taxes, including value added tax, increased by 0.1%in 2024, which was facilitated by an increase in value added tax revenue.

The Statistical Bureau also informs that in 2024, the total expenditure of households increased by 0.6%compared to the previous year.

The amount of food consumed, purchased both in retail and e-environment, decreased by 1.2%. Home -related goods and services (expenses for housing, water, electricity, gas and other fuels) fell by 0.2%. Households have used 3.7% more transport, which includes public transport, purchase and operation of vehicles. Health -related services increased by 3.1%.

Government's final consumption expenditure increased by 7.6%.

Investments in gross share capital decreased by 6.7%, including in dwellings, other buildings and buildings, a 5%drop. Investments in machinery and equipment, including vehicles, decreased by 9.6%, but in intellectual property products (research, computer software, databases, copyright) was 6.6%.

Exports of goods and services decreased by 1.7%, including exports of goods by 1.3%and exports of services by 2.7%. The main export goods were wood and wood products, except for furniture « mineral products, as well as electrical appliances and electrical equipment. In 2024, the main exported services were transport services and other economic activities, including research and development services, professional and management services, technical, technical, trade -related and other economic services.

Imports of goods and services decreased by 2.4%, including 1.6%imports of imports, while imports of services fell by 5.8%. Mainly imported mineral products, electrical appliances and electrical equipment, land vehicles and parts thereof. The most important imported services were transport services and other economic activities.

In 2024, the total salary of employees increased by 7.7%, including the total wage by 7.6%, while employers' social contributions increased by 8.5%.

The salary of employees in the manufacturing sectors increased by 4%, including the fastest in mining and career development, by 9.6%, in the water supply, sewage, waste management and rehabilitation industry by 8.4%and forestry and logging in the industry by 6.6%. In construction, employee salaries increased by 3%.

In the service sectors, employee salaries increased by 9%. It was faster in the accommodation and catering service industry – by 11.5%, in other services – 10.7%and in the arts, entertainment and recreation industry – by 10.5%.

Gross activity and mixed income decreased by 6.8%last year, while the sweet and subsidy of production and imports increased by 4.8%.

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