The Latvian economy advanced 2.9 percent year-on-year in the third quarter of 2019, after a 1.8 percent rise in the previous quarter and upwardly revised from the initial estimate of 2.8 percent. Regarding the production side, the expansion was driven by increases in trade (5.3 percent); real estate activity (3.1 percent) and manufacturing (4.1 percent). On the expenditure approach, main drivers of growth were household consumption (4.9 percent) and gross fixed capital formation (4.8 percent). Regarding foreign net trade, exports of goods and services advanced 5.6 percent while imports increased at a softer 1.0 percent. On a seasonally adjusted basis, the GDP expanded 0.7 percent, in line with the preliminary estimate and compared to a revised 0.8 percent expansion in the previous quarter. GDP Annual Growth Rate in Latvia averaged 4.12 percent from 1996 until 2019, reaching an all time high of 13.90 percent in the first quarter of 2007 and a record low of -16.20 percent in the third quarter of 2009.

GDP Annual Growth Rate in Latvia is expected to be 1.20 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 2.40 in 12 months time. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2020, according to our econometric models.

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Latvia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.90 1.80 13.90 -16.20 1996 - 2019 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-07-30 10:00 AM GDP Growth Rate YoY Flash Q2 2.1% 3% 2.1% 2.9%
2019-08-30 10:00 AM GDP Growth Rate YoY Final Q2 2.0% 3% 2.1% 2.1%
2019-10-30 11:00 AM GDP Growth Rate YoY Flash Q3 2.8% 1.8% 2.5%
2019-11-29 11:00 AM GDP Growth Rate YoY Final Q3 2.9% 1.8% 2.8%
2020-01-31 11:00 AM GDP Growth Rate YoY Flash Q4 2.9% 1.2%


News Stream
2019-10-30
Latvia GDP Grows at a Faster 2.8% in Q3
Latvia’s GDP expanded 2.8 percent year-on-year in the third quarter 2019, accelerating from a downwardly revised 1.8 percent advance in the previous period, preliminary estimates showed. Growth was mainly driven by industrial (4.3 percent) and services (3.0 percent) sectors. On a quarterly seasonally adjusted basis, the GDP grew 0.7 percent, the same as in Q2.

2019-08-30
Latvia GDP Growth Revised Down in Q2
The Latvian economy advanced 2.0 percent year-on-year in the second quarter of 2019, after a 3.0 percent rise in the previous quarter and downwardly revised from the initial estimate of 2.1 percent. Regarding the production side, the expansion was driven by increases in trade (3.8 percent); manufacturing (0.4 percent) and real estate activities (4.5 percent). On the expenditure approach, main drivers of growth were household consumption (3.5 percent) and gross fixed capital formation (21.7 percent). Regarding foreign net trade, exports of goods and services advanced 1.9 percent while imports increased at a faster 7.0 percent. On a seasonally adjusted basis, the GDP expanded 0.7 percent, also downwardly revised from the initial estimate of 0.8 percent and compared to a 0.1 percent contraction in the previous quarter. .


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.

Latvia GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.70 0.80 6.40 -6.10 percent [+]
GDP Annual Growth Rate 2.90 1.80 13.90 -16.20 percent [+]
GDP 34.85 30.46 35.60 4.50 USD Billion [+]
GDP Constant Prices 7214265.00 6924668.00 7263013.00 2207929.00 EUR Thousand [+]
Gross National Product 7972.00 7624.00 7972.00 946.00 EUR Million [+]
Gross Fixed Capital Formation 1980465.00 1598358.00 2402613.00 95826.00 EUR Thousand [+]
GDP per capita 16405.70 15532.20 16405.70 5140.53 USD [+]
GDP per capita PPP 26437.43 25029.79 26437.43 7796.00 USD [+]
GDP From Agriculture 292180.00 288874.00 292180.00 75144.00 EUR Thousand [+]
GDP From Construction 525104.00 364249.00 631870.00 92913.00 EUR Thousand [+]
GDP From Manufacturing 756393.00 753275.00 756393.00 333749.00 EUR Thousand [+]
GDP From Mining 196020.00 186710.00 253926.00 96547.00 EUR Thousand [+]
GDP From Public Administration 440316.00 448875.00 616052.00 182541.00 EUR Thousand [+]
GDP From Services 980050.00 876708.00 980050.00 181772.00 EUR Thousand [+]
GDP From Transport 606165.00 547795.00 641059.00 228683.00 EUR Thousand [+]