The Gross Domestic Product (GDP) in Latvia contracted 0.20 percent in the third quarter of 2024 over the previous quarter. GDP Growth Rate in Latvia averaged -0.83 percent from 1995 until 2024, reaching an all time high of 7.20 percent in the second quarter of 2020 and a record low of -7.10 percent in the third quarter of 2020. source: Central Statistical Bureau of Latvia
GDP Growth Rate in Latvia is expected to be 0.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Latvia GDP Growth Rate is projected to trend around 0.60 percent in 2025 and 0.40 percent in 2026, according to our econometric models.
Latvia's GDP growth in recent years has been mostly driven by expansion in consumption and credit. The main industries are: synthetic fibers, agricultural machinery, fertilizers, radios, electronics, pharmaceuticals, processed foods, textiles and timber. On the expenditure side, 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 joined the Euro in 2014.
|
Actual |
Previous |
Highest |
Lowest |
Dates |
Unit |
Frequency |
|
|
-0.20 |
-0.30 |
7.20 |
-7.10 |
1995 - 2024 |
percent |
Quarterly |
SA
|