Latvia’s economy shrank 3.1 percent year-on-year in the third quarter of 2020, following an 8.9 percent plunge in the previous period, a flash estimate showed. It was the third consecutive contraction, amid the coronavirus crisis. The services sector shrank 4.8 percent while manufacturing output grew 0.4 percent. On a quarterly seasonally adjusted basis, the GDP expanded 6.6 percent, the most since series began, rebounding from an upwardly revised record 7.1 percent contraction in the prior period.
GDP Annual Growth Rate in Latvia averaged 3.88 percent from 1996 until 2020, reaching an all time high of 15.10 percent in the first quarter of 2007 and a record low of -15.60 percent in the third quarter of 2009. This page provides - Latvia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Latvia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
GDP Annual Growth Rate in Latvia is expected to be -5.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Latvia to stand at 6.90 in 12 months time. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 5.00 percent in 2021 and 3.00 percent in 2022, according to our econometric models.