and quarter on quarter the economy contracted by 0.5% over the first quarter of 2008(Eurostat data):
This will be very brief coverage of these results at this point, since this is, at the present time, all the detail we have. A more precise and extended breakdown of second quarter GDP data will be published by the statistics office on September 8.
Exports Waning
Latvia's June exports dropped 3.6% over May, and were up 3.1% on June 2007. The rate of y-o-y increase in exports is thus dropping rapidly. In June compared to May the most rapid decrease was in exports of vodka (by 55.8%), of rough-cut wood (by 23.6%), of iron and non-alloy steel (by 22.0%), of chocolate and other food preparations containing cocoa (by 17.4%) and of clothing, not knitted or crocheted (by 11.3%), but exports of paper and paperboard, articles of paper increased by 44.1%, pharmaceutical products were up by 31.2%, and machinery and mechanical appliances by 14.6%.
Compared to June 2007 the largest exports increase was in wheat and meslin (exports to Lithuania, Oman, Denmark and Poland) which were up by a multiple of almost 13 times (increase from 187 thsd lats to 2414 thsd lats), in fish, fresh, chilled or frozen (by 85.7%), iron and non-alloy steel (by 43.5%), articles of iron or steel (by33.8%), pharmaceutical products – (12.1%). Exports of sawn wood decreased by 52.3%, furniture, including mattress and articles of bedding and similar furnishing was down by 33.0%, chocolate and other food preparations containing cocoa were down by 24.3%, and veneer sheets and plywood by 17.8%.
In June compared to May the most rapid increase was in imports of electricity – by 54.7%, of iron and non-alloy steel (by 48.4%), meat of swine, fresh, chilled or frozen (by 36.6%), of cigarettes (by 30.7%), but imports of agglomerated cork decreased by 35.9%, as did particle boards (by 28.0%), pharmaceutical products (by 17.2%), plastics (by 13.5%), electrical appliances and equipment (by 5.6%), and coniferous sawn-wood (by 4.4%).
Compared to June 2007 the most notable decrease was in imports of sawn wood (by 76.0%), passenger cars (by 49.7%), furniture, including mattress and articles of bedding and similar furnishing (by 37.9%), machinery and mechanical appliances (by 29.8%), clothing, not knitted or crocheted (by 19.8%). Imports of pork and pork products increased by 73.1%, iron and non-alloy steel (by 42.8%), residual fuel oils (by 36.8%), diesel oil (by 27.2%) and electricity (by 13.9%).
As a result Latvia's trade deficit increased again in June when compared with May.
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