Latvia’s economy shrank 1.5 percent year-on-year in the first quarter of 2020, revised from a preliminary estimate of a 1.4 percent decline and after expanding 1 percent in the previous period. It was the first contraction since Q4 2010, as the coronavirus pandemic began to hit the economy. Output dropped in manufacturing (-1.2 percent); transport & storage (-9.6 percent); accommodation & catering services (-6.8 percent); information & communication (-6.3 percent); and financial & insurance activities (-4.6 percent). On the expenditure side, household consumption shrank by 4.5 percent, while government spending grew by 3.2 percent and gross fixed capital increased by 5.7 percent. Meantime, exports of goods and services rose 3 percent while imports advanced at a faster 3.5 percent. On a quarterly seasonally adjusted basis, the economy shrank 2.9 percent, the sharpest contraction since Q3 2009, following a 0.1 percent expansion in the prior period.

GDP Annual Growth Rate in Latvia averaged 4.01 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 June of 2020.

GDP Annual Growth Rate in Latvia is expected to be -12.80 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 0.30 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.

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Latvia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.50 1.00 15.10 -15.60 1996 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-01-31 11:00 AM YoY Flash Q4 1.1% 2.9% 1.2%
2020-02-28 11:00 AM YoY Final Q4 1% 2.9% 1.1% 1.1%
2020-04-30 10:00 AM YoY Flash Q1 -1.4% 1% -0.9%
2020-05-29 10:00 AM YoY Final Q1 -1.5% 1% -1.4%
2020-07-30 10:00 AM YoY Flash Q2 -1.5% -12.8%
2020-08-31 10:00 AM YoY Final Q2 -1.5% -12.8%
2020-10-30 11:00 AM YoY Flash Q3 -7.5%
2020-11-30 11:00 AM YoY Final Q3 -7.5%


News Stream
Latvia Economy Contracts for 1st time in Over 9 Years
Latvia’s economy shrank 1.5 percent year-on-year in the first quarter of 2020, revised from a preliminary estimate of a 1.4 percent decline and after expanding 1 percent in the previous period. It was the first contraction since Q4 2010, as the coronavirus pandemic began to hit the economy. Output dropped in manufacturing (-1.2 percent); transport & storage (-9.6 percent); accommodation & catering services (-6.8 percent); information & communication (-6.3 percent); and financial & insurance activities (-4.6 percent). On the expenditure side, household consumption shrank by 4.5 percent, while government spending grew by 3.2 percent and gross fixed capital increased by 5.7 percent. Meantime, exports of goods and services rose 3 percent while imports advanced at a faster 3.5 percent. On a quarterly seasonally adjusted basis, the economy shrank 2.9 percent, the sharpest contraction since Q3 2009, following a 0.1 percent expansion in the prior period.
2020-05-29
Latvia Economy Shrinks for 1st time in Over 9 Years
Latvia’s economy shrank 1.4 percent year-on-year in the first quarter of 2020, after expanding 1 percent in the previous period, a flash estimate showed. It was the first contraction since the last quarter of 2010, as the coronavirus outbreak hit the economy. The services sector shrank 2.6 percent while manufacturing output rose 3 percent. On a quarterly seasonally adjusted basis, the GDP went down 2.9 percent, the sharpest contraction since the third quarter of 2009, following a 0.1 percent growth in the prior period.
2020-04-30
Latvia Q4 GDP Annual Growth Revised Lower to 1%
Latvia's economy grew by 1.0 percent year-on-year in the fourth quarter of 2019, slightly below a preliminary estimate of 1.1 percent and compared to the previous period's 2.9 percent. The expansion was mainly supported by household consumption, government spending and net trade, with exports rising more than imports. On the other hand, fixed investment contracted sharply. Considering 2019 full year, the economy grew by 2.2 percent
2020-02-28
Latvia Q4 GDP Growth at Over 3-Year Low of .1.1%
Latvia’s GDP expanded 1.1 percent year-on-year in the fourth quarter of 2019, easing from a 2.9 percent advance in the previous period, preliminary estimates showed. It was the lowest GDP growth since Q3 2016, mainly due to a fall in the manufacturing sector. On the other hand, the services sector contributed positively to growth, including retail sales. On a quarterly seasonally adjusted basis, the GDP advanced 0.2 percent, less than a downwardly revised 0.6 percent gain in Q3.
2020-01-31

Latvia GDP Annual Growth Rate
In Latvia, household consumption is the main component of GDP and accounts for 61 percent of its total use, followed by gross fixed capital formation (23 percent) and government expenditure (18 percent). Exports of goods and services account for 59 percent while imports account for 62 percent, subtracting 3 percent of total GDP.