Latvia’s economy expanded 5.1 percent year-on-year in the third quarter of 2021, compared to earlier estimates of a 4.8 percent advance and slowing from an 11.1 percent expansion in the previous quarter which was the strongest pace of growth since the third quarter of 2017. On a seasonally adjusted quarterly basis, the economy grew 0.6 percent, also above preliminary estimates of 0.3 percent. source: Central Statistical Bureau of Latvia

GDP Annual Growth Rate in Latvia averaged 3.80 percent from 1996 until 2021, reaching an all time high of 15.10 percent in the first quarter of 2007 and a record low of -15.60 percent in the third quarter of 2009. This page provides - Latvia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Latvia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2021.

GDP Annual Growth Rate in Latvia is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 6.50 percent in 2022 and 2.70 percent in 2023, according to our econometric models.

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Latvia GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-10-28 10:00 AM YoY Flash Q3 4.8% 11.1% 4.1%
2021-11-30 11:00 AM YoY Final Q3 5.1% 11.1% 4.8%
2022-01-28 11:00 AM YoY Flash Q4 5.1% 3.5%


Related Last Previous Unit Reference
GDP Growth Rate 0.60 4.40 percent Sep/21
GDP Annual Growth Rate 5.10 11.10 percent Sep/21
GDP Constant Prices 7446904.00 7014726.00 EUR Thousand Sep/21
Gross National Product 8613.00 7801.00 EUR Million Sep/21
Gross Fixed Capital Formation 2278674.00 1760786.00 EUR Thousand Sep/21
GDP From Transport 617325.00 498011.00 EUR Thousand Sep/21
GDP From Services 1135766.00 948518.00 EUR Thousand Sep/21
GDP From Public Administration 457135.00 470778.00 EUR Thousand Sep/21
GDP From Mining 143624.00 154471.00 EUR Thousand Sep/21
GDP From Manufacturing 870577.00 845421.00 EUR Thousand Sep/21
GDP From Construction 472261.00 373822.00 EUR Thousand Sep/21
GDP From Agriculture 309023.00 278766.00 EUR Thousand Sep/21

News Stream
Latvia Q3 GDP Growth Revised Higher in Q4
Latvia’s economy expanded 5.1 percent year-on-year in the third quarter of 2021, compared to earlier estimates of a 4.8 percent advance and slowing from an 11.1 percent expansion in the previous quarter which was the strongest pace of growth since the third quarter of 2017. On a seasonally adjusted quarterly basis, the economy grew 0.6 percent, also above preliminary estimates of 0.3 percent.
2021-11-30
Latvia GDP Grows at a Slower 4.8% in Q3
Latvia’s economy expanded 4.8 percent year-on-year in the third quarter of 2021, slowing from a 11.1 percent expansion in the previous quarter which was the strongest pace of growth since the third quarter of 2017, a flash estimate showed. On a seasonally adjusted quarterly basis, the economy grew 0.3 percent, easing from a 4.4 percent gain in the previous quarter.
2021-10-28
Latvia Economy Rebounds More than Estimated
Latvia’s economy expanded 11.1 percent year-on-year in the second quarter of 2021, rebounding from a 1.3 percent contraction in the previous period, and beat preliminary estimates of a 10.3 percent jump. It was the steepest advance in GDP since the June quarter of 2007 and snapped a 1-1/4-year recession, as the vaccination campaign allowed for the economy to reopen. Output rose the most in accommodation & food services (42.5 percent vs -53.3 percent in Q1); health & social care (39.0 percent vs 19.7 percent); arts, entertainment & recreation (19.9 percent vs -46.2 percent); transportation & storage (17.0 percent vs -8.2 percent); trade (15.3 percent vs 2.0 percent); and manufacturing (15.2 percent vs 1.6 percent). On a seasonally adjusted quarterly basis, the economy advanced 4.4 percent, rebounding from an upwardly revised 1.6 percent shortfall in the first quarter.
2021-08-31

Latvia GDP Annual Growth Rate
In Latvia, 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.