The Gross Domestic Product (GDP) in Latvia contracted 6.50 percent in the second quarter of 2020 over the previous quarter.

GDP Growth Rate in Latvia averaged 0.85 percent from 1995 until 2020, reaching an all time high of 6.50 percent in the fourth quarter of 1996 and a record low of -6.50 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 October of 2020. source: Central Statistical Bureau of Latvia

GDP Growth Rate in Latvia is expected to be 5.00 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 1.10 in 12 months time. In the long-term, the Latvia GDP Growth Rate is projected to trend around 0.80 percent in 2021 and 0.90 percent in 2022, according to our econometric models.

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Latvia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-6.50 -2.90 6.50 -6.50 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-04-30 10:00 AM QoQ Flash Q1 -2.9% 0.1% -0.3%
2020-05-29 10:00 AM QoQ Final Q1 -2.9% 0.1% -2.9%
2020-07-31 10:00 AM QoQ Flash Q2 -7.5% -2.9% -9.8%
2020-08-31 10:00 AM QoQ Final Q2 -6.5% -2.9% -7.5%
2020-10-30 11:00 AM QoQ Flash Q3 -6.5% 5%
2020-11-30 11:00 AM QoQ Final Q3 -6.5% 5%
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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.