Markets Actual Q1 Q2 Q3 Q4 2022
Currency 1.20 1.2 1.2 1.19 1.19 1.18
Stock Market (points) 1116.49 1104 1080 1058 1036 991
Government Bond 10y (%) 0.55 0.55 0.55 0.55 0.55 0.55

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 1.10 -0.3 0.4 2.5 0.8 0.6
GDP Annual Growth Rate (%) -1.50 1.3 7.2 2.9 5 5
Unemployment Rate (%) 7.90 10.5 8.8 8.8 8.7 6.8
Inflation Rate (%) -0.50 0.5 1.5 1.5 2 2
Inflation Rate Mom (%) 0.40 0.2 0.2 0.2 0.2 0.2
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -261.40 -270 -270 -270 -230 -230
Current Account (EUR Million) 266.00 50 50 50 30 30
Current Account to GDP (%) -0.50 -1.5 -1.5 -1.5 -1.5 -1.4
Government Debt to GDP (%) 36.90 45 45 45 45 47
Government Budget (% of GDP) -0.20 -7.2 -7.2 -7.2 -7.2 -5.8
Business Confidence (points) -9.20 -7 -5 -3 -2 2
Consumer Confidence (points) -25.80 -15 -13 -16 -14 -10
Retail Sales MoM (%) -4.90 1.5 1.5 1.5 0.5 0.5
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 31.40 31.4 31.4 31.4 31.4 31.4

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 1.10 -0.3 0.4 2.5 0.8 0.6
GDP Annual Growth Rate (%) -1.50 1.3 7.2 2.9 5 5
GDP (USD Billion) 34.12 31 31 31 31 33.5
GDP Constant Prices (EUR Thousand) 7225447.00 6052567 6743895 7233490 7381113 7750168
Gross National Product (EUR Million) 8171.00 7081 7413 7856 8017 8418
Gross Fixed Capital Formation (EUR Thousand) 2043946.00 1396476 1674086 1984427 2024925 2126171
GDP per capita (USD) 16697.69 16100 16100 16100 16100 16700
GDP per capita PPP (USD) 30830.10 30300 30300 30300 30300 31000
GDP From Agriculture (EUR Thousand) 173240.00 171964 301730 325119 331754 348341
GDP From Construction (EUR Thousand) 473007.00 276943 409536 501971 512215 537826
GDP From Manufacturing (EUR Thousand) 824005.00 670985 751326 819640 836367 878185
GDP From Mining (EUR Thousand) 174470.00 226557 188202 148026 151047 158599
GDP From Public Administration (EUR Thousand) 631746.00 356324 484753 458926 468292 491706
GDP From Services (EUR Thousand) 1003126.00 745260 853276 1074634 1096565 1151394
GDP From Transport (EUR Thousand) 482990.00 473287 431014 530983 541819 568910

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 7.90 10.5 8.8 8.8 8.7 6.8
Wages (EUR/Month) 832.00 880 880 880 880 880
Minimum Wages (EUR/Month) 500.00 500 500 500 500 560
Population (Million) 1.92 1.88 1.88 1.88 1.87 1.85
Retirement Age Women 63.75 64 64 64 64 64.25
Retirement Age Men 63.75 64 64 64 64 64.25

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) -0.50 0.5 1.5 1.5 2 2
Inflation Rate Mom (%) 0.40 0.2 0.2 0.2 0.2 0.2
Harmonised Consumer Prices (points) 108.36 111 111 111 114 114
Consumer Price Index CPI (points) 108.70 110 111 110 110 113
Core Consumer Prices (points) 107.76 110 109 110 112 112
Producer Prices (points) 106.20 106 106 106 131 109
Producer Prices Change (%) 0.70 0.7 1.3 1.3 1.9 1.9
CPI Housing Utilities (points) 105.10 108 107 105 106 108
CPI Transportation (points) 103.40 105 103 103 104 106
Food Inflation (%) -0.20 2.1 2.1 2.1 2.2 2.2

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) 0.17 0.17 0.17 0.17 0.17 0.17

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (EUR Million) -261.40 -270 -270 -270 -230 -230
Current Account (EUR Million) 266.00 50 50 50 30 30
Current Account to GDP (%) -0.50 -1.5 -1.5 -1.5 -1.5 -1.4
Imports (EUR Million) 1409.80 1450 1450 1450 1450 1450
Exports (EUR Million) 1148.40 1180 1180 1180 1360 1360

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 36.90 45 45 45 45 47
Government Budget (% of GDP) -0.20 -7.2 -7.2 -7.2 -7.2 -5.8
Government Budget Value (EUR Million) 82687376.00 35777 35777 35777 35777 35777
Government Spending (EUR Thousand) 1478948.00 1146935 1442939 1191297 1215609 1276390
Government Spending to GDP (%) 38.90 41.8 41.8 41.8 41.8 39

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 31.40 31.4 31.4 31.4 31.4 31.4
Sales Tax Rate (%) 21.00 21 21 21 21 21
Social Security Rate (%) 35.09 35.09 35.09 35.09 35.09 35.09
Social Security Rate For Companies (%) 24.09 24.09 24.09 24.09 24.09 24.09
Social Security Rate For Employees (%) 11.00 11 11 11 11 11

Business Actual Q1 Q2 Q3 Q4 2022
Business Confidence (points) -9.20 -7 -5 -3 -2 2
Industrial Production (%) 4.70 2 2.2 1.8 2 2
Industrial Production Mom (%) 0.70 1 0.6 0.8 0.2 0.3

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) -25.80 -15 -13 -16 -14 -10
Retail Sales MoM (%) -4.90 1.5 1.5 1.5 0.5 0.5
Retail Sales YoY (%) -8.90 2.5 2.6 2.9 3.3 3.3
Consumer Spending (EUR Thousand) 3691654.00 3738339 3525654 4085750 4169133 4377590
Bank Lending Rate (%) 4.05 4.05 4.05 4.05 4.05 4.05
Gasoline Prices (USD/Liter) 1.52 1.39 1.32 1.25 1.19 1.13


This page has economic forecasts for Latvia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Latvia economy.