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][1] 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][2] shrank 2.6 percent after a 1.1 percent gain in the previous three months.
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