The Gross Domestic Product (GDP) in Latvia stagnated in the fourth quarter of 2022 over the same quarter of the previous year. source: Central Statistical Bureau of Latvia

GDP Annual Growth Rate in Latvia averaged 3.72 percent from 1996 until 2022, 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 February of 2023.

GDP Annual Growth Rate in Latvia is expected to be -1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 2.50 percent in 2024 and 2.70 percent in 2025, according to our econometric models.

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Latvia GDP Annual Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2022-11-30 11:00 AM YoY Final Q3 -0.6% 2.9% -0.6%
2023-01-30 11:00 AM YoY Flash Q4 0.0% -0.6% -1.5%
2023-02-28 11:00 AM YoY Final Q4 -0.6% 0.0%

Related Last Previous Unit Reference
GDP Growth Rate 0.30 -1.70 percent Dec 2022
GDP Annual Growth Rate 0.00 -0.60 percent Dec 2022
GDP Constant Prices 7437067.00 7296190.00 EUR Thousand Sep 2022
Gross National Product 10144.00 9506.00 EUR Million Sep 2022
Gross Fixed Capital Formation 2484115.00 2031280.00 EUR Thousand Sep 2022
Full Year GDP Growth 4.40 -3.70 percent Dec 2021
GDP from Transport 594528.00 514519.00 EUR Thousand Sep 2022
GDP from Services 1064089.00 928040.00 EUR Thousand Sep 2022
GDP from Public Administration 466831.00 485882.00 EUR Thousand Sep 2022
GDP from Mining 151366.00 167734.00 EUR Thousand Sep 2022
GDP from Manufacturing 882575.00 939332.00 EUR Thousand Sep 2022
GDP from Construction 348099.00 276310.00 EUR Thousand Sep 2022
GDP from Agriculture 308777.00 279926.00 EUR Thousand Sep 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
0.00 -0.60 15.10 -15.60 1996 - 2022 percent Quarterly

News Stream
Latvia GDP Shrinks 0.6% in Q3
The Latvian economy shrank 0.6% year-on-year in the third quarter of 2022, in line with preliminary estimates, and pointing to the first contraction since the first quarter of 2021. The production sector shrank 3.9%, led by a 1.6% fall in manufacturing, namely food and wood; electricity and gas supply (-14.1%); and construction (-13.6%), mostly affected by rising construction costs. At the same time, the services sector rose 2.2%, with information and communication (14.2 %) making the biggest contribution. Compared to the previous period, the economy contracted 1.7%, the biggest decline since the second quarter of 2020 at the height of the global pandemic.
Latvia GDP Grows More than Initially Thought in Q2
Latvia’s economy expanded by 2.9% year-on-year in the second quarter of 2022, faster than a preliminary estimate of 2.6% and following an upwardly revised 6.7% growth in the previous period. It was the fifth consecutive quarter of growth. On a seasonally adjusted quarterly basis, the GDP shrank 1%, when earlier estimates pointed to a 1.4% contraction, and compared with an upwardly revised 3.6% rise in the previous quarter.
Latvia GDP Growth Slows in Q2
Latvia’s economy expanded 2.6 percent year-on-year in the second quarter of 2022, with the rate of growth slowing significantly from a downwardly revised 5.9 percent in the previous period, a flash estimate showed. It was the softest pace of economic growth in the past five quarters of recovery, as the war in Ukraine, persistent supply issues and soaring inflation hurt activity, mostly in the producing sector. Activity expanded by 4.1 percent in the services sector and fell by 0.4 percent in the manufacturing sector. On a seasonally adjusted quarterly basis, the economy contracted 1.4 percent, after a downwardly revised 2.1 percent expansion in the previous quarter.