Markets Actual Q3 Q4 Q1 Q2 2023
Currency 1.02 1.03 1.02 1.01 1 0.97
Stock Market (points) 1136.05 1100 1061 1023 987 918
Government Bond 10y (%) 0.55 0.55 0.55 0.55 0.55 0.55

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 3.60 -0.4 0.7 0.7 1.1 1.3
GDP Annual Growth Rate (%) 6.70 0.7 1.5 0.5 2.3 4.6
Unemployment Rate (%) 7.30 7.5 7.4 7.4 7.4 6.2
Inflation Rate (%) 16.90 15.3 11.4 8.5 7 4
Inflation Rate Mom (%) 4.00 3.5 0.2 0.2 0.2 0.2
Interest Rate (%) 0.00 0.75 1.25 1.5 1.75 1.75
Balance of Trade (EUR Million) -537.00 -90 -90 -90 -90 -90
Current Account (EUR Million) -238.00 -120 -40 -20 50 30
Current Account to GDP (% of GDP) 3.00 0.2 0.2 0.2 0.2 -0.8
Government Debt to GDP (% of GDP) 44.80 45 47 47 47 47
Government Budget (% of GDP) -7.30 -7.1 -7.1 -3.1 -3.1 -3.1
Business Confidence (points) -0.20 -1 2 2 2 3
Consumer Confidence (points) -30.60 -25 -25 -15 -10 -10
Retail Sales MoM (%) -1.10 0.5 0.5 0.5 0.5 0.5
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 31.00 31.4 31.4 31.4 31.4 31.4

GDP Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 3.60 -0.4 0.7 0.7 1.1 1.3
GDP Annual Growth Rate (%) 6.70 0.7 1.5 0.5 2.3 4.6
GDP (USD Billion) 38.87 31 33.5 33.5 33.5 33.5
GDP Constant Prices (EUR Thousand) 6304703.00 7135446 7481115 7615565 6336227 7965881
Gross National Product (EUR Million) 7885.00 7949 8673 9225 7924 9650
Gross Fixed Capital Formation (EUR Thousand) 1478680.00 1874162 2291881 2361957 1486073 2470607
GDP per capita (USD) 15487.93 16100 16700 16700 16700 16700
GDP per capita PPP (USD) 29932.49 30300 31000 31000 31000 31000
GDP From Agriculture (EUR Thousand) 160367.00 268465 302628 184809 161169 193310
GDP From Construction (EUR Thousand) 200808.00 367149 467505 414652 201812 433726
GDP From Manufacturing (EUR Thousand) 768825.00 872228 876671 893737 772669 934849
GDP From Mining (EUR Thousand) 173572.00 161880 144754 179948 174440 188226
GDP From Public Administration (EUR Thousand) 367672.00 487684 460340 676776 369510 707907
GDP From Services (EUR Thousand) 836260.00 997490 1148073 1106963 840441 1157883
GDP From Transport (EUR Thousand) 454551.00 514131 618529 597650 456824 625142

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 7.30 7.5 7.4 7.4 7.4 6.2
Wages (EUR/Month) 1011.00 880 880 880 880 880
Minimum Wages (EUR/Month) 500.00 560 560 560 560 620
Population (Million) 1.91 1.87 1.85 1.85 1.85 1.85
Retirement Age Women 63.75 64 64.25 64.25 64.25 64.25
Retirement Age Men 63.75 64 64.25 64.25 64.25 64.25

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 16.90 15.3 11.4 8.5 7 4
Inflation Rate Mom (%) 4.00 3.5 0.2 0.2 0.2 0.2
Consumer Price Index CPI (points) 130.30 131 130 133 139 135
Harmonised Consumer Prices (points) 129.93 114 114 114 114 114
Core Consumer Prices (points) 116.31 114 115 115 118 117
Core Inflation Rate (%) 7.10 3.2 3.1 3.1 3.1 1.4
Producer Prices (points) 148.50 128 133 137 145 143
Producer Prices Change (%) 31.50 5.4 4.3 4.3 4.3 4
Export Prices (points) 138.40 140 130 125 125 120
Import Prices (points) 120.70 115 110 105 105 100
Food Inflation (%) 18.20 2 2.2 2.2 2.2 2.2
CPI Housing Utilities (points) 142.00 132 135 130 152 140
CPI Transportation (points) 138.50 143 144 144 144 144

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 0.00 0.75 1.25 1.5 1.75 1.75
Interbank Rate (%) 0.17 0.92 1.42 1.67 1.92 1.92

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (EUR Million) -537.00 -90 -90 -90 -90 -90
Current Account (EUR Million) -238.00 -120 -40 -20 50 30
Current Account to GDP (% of GDP) 3.00 0.2 0.2 0.2 0.2 -0.8
Imports (EUR Million) 2159.20 1450 1450 1450 1450 1450
Exports (EUR Million) 1622.20 1360 1360 1360 1360 1360
Foreign Direct Investment (EUR Million) -31.00 87.15 84.8 84.23 100 84.57

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 44.80 45 47 47 47 47
Government Budget (% of GDP) -7.30 -7.1 -7.1 -3.1 -3.1 -3.1
Government Budget Value (EUR Million) -55283353.00 35777 35777 35777 35777 35777
Government Spending (EUR Thousand) 1161178.00 1459890 1238791 1579801 1166984 1652472
Government Spending to GDP (% of GDP) 43.60 41.8 39 39 39 39

Taxes Actual Q3 Q4 Q1 Q2 2023
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 31.00 31.4 31.4 31.4 31.4 31.4
Sales Tax Rate (%) 21.00 21 21 21 21 21
Social Security Rate (%) 34.09 35.09 35.09 35.09 35.09 35.09
Social Security Rate For Companies (%) 23.59 24.09 24.09 24.09 24.09 24.09
Social Security Rate For Employees (%) 10.50 11 11 11 11 11

Business Actual Q3 Q4 Q1 Q2 2023
Business Confidence (points) -0.20 -1 2 2 2 3
Industrial Production (%) 5.30 3.5 2 2 2 2
Industrial Production Mom (%) 0.20 0.6 0.3 0.3 0.3 0.2

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) -30.60 -25 -25 -15 -10 -10
Retail Sales MoM (%) -1.10 0.5 0.5 0.5 0.5 0.5
Retail Sales YoY (%) 4.20 1.7 1.7 1.7 1.7 3.3
Consumer Spending (EUR Thousand) 4038742.00 3871501 4398932 3981254 4058936 4164392
Gasoline Prices (USD/Liter) 2.04 2.12 2.19 2.27 2.36 2.36
Bank Lending Rate (%) 3.31 4.06 4.56 4.81 5.06 5.06


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Latvia Forecast - was last updated on Wednesday, July 6, 2022.