The Gross Domestic Product (GDP) in Latvia expanded 0.30 percent in the third quarter of 2021 over the previous quarter. source: Central Statistical Bureau of Latvia

GDP Growth Rate in Latvia averaged 0.91 percent from 1995 until 2021, reaching an all time high of 6.70 percent in the third quarter of 2020 and a record low of -6.90 percent in the second quarter of 2020. 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 November of 2021.

GDP Growth Rate in Latvia is expected to be 1.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Latvia GDP Growth Rate is projected to trend around 1.00 percent in 2022 and 0.90 percent in 2023, according to our econometric models.

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Latvia GDP Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2021-08-31 10:00 AM QoQ Final Q2 4.4% -1.6% 3.7%
2021-10-28 10:00 AM QoQ Flash Q3 0.3% 4.4% 4%
2021-11-30 11:00 AM QoQ Final Q3 4.4% 0.3%

Related Last Previous Unit Reference
GDP Growth Rate 0.30 4.40 percent Sep/21
GDP Annual Growth Rate 4.80 11.10 percent Sep/21
GDP Constant Prices 7014726.00 5927191.00 EUR Thousand Jun/21
Gross National Product 7801.00 6607.00 EUR Million Jun/21
Gross Fixed Capital Formation 1760786.00 1275368.00 EUR Thousand Jun/21
GDP From Transport 498011.00 445201.00 EUR Thousand Jun/21
GDP From Services 948518.00 764712.00 EUR Thousand Jun/21
GDP From Public Administration 470778.00 359620.00 EUR Thousand Jun/21
GDP From Mining 154471.00 188700.00 EUR Thousand Jun/21
GDP From Manufacturing 845421.00 699195.00 EUR Thousand Jun/21
GDP From Construction 373822.00 235846.00 EUR Thousand Jun/21
GDP From Agriculture 278766.00 159856.00 EUR Thousand Jun/21
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.