Lavia's GDP shrank 2.9 percent on quarter in the three months to March 2020, following a 0.1 percent growth in the previous period. It was the sharpest contraction since the third quarter of 2009.

GDP Growth Rate in Latvia averaged 0.92 percent from 1995 until 2020, reaching an all time high of 6.50 percent in the fourth quarter of 1996 and a record low of -5.70 percent in the second quarter of 2009. This page provides - Latvia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Latvia GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Central Statistical Bureau of Latvia

GDP Growth Rate in Latvia is expected to be -9.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Latvia to stand at 1.80 in 12 months time. In the long-term, the Latvia GDP Growth Rate is projected to trend around 0.80 percent in 2021 and 0.90 percent in 2022, according to our econometric models.

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Latvia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.90 0.10 6.50 -5.70 1995 - 2020 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-11-29 11:00 AM QoQ Final Q3 0.7% 0.8% 0.7%
2020-01-31 11:00 AM QoQ Flash Q4 0.2% 0.6% 0.6%
2020-02-28 11:00 AM QoQ Final Q4 0.1% 0.6% 0.2% 0.2%
2020-04-30 10:00 AM QoQ Flash Q1 -2.9% 0.1% -0.3%
2020-05-29 10:00 AM QoQ Final Q1 0.1% -2.9%
2020-07-30 10:00 AM QoQ Flash Q2 -9.8%
2020-08-31 10:00 AM QoQ Final Q2 -9.8%
2020-10-30 11:00 AM QoQ Flash Q3 5%

News Stream
Latvia Economy Expands 0.8% in Q2
The Latvian economy grew 0.8 percent on quarter in the three months to June 2019, after shrinking 0.1 percent in the previous period, a flash estimate showed. On a yearly basis, the gross domestic product advanced 2.1 percent, slowing from a 3 percent expansion in the first quarter of the year. Positive contributions to GDP growth are expected to come from services, namely retail trade (2.5 percent).
Latvian Economy Contracts For 1st Time in Over 3 Years
The Latvian economy shrank 0.1 percent on quarter in the first three months of 2019, below an earlier estimate of a 0.3 percent contraction and after a downwardly revised 0.9 percent growth in the previous period, final figures showed. It was the first contraction since the fourth quarter of 2015, as construction output contracted (-0.7 percent vs 5.6%) and growth slowed in agriculture, forestry, fishing (1.4% vs 4.5%); manufacturing (a flat reading vs 2.4% in Q4); information & communication (1.2% vs 3.2); arts, entertainment and recreation (1.6% vs 1.7%) and professional, scientific and technical activities (0.8% vs 1%). Meanwhile, output fell less in mining & utilities (-4.2% vs -4.8%); finance & insurance (-6.4% vs -9.9%); real estate activities (-1.2% vs -4.7%). Year-on-year, the GDP advanced 3 percent, the weakest growth since the third quarter of 2018, easing from a 5.1 percent expansion in the prior quarter but higher than a flash estimate of 2.8 percent.

Latvia GDP Growth Rate
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.