The Gross Domestic Product (GDP) in Latvia expanded 0.70 percent in the third quarter of 2019 over the previous quarter.

GDP Growth Rate in Latvia averaged 0.97 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. This page provides - Latvia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP Growth Rate in Latvia is expected to be 0.60 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 0.80 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.


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Latvia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.70 0.80 6.40 -6.10 1995 - 2019 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-07-30 10:00 AM GDP Growth Rate QoQ Flash Q2 0.8% -0.1% 0.5%
2019-08-30 10:00 AM GDP Growth Rate QoQ Final Q2 0.7% -0.1% 0.8%
2019-10-30 11:00 AM GDP Growth Rate QoQ Flash Q3 0.7% 0.7% 0.8%
2019-11-29 11:00 AM GDP Growth Rate QoQ Final Q3 0.7% 0.8% 0.7%
2020-01-31 11:00 AM GDP Growth Rate QoQ Flash Q4 0.7% 0.6%


News Stream
2019-05-31
Latvian Economy Contracts For 1st Time in Over 3 Years
The Latvian economy shrank 0.1 percent on quarter in the first three months of 2019, below an earlier estimate of a 0.3 percent contraction and after a downwardly revised 0.9 percent growth in the previous period, final figures showed. It was the first contraction since the fourth quarter of 2015, as construction output contracted (-0.7 percent vs 5.6%) and growth slowed in agriculture, forestry, fishing (1.4% vs 4.5%); manufacturing (a flat reading vs 2.4% in Q4); information & communication (1.2% vs 3.2); arts, entertainment and recreation (1.6% vs 1.7%) and professional, scientific and technical activities (0.8% vs 1%). Meanwhile, output fell less in mining & utilities (-4.2% vs -4.8%); finance & insurance (-6.4% vs -9.9%); real estate activities (-1.2% vs -4.7%). Year-on-year, the GDP advanced 3 percent, the weakest growth since the third quarter of 2018, easing from a 5.1 percent expansion in the prior quarter but higher than a flash estimate of 2.8 percent.

2019-04-30
Latvian Economy Contracts For 1st Time Since 2015
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.

2019-02-28
Latvia GDP Growth Slows to 1.2% QoQ in Q4
The Latvian economy advanced 1.2 percent on quarter in the three months to December of 2018, slightly above an earlier estimate of 1.1 percent, but slowing from a downwardly revised 1.6 percent growth in Q3. Output expansion was mainly observed in: manufacturing (2.6% vs 0.1% in Q3); construction (7.5% vs 1.0%); information & communication (4.3% vs 3.5%); arts, entertainment and recreation (1.6% vs 1.2%); health and social work (1.4% vs 1.2%); professional, scientific and technical activities (1.0% vs 0.9%) and agriculture, forestry, fishing (4.4% vs -0.4%). In contrast, finance & insurance (-10% vs 0.9%); real estate activities (-4.6% vs 6.9%) and mining & utilities (-3.5% vs 1.9%) contracted significantly. Year-on-year, the GDP expanded 5.1 percent, compared to a preliminary reading of 5 percent and a downwardly revised 4.5 percent advance in the previous period. In 2018, the Latvian economy grew 4.8 percent, above 4.6 percent in the previous year and at the fastest rate since 2011.

2019-01-30
Latvia GDP Growth Weakens to 1.1% QoQ in Q4
The Latvian economy advanced 1.1 percent on quarter in the three months to December of 2018, compared to an upwardly revised 1.8 percent rise in the previous period, initial estimates showed. It is the slowest expansion since the fourth quarter of 2017. On a yearly basis, the gross domestic product grew 5.0 percent after an upwardly revised 4.8 percent rise in the third quarter. Positive contributions to GDP growth are expected to come from construction (24%), industry (2%) and services (4%).


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.

Latvia GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.70 0.80 6.40 -6.10 percent [+]
GDP Annual Growth Rate 2.90 1.80 13.90 -16.20 percent [+]
GDP 34.85 30.46 35.60 4.50 USD Billion [+]
GDP Constant Prices 7214265.00 6924668.00 7263013.00 2207929.00 EUR Thousand [+]
Gross National Product 7972.00 7624.00 7972.00 946.00 EUR Million [+]
Gross Fixed Capital Formation 1980465.00 1598358.00 2402613.00 95826.00 EUR Thousand [+]
GDP per capita 16405.70 15532.20 16405.70 5140.53 USD [+]
GDP per capita PPP 26437.43 25029.79 26437.43 7796.00 USD [+]
GDP From Agriculture 292180.00 288874.00 292180.00 75144.00 EUR Thousand [+]
GDP From Construction 525104.00 364249.00 631870.00 92913.00 EUR Thousand [+]
GDP From Manufacturing 756393.00 753275.00 756393.00 333749.00 EUR Thousand [+]
GDP From Mining 196020.00 186710.00 253926.00 96547.00 EUR Thousand [+]
GDP From Public Administration 440316.00 448875.00 616052.00 182541.00 EUR Thousand [+]
GDP From Services 980050.00 876708.00 980050.00 181772.00 EUR Thousand [+]
GDP From Transport 606165.00 547795.00 641059.00 228683.00 EUR Thousand [+]