The unemployment rate in Latvia dropped to 6.4 percent in the second quarter of 2019 from 6.9 percent in the previous period. That was the lowest rate since the last quarter of 2007, as the number of unemployed decreased by 5.4 thousand from the previous quarter to 61.5 thousand while the number of employed increased by 2 thousand to 905.6 thousand. The labor force participation rate edged down to 69 percent from 69.2 percent in the previous period. Unemployment Rate in Latvia averaged 11.25 percent from 2002 until 2019, reaching an all time high of 21.30 percent in the first quarter of 2010 and a record low of 5.30 percent in the fourth quarter of 2007.
Unemployment Rate in Latvia is expected to be 6.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Latvia to stand at 6.70 in 12 months time. In the long-term, the Latvia Unemployment Rate is projected to trend around 5.50 percent in 2020, according to our econometric models.