In Q1, Latvia’s gross domestic product (GDP) increased by 5.9% compared to the same period last year, the Central Statistical Office (CSO) reports with reference to preliminary data.

The GDP dynamics was mainly influenced by a 6.3% growth in the service sector and a 0.2% decrease in the manufacturing industry.

According to seasonally and calendar-adjusted data, the economy grew by 5.6% in the period and amounted to €7.161 billion in comparative prices.

GDP increased by 2.1% in the first quarter of 2022 compared to the fourth quarter of 2021.

According to the Central Statistical Office, Latvia’s GDP grew by 4.5% in 2021.