Markets Actual Q3 Q4 Q1 Q2 2022
Currency 1.17 1.18 1.17 1.17 1.16 1.15
Stock Market (points) 1295.65 1271 1246 1222 1199 1153
Government Bond 10y (%) 0.55 0.55 0.55 0.55 0.55 0.55

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 4.40 4 1.3 1.2 0.9 1
GDP Annual Growth Rate (%) 11.10 4.1 4.8 7.8 8.2 4.5
Unemployment Rate (%) 7.90 8.5 8.7 9 8.8 7.4
Inflation Rate (%) 3.70 2.8 2.9 2.3 2 2
Inflation Rate Mom (%) 0.40 0.2 0.2 0.2 0.2 0.2
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) -399.52 -270 -90 -90 -90 -90
Current Account (EUR Million) -175.00 50 30 30 30 30
Current Account to GDP (% of GDP) 3.00 0.6 0.6 0.2 0.2 0.2
Government Debt to GDP (% of GDP) 43.50 45 45 45 45 47
Government Budget (% of GDP) -4.50 -7.2 -7.2 -2.1 -2.1 -2.1
Business Confidence (points) 1.50 -3 -2 -1 -1 2
Consumer Confidence (points) -11.90 -16 -14 -8 -8 -10
Retail Sales MoM (%) -1.50 1.5 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 2022
GDP Growth Rate (%) 4.40 4 1.3 1.2 0.9 1
GDP Annual Growth Rate (%) 11.10 4.1 4.8 7.8 8.2 4.5
GDP (USD Billion) 33.51 31 31 31 31 33.5
GDP Constant Prices (EUR Thousand) 7014726.00 7317846 7572268 6389512 7589934 7913021
Gross National Product (EUR Million) 7801.00 7948 8766 7122 7149 8975
Gross Fixed Capital Formation (EUR Thousand) 1760786.00 2007569 2300094 1374847 1379948 2253182
GDP per capita (USD) 16201.83 16100 16100 16100 16100 16700
GDP per capita PPP (USD) 29932.49 30300 30300 30300 30300 31000
GDP From Agriculture (EUR Thousand) 271863.00 328910 182709 172325 294156 189726
GDP From Construction (EUR Thousand) 373822.00 507825 519022 254242 404475 518018
GDP From Manufacturing (EUR Thousand) 845421.00 829198 773671 753732 914746 902417
GDP From Mining (EUR Thousand) 154471.00 149752 226719 203419 167138 191073
GDP From Public Administration (EUR Thousand) 470778.00 464278 523163 387670 509382 691863
GDP From Services (EUR Thousand) 948518.00 1087166 968149 824360 1026296 1098583
GDP From Transport (EUR Thousand) 498011.00 537175 652744 479927 538848 528951

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 7.90 8.5 8.7 9 8.8 7.4
Wages (EUR/Month) 930.00 880 880 880 880 880
Minimum Wages (EUR/Month) 500.00 500 500 560 560 560
Population (Million) 1.91 1.88 1.87 1.87 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 Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 3.70 2.8 2.9 2.3 2 2
Inflation Rate Mom (%) 0.40 0.2 0.2 0.2 0.2 0.2
Harmonised Consumer Prices (points) 112.46 111 114 114 114 114
Consumer Price Index CPI (points) 112.70 112 111 113 114 114
Core Consumer Prices (points) 110.40 111 112 111 113 112
Producer Prices (points) 120.40 118 112 115 123 117
Producer Prices Change (%) 15.80 13.2 6.5 5.3 4.9 4.1
CPI Housing Utilities (points) 110.70 107 107 107 108 109
CPI Transportation (points) 111.10 104 105 110 112 107
Food Inflation (%) 2.20 1.6 2.2 2 2 2.2

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

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (EUR Million) -399.52 -270 -90 -90 -90 -90
Current Account (EUR Million) -175.00 50 30 30 30 30
Current Account to GDP (% of GDP) 3.00 0.6 0.6 0.2 0.2 0.2
Imports (EUR Million) 1728.30 1450 1450 1450 1450 1450
Exports (EUR Million) 1328.76 1180 1360 1360 1360 1360

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 43.50 45 45 45 45 47
Government Budget (% of GDP) -4.50 -7.2 -7.2 -2.1 -2.1 -2.1
Government Budget Value (EUR Million) 80130309.00 35777 35777 35777 35777 35777
Government Spending (EUR Thousand) 1407773.00 1205190 1299146 1225239 1523210 1619685
Government Spending to GDP (% of GDP) 43.60 41.8 41.8 41.8 41.8 39

Taxes Actual Q3 Q4 Q1 Q2 2022
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 2022
Business Confidence (points) 1.50 -3 -2 -1 -1 2
Industrial Production (%) 8.40 2.7 1.3 2.5 2.2 3.3
Industrial Production Mom (%) 0.80 0.8 0.2 0.6 0.6 0.3

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) -11.90 -16 -14 -8 -8 -10
Retail Sales MoM (%) -1.50 1.5 0.5 0.5 0.5 0.5
Retail Sales YoY (%) 4.80 2.9 3.3 3.3 3.3 3.3
Consumer Spending (EUR Thousand) 3788404.00 4133398 4039751 3772879 4099053 4043226
Bank Lending Rate (%) 3.79 3.79 4.52 3.79 3.79 3.79
Gasoline Prices (USD/Liter) 1.56 1.48 1.41 1.34 1.27 1.21


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.