The Gross Domestic Product (GDP) in Latvia contracted 2.20 percent in the first quarter of 2021 over the same quarter of the previous year. source: Central Statistical Bureau of Latvia

GDP Annual Growth Rate in Latvia averaged 3.70 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 May of 2021.

GDP Annual Growth Rate in Latvia is expected to be 7.20 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 5.00 in 12 months time. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 5.00 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
-2.20 -1.50 15.10 -15.60 1996 - 2021 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-11-30 11:00 AM YoY Final Q3 -2.6% -8.9% -3.1%
2021-02-01 11:00 AM YoY Flash Q4 -1.4% -2.6% -2%
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%
2021-05-28 10:00 AM YoY Final Q1 -1.5%
2021-07-30 10:00 AM YoY Flash Q2 -2.2%
2021-08-31 10:00 AM YoY Final Q2
2021-10-29 11:00 AM YoY Flash Q3


News Stream
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 Contraction Revised Lower
Latvia’s gross domestic product shrank 2.6 percent year-on-year in the third quarter of 2020, compared to preliminary estimates of a 3.1 percent contraction and following an 8.9 percent plunge in Q2. It was the third consecutive contraction, amid the coronavirus crisis. On a quarterly seasonally adjusted basis, the GDP expanded 7.1 percent, the most since the series began, rebounding from a record 7.1 percent contraction in the prior period and above earlier estimates of 6.6 percent.
2020-11-30
Latvia Economy Shrinks 3.1% in Q3
Latvia’s economy shrank 3.1 percent year-on-year in the third quarter of 2020, following an 8.9 percent plunge in the previous period, a flash estimate showed. It was the third consecutive contraction, amid the coronavirus crisis. The services sector shrank 4.8 percent while manufacturing output grew 0.4 percent. On a quarterly seasonally adjusted basis, the GDP expanded 6.6 percent, the most since series began, rebounding from an upwardly revised record 7.1 percent contraction in the prior period.
2020-10-29

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.