Latvia’s economy expanded 10.3 percent year-on-year in the second quarter of 2021, rebounding from a 1.3 percent contraction in the previous period, a flash estimate showed. It was the strongest pace of economic growth since the third quarter of 2007, as the vaccination campaign allowed for the economy to reopen. Activity advanced the most in the services sector (11.3 percent), followed by manufacturing (6.7 percent). On a seasonally adjusted quarterly basis, the economy expanded 3.7 percent, after a -1.5 percent drop in the previous quarter. source: Central Statistical Bureau of Latvia

GDP Annual Growth Rate in Latvia averaged 3.71 percent from 1996 until 2021, 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 July of 2021.

GDP Annual Growth Rate in Latvia is expected to be 6.30 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 7.80 in 12 months time. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022 and 3.00 percent in 2023, according to our econometric models.

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Latvia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
10.30 -1.30 15.10 -15.60 1996 - 2021 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2021-02-26 11:00 AM YoY Final Q4 -1.5% -2.8% -1.4%
2021-04-29 10:00 AM YoY Flash Q1 -2.2% -1.5% -0.7%
2021-05-31 10:00 AM YoY Final Q1 -1.3% -1.5% -2.2%
2021-07-29 10:00 AM YoY Flash Q2 10.3% -1.3% 6.3%
2021-08-31 10:00 AM YoY Final Q2 -1.3%
2021-10-28 11:00 AM YoY Flash Q3 4.1%
2021-11-30 11:00 AM YoY Final Q3


News Stream
Latvia Expands the Most in Over a Decade
Latvia’s economy expanded 10.3 percent year-on-year in the second quarter of 2021, rebounding from a 1.3 percent contraction in the previous period, a flash estimate showed. It was the strongest pace of economic growth since the third quarter of 2007, as the vaccination campaign allowed for the economy to reopen. Activity advanced the most in the services sector (11.3 percent), followed by manufacturing (6.7 percent). On a seasonally adjusted quarterly basis, the economy expanded 3.7 percent, after a -1.5 percent drop in the previous quarter.
2021-07-29
Latvia GDP Contracts by 1.3% in Q1
Latvia’s economy contracted 1.3 percent year-on-year in the first quarter of 2021, following a 1.5 percent decline in the previous period. It was fifth consecutive quarter of contraction, but also the slowest one since the pandemic’s outbreak a year ago. Despite some output improvements seen in financial and insurance activities (15.2 % vs -2.7 % in Q4), mining, utilities, water supply & sewage (5.9 % vs -2.1 %), information & communication (-0.4 % vs -6.3 %) and in transportation & storage (-8.2 % vs -12.7 % in Q4), economy activity is yet far from pre-pandemic levels for accommodation & food services (-53.3 % vs -48.2 %), recreation & culture (-36.2 % vs -28.2 %) and commercial services (-11.7 % vs -2.8 %). Moreover, production slowed in manufacturing (1.6 % vs 4.5 %) and retreated in agriculture forestry & fishing (-3.2 % vs 6.7 %). On a seasonally adjusted quarterly basis, GDP declined 1.7 percent, worsening from the 1.1 percent expansion in the previous quarter.
2021-05-31
Latvia GDP Contraction Revised Higher in Q4
Latvia’s economy shrank 1.5 percent year-on-year in the fourth quarter of 2020, following an upwardly revised 2.8 percent contraction in the previous period. It was the lowest output decline since the first quarter of the year, as output grew at a steeper pace for manufacturing (4.5 percent vs 0.1 percent); agriculture, forestry & fisheries (6.7 percent vs 3.4 percent); and real estate (4.0 percent vs -2.9 percent). Additionally, downward pressure eased from the financial services sector (-2.7 percent vs -16.9 percent in Q3); in mining, utilities, water supply & sewage (-2.1 percent vs -5.8 percent); and transport & storage (-12.7 percent vs -14.1 percent). On a seasonally adjusted quarterly basis, the GDP expanded 1.1 percent, after jumping 7.1 percent in the previous quarter. Considering full 2020, the economy contracted 3.5 percent, after advancing 2.2 percent in the previous year.
2021-02-26
Latvia Economy Contracts 1.4% YoY in Q4
Latvia’s economy shrank 1.4 percent year-on-year in the fourth quarter of 2020, following a 2.6 percent slump in the previous period, a flash estimate showed. It was the fourth consecutive quarter of contraction, amid the coronavirus crisis. The services sector shrank 3.2 percent while manufacturing output grew 3.7 percent. On a quarterly seasonally adjusted basis, the GDP expanded 1.1 percent, after growing 7.1 percent in the previous quarter.
2021-02-01

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.