Latvia’s gross domestic product (GDP) in the first quarter of this year might have increased by 3.1-4.5% from the respective period last year, the banking analysts said, cites LETA. Swedbank senior economist Agnese Buceniece told LETA that GDP growth in the first quarter of this year compared to the first quarter of last year might have been at 3.1%, according to seasonally non-adjusted data, while the growth compared to the fourth quarter of last year could have been at 0.9%, according to seasonally adjusted calendar data.
“The main drive of the growth was household consumption, while investment growth was also a significant factor. Construction was still the fastest growing sector,” she said.
Luminor economist Peteris Strautins told LETA that in the first quarter of 2018 GDP might have risen by 4.5% from the first quarter of last year.
“Construction sector definitely saw the steepest growth. Manufacturing and trade, as well as construction provided the biggest contribution in increase of the added value,” said Strautins.
“I expect the GDP growth in the second quarter to be similar to the first-quarter results, while in the second half of the year the economic growth might be slower,” he said.
The Central Statistics Bureau is due to release a first-quarter flash estimate of Latvia’s GDP growth on May 2.