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Latvian economy dwindles 9.8 pct in Q2

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Latvian economy dwindles 9.8 pct in Q2

During the second quarter (Q2) of this year, Latvia’s seasonally unadjusted gross domestic product (GDP) dwindled 9.8 percent year-on-year, according to a flash-estimate released on Friday by the Baltic country’s national statistics office.

As the first wave of coronavirus pandemic hit the economy in April-June, the manufacturing sector declined 3.8 percent, the services sector shrank 11 percent and retail trade was down 1.6 percent in annual terms, said the statistics office.

According to seasonally adjusted data, the economic downturn in Q2 reached 9.6 percent, it said. Compared to the previous quarter, the economy shrank by 7.5 percent in Q2.

(XINHUA)

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