The Latvian economy shrank by 0.3 percent on quarter in the first three months of 2019, after a downwardly revised 0.9 percent growth in the previous period, preliminary estimates showed. It was the first contraction since the fourth quarter of 2015. Year-on-year, the GDP expanded 2.8 percent, slowing from a 5.1 percent advance in the prior quarter. It was the weakest growth rate since the third quarter of 2016. Positive contributions came from construction and services. GDP Growth Rate in Latvia averaged 0.98 percent from 1995 until 2019, reaching an all time high of 6.40 percent in the fourth quarter of 1996 and a record low of -6.10 percent in the second quarter of 2009.

GDP Growth Rate in Latvia is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Latvia to stand at 0.70 in 12 months time. In the long-term, the Latvia GDP Growth Rate is projected to trend around 0.60 percent in 2020, according to our econometric models.

Latvia GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-30 11:00 AM GDP Growth Rate QoQ Final 1.7% 1.2% 1.8%
2019-01-30 11:00 AM GDP Growth Rate QoQ Flash 1.1% 1.8% 0.8%
2019-02-28 11:00 AM GDP Growth Rate QoQ Final 1.2% 1.6% 1.1%
2019-04-30 10:00 AM GDP Growth Rate QoQ Flash -0.3% 0.9% 0.9%
2019-05-31 10:00 AM GDP Growth Rate QoQ Final 0.9% -0.3%
2019-07-30 10:00 AM GDP Growth Rate QoQ Flash 0.5%
2019-08-30 10:00 AM GDP Growth Rate QoQ Final 0.5%


Latvia GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.30 0.90 6.40 -6.10 percent [+]
GDP Annual Growth Rate 2.80 5.10 13.90 -16.20 percent [+]
GDP 30.26 27.57 35.60 4.50 USD Billion [+]
GDP Constant Prices 6434145.00 6201534.00 6434145.00 2207929.00 EUR Thousand [+]
Gross National Product 7961.00 7746.00 7961.00 945.00 EUR Million [+]
Gross Fixed Capital Formation 2088775.00 1872665.00 2402613.00 95826.00 EUR Thousand [+]
GDP per capita 15553.33 14733.84 15553.33 5140.53 USD [+]
GDP per capita PPP 25063.85 23743.26 25063.85 7796.00 USD [+]
GDP From Agriculture 165923.00 255469.00 287649.00 75089.00 EUR Thousand [+]
GDP From Construction 471337.00 461713.00 631870.00 92342.00 EUR Thousand [+]
GDP From Manufacturing 702591.00 679951.00 711150.00 333666.00 EUR Thousand [+]
GDP From Mining 205889.00 171154.00 253926.00 96547.00 EUR Thousand [+]
GDP From Public Administration 475098.00 331065.00 559872.00 182541.00 EUR Thousand [+]
GDP From Services 879201.00 913275.00 913275.00 181772.00 EUR Thousand [+]
GDP From Transport 592774.00 641059.00 641059.00 228683.00 EUR Thousand [+]


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. This page provides - Latvia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Latvia GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-0.30 0.90 6.40 -6.10 1995 - 2019 percent Quarterly




Country Last Previous
Singapore 3.80 Mar/19
United States 3.20 Mar/19
India 1.60 Dec/18
China 1.40 Mar/19
South Africa 1.40 Dec/18
Saudi Arabia 1.07 Dec/18
Russia 0.80 Dec/18
Spain 0.70 Mar/19
Japan 0.50 Mar/19
Netherlands 0.50 Mar/19
United Kingdom 0.50 Mar/19
Euro Area 0.40 Mar/19
Germany 0.40 Mar/19
France 0.30 Mar/19
Australia 0.20 Dec/18
Italy 0.20 Mar/19
Switzerland 0.20 Dec/18
Brazil 0.10 Dec/18
Canada 0.10 Dec/18
Mexico -0.20 Mar/19
South Korea -0.30 Mar/19
Indonesia -0.52 Mar/19
Argentina -1.20 Dec/18
Turkey -2.40 Dec/18


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