According to the Central Statistical Bureau of Latvia flash estimate of GDP growth rate in the 3rd quarter, GDP has increased by 4.8% in comparison with the corresponding period last year. However, when compared with the 2nd quarter of 2018, GDP, as reported by seasonal and calendar adjustment, has grown by 1.8%, which, in fact, has been the fastest quarterly growth rate in the last two years.
29.10.2018, Retail trade
Since Latvia began to overcome the consequences of 2008 global financial crisis, the retail trade turnover has gradually increased. The output of sector is positively affected by the rise in private consumption, which, in turn, is mainly driven by the increase in wages and other improvements in the labour market. Since the lowest point in 2011, output volumes in retail have gone up by 29%, exceeding the pre-crisis level by 5 percentage points.
Currently, the share of the sector in national economy, or the total value added, form 6.3%.