The deep trough of last year, the receding of the virus this spring, and the rapid return of economic participants to near-normal life have brought excellent growth rates to the 2nd quarter gross domestic product (GDP). The rapid assessment by the Central Statistical Bureau indicates that in the 2nd quarter of this year, GDP rose by 3.7% compared to the previous quarter (seasonally adjusted data), and by 10.3% compared to the deepest point of the crisis – the 2nd quarter of last year (unadjusted data).

This means that the Latvian economy, following the virus shock, has already managed to exceed pre-crisis levels – slightly later than our neighbours, but faster than we expected.