Name: Latvia Full Year GDP Growth
Creator: TRADING ECONOMICS
License: https://creativecommons.org/licenses/by/4.0/

The economy of Latvia shrank by 0.4% in 2024, marking the first contraction in four years, and reversing a 2.9% growth in the previous year. Full Year GDP Growth in Latvia averaged 3.68 percent from 1996 until 2024, reaching an all time high of 12.80 percent in 2006 and a record low of -16.00 percent in 2009. source: Central Statistical Bureau of Latvia

Full Year GDP Growth in Latvia is expected to reach 1.00 percent by the end of 2025, according to Trading Economics global macro models and analysts expectations. In the long-term, the Latvia Full Year GDP Growth is projected to trend around 1.50 percent in 2026 and 2.00 percent in 2027, according to our econometric models.

Related	Last	Previous	Unit	Reference
Full Year GDP Growth	-0.40	2.90	percent	Dec 2024
GDP	43.52	42.57	USD Billion	Dec 2024
GDP Growth Rate YoY	2.50	0.90	percent	Sep 2025
GDP Constant Prices	8488641.00	7897568.00	EUR Thousand	Sep 2025
GDP from Agriculture	306692.00	283120.00	EUR Thousand	Sep 2025
GDP from Construction	437048.00	373631.00	EUR Thousand	Sep 2025
GDP from Manufacturing	890038.00	867604.00	EUR Thousand	Sep 2025
GDP from Mining	154268.00	134876.00	EUR Thousand	Sep 2025
GDP from Public Administration	631730.00	653935.00	EUR Thousand	Sep 2025
GDP from Services	1482212.00	1261969.00	EUR Thousand	Sep 2025
GDP from Transport	436541.00	389988.00	EUR Thousand	Sep 2025
GDP Growth Rate	0.60	0.30	percent	Sep 2025
Gross Fixed Capital Formation	2194043.00	1892316.00	EUR Thousand	Sep 2025
Gross National Product	11042.00	10540.00	EUR Million	Sep 2025

Latvia Full Year GDP Growth

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.