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.