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Latvian GDP Contracts 0.9% In Q2


Latvia’s?economy?contracted for the first time in more than two years, preliminary data from the statistical office showed on Friday.

Gross domestic product fell a non-adjusted 0.9 percent year-on-year in the second quarter, reversing a 0.8 percent rise in the first quarter.

On a seasonally and calendar-adjusted basis, GDP also fell 0.5 percent in the June quarter, following a 0.3 percent expansion in the previous quarter.

On a quarterly basis, the seasonally and calendar-adjusted GDP decreased 0.6 percent in the second quarter after rising 0.5 percent in the previous quarter.

Detailed data for the second-quarter figure is set to be released on August 31.

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