Latvia's GDP expanded 2.8 percent year-on-year in the first quarter of 2019, slowing from a 5.1 percent advance in the prior quarter, preliminary estimates showed. It was the weakest growth rate since the third quarter of 2016. Positive contributions came from construction and services. On a quarterly basis, the latvian economy shrank by 0.3 percent on quarter in the first three months of 2019, after a downwardly revised 0.9 percent growth in the previous period. GDP Annual Growth Rate in Latvia averaged 4.20 percent from 1996 until 2018, reaching an all time high of 13.90 percent in the first quarter of 2007 and a record low of -16.20 percent in the third quarter of 2009.
GDP Annual Growth Rate in Latvia is expected to be 2.90 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 2.50 in 12 months time. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2020, according to our econometric models.