GDP growth at 12% in H1
Latvia^apostrofs;s gross domestic product (GDP) grew 12 percent in the first six months of this year, compared to the first-half year of 2005, the Central Statistical Bureau announced today.
Latvia's gross domestic product (GDP) grew 12 percent in the first six months of this year, compared to the first-half year of 2005, the Central Statistical Bureau announced today.
The rise in GDP was prompted by increases in the following sectors: 18.2 percent in retail trade, 8.6 percent in transport and communications, 6.5 percent in manufacturing industry, and 16.7 percent in construction.
GDP growth pace declined in the second quarter of this year. In the first quarter, a 13.1 percent GDP increase was registered, and 11.1 percent growth in the second quarter.
In the second quarter of this year, retail trade grew 18.7 percent, transport and communications sector - 10.9 percent, manufacturing industry - 4.3 percent, and construction - 16.1 percent.
Unlike previous years, when agricultural production showed a tendency to rise, in this year's second quarter it decreased 6.4 percent, mainly due to unfavorable weather conditions.
In the second quarter, road vehicles retail increased 67 percent, retail of textiles, clothing and footwear grew 36 percent, furniture - 30 percent, construction materials - 27 percent, and retail of food products - 13 percent.
In the transport and communications sector, passenger transportation increased 19 percent, freight transportation - 13 percent, post and communications sector registered a 11 percent growth, and transport auxiliary activity - 7 percent.
In manufacturing, 18 percent growth was registered in manufacturing of textiles, manufacturing of base metals grew 15 percent, fabricated metal products - 13 percent, furniture - 12 percent, food and beverage production - 8 percent. Manufacture of wood and cork products decreased 4 percent.
Construction of administrative buildings increased 71 percent in the second quarter, industrial buildings - 42 percent, residential buildings - 33 percent. Highway, street and road construction grew 1 percent, whereas construction of trade buildings decreased 21 percent.
According to the Central Statistical Bureau's data, GDP pre capita in the second quarter of the year was LVL 1,157, compared to LVL 1,002 in the first quarter. The total GDP amount totaled LVL 2.65 billion in the second quarter.
As reported, GDP growth in the first half of 2005 had been 9.5 percent, and 10.2 percent in the entire 2005.
Dace Kārkliņa LETA
Copyright © LETA
The rise in GDP was prompted by increases in the following sectors: 18.2 percent in retail trade, 8.6 percent in transport and communications, 6.5 percent in manufacturing industry, and 16.7 percent in construction.
GDP growth pace declined in the second quarter of this year. In the first quarter, a 13.1 percent GDP increase was registered, and 11.1 percent growth in the second quarter.
In the second quarter of this year, retail trade grew 18.7 percent, transport and communications sector - 10.9 percent, manufacturing industry - 4.3 percent, and construction - 16.1 percent.
Unlike previous years, when agricultural production showed a tendency to rise, in this year's second quarter it decreased 6.4 percent, mainly due to unfavorable weather conditions.
In the second quarter, road vehicles retail increased 67 percent, retail of textiles, clothing and footwear grew 36 percent, furniture - 30 percent, construction materials - 27 percent, and retail of food products - 13 percent.
In the transport and communications sector, passenger transportation increased 19 percent, freight transportation - 13 percent, post and communications sector registered a 11 percent growth, and transport auxiliary activity - 7 percent.
In manufacturing, 18 percent growth was registered in manufacturing of textiles, manufacturing of base metals grew 15 percent, fabricated metal products - 13 percent, furniture - 12 percent, food and beverage production - 8 percent. Manufacture of wood and cork products decreased 4 percent.
Construction of administrative buildings increased 71 percent in the second quarter, industrial buildings - 42 percent, residential buildings - 33 percent. Highway, street and road construction grew 1 percent, whereas construction of trade buildings decreased 21 percent.
According to the Central Statistical Bureau's data, GDP pre capita in the second quarter of the year was LVL 1,157, compared to LVL 1,002 in the first quarter. The total GDP amount totaled LVL 2.65 billion in the second quarter.
As reported, GDP growth in the first half of 2005 had been 9.5 percent, and 10.2 percent in the entire 2005.
Dace Kārkliņa LETA
Copyright © LETA
