(RTTNews) – Latvia’s economic output decreased at a steeper pace in the first quarter of the year, preliminary estimates from the Central Statistical Bureau showed Thursday. Gross domestic product fell an unadjusted 2.2 percent year-on-year after a 1.5 percent drop in the previous quarter. Output has been decreasing since the first quarter of 2020, as the coronavirus pandemic began to impact economic activity.
On a seasonally and calendar adjusted basis, GDP fell 2.1 percent annually in the first quarter after a 1.8 percent drop in the previous three months. Output decreased 1.3 percent in producing sectors and 4.0 percent in services sectors.
Compared to the previous quarter, the economy shrank 2.6 percent after a 1.1 percent gain in the previous three months.