Markets Actual Q1 Q2 Q3 Q4 2022
Currency 1.21 1.21 1.2 1.2 1.2 1.19
Stock Market (points) 1165.24 1154 1130 1106 1083 1037
Government Bond 10y (%) 0.55 0.55 0.55 0.55 0.55 0.55

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 7.10 1.8 1.5 1.1 0.8 0.9
GDP Annual Growth Rate (%) -2.60 1.3 7.2 2.9 5 5
Unemployment Rate (%) 8.40 10.5 8.8 8.8 8.7 6.8
Inflation Rate (%) -0.50 0.5 1.5 1.5 2 2
Inflation Rate Mom (%) 0.00 0.2 0.2 0.2 0.2 0.2
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -76.10 -270 -270 -270 -230 -230
Current Account (EUR Million) 97.00 50 50 50 30 30
Current Account to GDP (%) -0.50 -1.5 -1.5 -1.5 -1.5 -1.4
Government Debt to GDP (%) 36.90 45 45 45 45 47
Government Budget (% of GDP) -0.20 -7.2 -7.2 -7.2 -7.2 -5.8
Business Confidence (points) -9.20 -7 -5 -3 -2 2
Consumer Confidence (points) -25.80 -15 -13 -16 -14 -10
Retail Sales MoM (%) -1.90 1.5 1.5 1.5 0.5 0.5
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 31.40 31.4 31.4 31.4 31.4 31.4

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 7.10 1.8 1.5 1.1 0.8 0.9
GDP Annual Growth Rate (%) -2.60 1.3 7.2 2.9 5 5
GDP (USD Billion) 34.12 31 31 31 31 33.5
GDP Constant Prices (EUR Thousand) 7029631.00 7180396 6052567 6743895 7085081 7539416
Gross National Product (EUR Million) 7635.00 7661 7081 7413 8766 8044
Gross Fixed Capital Formation (EUR Thousand) 1928500.00 2017462 1396476 1674086 2300094 2118335
GDP per capita (USD) 16697.69 16100 16100 16100 16100 16700
GDP per capita PPP (USD) 30830.10 30300 30300 30300 30300 31000
GDP From Agriculture (EUR Thousand) 315956.00 163011 171964 301730 182709 171162
GDP From Construction (EUR Thousand) 487824.00 483804 276943 409536 519022 507995
GDP From Manufacturing (EUR Thousand) 796540.00 735117 670985 751326 773671 771872
GDP From Mining (EUR Thousand) 143854.00 211184 226557 188202 226719 221743
GDP From Public Administration (EUR Thousand) 445992.00 610680 356324 484753 523163 641214
GDP From Services (EUR Thousand) 1044348.00 932842 745260 853276 968149 979485
GDP From Transport (EUR Thousand) 516018.00 537703 473287 431014 652744 564589

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 8.40 10.5 8.8 8.8 8.7 6.8
Wages (EUR/Month) 832.00 880 880 880 880 880
Minimum Wages (EUR/Month) 430.00 540 540 540 540 540
Population (Million) 1.92 1.88 1.88 1.88 1.87 1.85
Retirement Age Women 63.75 64 64 64 64 64.25
Retirement Age Men 63.75 64 64 64 64 64.25

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) -0.50 0.5 1.5 1.5 2 2
Inflation Rate Mom (%) 0.00 0.2 0.2 0.2 0.2 0.2
Harmonised Consumer Prices (points) 107.95 111 111 111 114 114
Consumer Price Index CPI (points) 108.30 108 110 111 114 111
Core Consumer Prices (points) 108.21 110 109 110 112 112
Producer Prices (points) 105.00 106 106 106 107 109
Producer Prices Change (%) -0.90 0.7 1.3 1.3 1.9 1.9
CPI Housing Utilities (points) 104.20 108 108 107 112 110
CPI Transportation (points) 101.80 106 105 103 113 109
Food Inflation (%) 1.60 2.1 2.1 2.1 2.2 2.2

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) 0.17 0.17 0.17 0.17 0.92 0.17

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (EUR Million) -76.10 -270 -270 -270 -230 -230
Current Account (EUR Million) 97.00 50 50 50 30 30
Current Account to GDP (%) -0.50 -1.5 -1.5 -1.5 -1.5 -1.4
Imports (EUR Million) 1327.62 1450 1450 1450 1450 1450
Exports (EUR Million) 1251.49 1180 1180 1180 1360 1360

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 36.90 45 45 45 45 47
Government Budget (% of GDP) -0.20 -7.2 -7.2 -7.2 -7.2 -5.8
Government Budget Value (EUR Million) -107323232.00 35777 35777 35777 35777 35777
Government Spending (EUR Thousand) 1157723.00 1440074 1146935 1442939 1299146 1512077
Government Spending to GDP (%) 38.90 41.8 41.8 41.8 41.8 39

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 31.40 31.4 31.4 31.4 31.4 31.4
Sales Tax Rate (%) 21.00 21 21 21 21 21
Social Security Rate (%) 35.09 35.09 35.09 35.09 35.09 35.09
Social Security Rate For Companies (%) 24.09 24.09 24.09 24.09 24.09 24.09
Social Security Rate For Employees (%) 11.00 11 11 11 11 11

Business Actual Q1 Q2 Q3 Q4 2022
Business Confidence (points) -9.20 -7 -5 -3 -2 2
Industrial Production (%) 2.70 2 2.2 1.8 2 2
Industrial Production Mom (%) 1.50 1 0.6 0.8 0.2 0.3

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) -25.80 -15 -13 -16 -14 -10
Retail Sales MoM (%) -1.90 1.5 1.5 1.5 0.5 0.5
Retail Sales YoY (%) 1.40 2.5 2.6 2.9 3.3 3.3
Consumer Spending (EUR Thousand) 3970603.00 4017290 3738339 3525654 4039751 4218155
Bank Lending Rate (%) 4.36 4.36 4.36 4.36 4.52 4.36
Gasoline Prices (USD/Liter) 1.41 1.2 1.13 1.07 1.14 1.14


This page has economic forecasts for Latvia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Latvia economy.