RIGA, May 31 (Xinhua) -- Latvia's economy showed a modest 0.1-percent growth in the first quarter (Q1) of this year compared to the same period of 2023, according to the data released by the national statistics office on Friday.
Q1's GDP grew by 0.9 percent compared to the fourth quarter of last year, the data show.
At the end of March, the size of Latvia's economy was 9.3 billion euros (10.1 billion U.S. dollars) in current prices.
The agricultural sector recorded a 1.7-percent year-on-year increase, driven by growth in crop production. The manufacturing industry, however, entered into a prolonged period of decline, falling 5.3 percent year-on-year in Q1.
In the meantime, construction output fell by 5.5 percent, compared to a significant rise last year.
Trade slowed 1.7 percent in the first quarter of this year, as wholesale trade was down 4.3 percent, and a 3.7-percent drop was recorded in automotive and motorcycle trade and repairs.
The transport and storage sector, which recorded a 9-percent drop, was affected by a slowdown in land and pipeline transport operations.
The financial and insurance sector reported a 1.8-percent growth, driven by increases in insurance activities, pension saving and financial services.
In the January-March period, Latvia's exports of goods and services fell by 3.1 percent, with the export of goods declining 1.1 percent and services exports falling 7.4 percent. ■
