RIGA- Latvia's GDP officially dropped 18 percent in the first quarter of 2009,
according to the Central Statistics Bureau.
In the first quarter of 2009, the production and services sectors continued to
see economic downturn.
Manufacturing volumes fell by 22 percent,
retail by 25 percent. Hotels and restaurant services dropped by 34 percent.
Budget revenue also continued to decrease in the first quarter.
In total in 2008, the GDP fell 4.6
percent.
In 2007, Latvia registered a 10.2 percent increase in GDP, whereas in 2006 Latvia's
GDP increased 11.9 percent.
More information and a full report will be released form the Central Statistics
Bureau on June 9.
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