Latvia's economy shrank by 8.9 percent from a year earlier in the second quarter of 2020, compared to preliminary estimates of a 9.8 percent plunge and following a 1.5 percent contraction in Q1. Still, it remained the steepest pace of contraction since the first quarter of 2010. The latest fall in the GDP also meant that the country entered a technical recession, as the government was forced to impose restriction measures to curb the coronavirus pandemic. On a quarterly basis, the economy shrank 6.5 percent, the most on record.

GDP Annual Growth Rate in Latvia averaged 3.88 percent from 1996 until 2020, 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 October of 2020.

GDP Annual Growth Rate in Latvia is expected to be -7.50 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 13.20 in 12 months time. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 5.00 percent in 2021 and 3.00 percent in 2022, according to our econometric models.

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Latvia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-8.90 -1.50 15.10 -15.60 1996 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-04-30 10:00 AM YoY Flash Q1 -1.4% 1% -0.9%
2020-05-29 10:00 AM YoY Final Q1 -1.5% 1% -1.4%
2020-07-31 10:00 AM YoY Flash Q2 -9.8% -1.5% -12.8%
2020-08-31 10:00 AM YoY Final Q2 -8.9% -1.5% -9.8%
2020-10-30 11:00 AM YoY Flash Q3 -8.9% -7.5%
2020-11-30 11:00 AM YoY Final Q3 -8.9% -7.5%


News Stream
Latvia GDP Contraction Revised Lower
Latvia's economy shrank by 8.9 percent from a year earlier in the second quarter of 2020, compared to preliminary estimates of a 9.8 percent plunge and following a 1.5 percent contraction in Q1. Still, it remained the steepest pace of contraction since the first quarter of 2010. The latest fall in the GDP also meant that the country entered a technical recession, as the government was forced to impose restriction measures to curb the coronavirus pandemic. On a quarterly basis, the economy shrank 6.5 percent, the most on record.
2020-08-31
Latvia GDP Contraction Deepens to Worst in a Decade
Latvia's economy shrank by 9.8 percent from a year earlier in the second quarter of 2020, the steepest pace of contraction since the first quarter of 2010, a preliminary estimate showed. The latest fall in the GDP also meant that the country entered a technical recession, as the government was forced to impose restriction measures to curb the coronavirus pandemic. Output dropped in producing sectors (-3.8 percent) and in services sectors (-11.0 percent), of which in retail trade (-1.6 percent). Also, the volume of taxes on products collected reduced. On a quarterly basis, the economy shrank 7.5 percent, the most on record.
2020-07-31
Latvia Economy Contracts for 1st time in Over 9 Years
Latvia’s economy shrank 1.5 percent year-on-year in the first quarter of 2020, revised from a preliminary estimate of a 1.4 percent decline and after expanding 1 percent in the previous period. It was the first contraction since Q4 2010, as the coronavirus pandemic began to hit the economy. Output dropped in manufacturing (-1.2 percent); transport & storage (-9.6 percent); accommodation & catering services (-6.8 percent); information & communication (-6.3 percent); and financial & insurance activities (-4.6 percent). On the expenditure side, household consumption shrank by 4.5 percent, while government spending grew by 3.2 percent and gross fixed capital increased by 5.7 percent. Meantime, exports of goods and services rose 3 percent while imports advanced at a faster 3.5 percent. On a quarterly seasonally adjusted basis, the economy shrank 2.9 percent, the sharpest contraction since Q3 2009, following a 0.1 percent expansion in the prior period.
2020-05-29
Latvia Economy Shrinks for 1st time in Over 9 Years
Latvia’s economy shrank 1.4 percent year-on-year in the first quarter of 2020, after expanding 1 percent in the previous period, a flash estimate showed. It was the first contraction since the last quarter of 2010, as the coronavirus outbreak hit the economy. The services sector shrank 2.6 percent while manufacturing output rose 3 percent. On a quarterly seasonally adjusted basis, the GDP went down 2.9 percent, the sharpest contraction since the third quarter of 2009, following a 0.1 percent growth in the prior period.
2020-04-30

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.