Latvia’s gross domestic product shrank 2.6 percent year-on-year in the third quarter of 2020, compared to preliminary estimates of a 3.1 percent contraction and following an 8.9 percent plunge in Q2. It was the third consecutive contraction, amid the coronavirus crisis. On a quarterly seasonally adjusted basis, the GDP expanded 7.1 percent, the most since the series began, rebounding from a record 7.1 percent contraction in the prior period and above earlier estimates of 6.6 percent. source: Central Statistical Bureau of Latvia

GDP Annual Growth Rate in Latvia averaged 3.82 percent from 1996 until 2020, 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 2020.

GDP Annual 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 Annual Growth Rate in Latvia to stand at 6.90 in 12 months time. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 5.00 percent in 2021 and 3.00 percent in 2022, according to our econometric models.

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Latvia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.60 -8.90 15.10 -15.60 1996 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-07-31 10:00 AM YoY Flash Q2 -9.8% -1.5% -12.8%
2020-08-31 10:00 AM YoY Final Q2 -8.9% -1.5% -9.8%
2020-10-29 11:00 AM YoY Flash Q3 -3.1% -8.9% -7.5%
2020-11-30 11:00 AM YoY Final Q3 -2.6% -8.9% -3.1%
2021-02-01 11:00 AM YoY Flash Q4 -2.6%
2021-03-01 11:00 AM YoY Final Q4 -2.6%
2021-04-30 10:00 AM YoY Flash Q1
2021-05-28 10:00 AM YoY Final Q1


News Stream
Latvia GDP Contraction Revised Lower
Latvia’s gross domestic product shrank 2.6 percent year-on-year in the third quarter of 2020, compared to preliminary estimates of a 3.1 percent contraction and following an 8.9 percent plunge in Q2. It was the third consecutive contraction, amid the coronavirus crisis. On a quarterly seasonally adjusted basis, the GDP expanded 7.1 percent, the most since the series began, rebounding from a record 7.1 percent contraction in the prior period and above earlier estimates of 6.6 percent.
2020-11-30
Latvia Economy Shrinks 3.1% in Q3
Latvia’s economy shrank 3.1 percent year-on-year in the third quarter of 2020, following an 8.9 percent plunge in the previous period, a flash estimate showed. It was the third consecutive contraction, amid the coronavirus crisis. The services sector shrank 4.8 percent while manufacturing output grew 0.4 percent. On a quarterly seasonally adjusted basis, the GDP expanded 6.6 percent, the most since series began, rebounding from an upwardly revised record 7.1 percent contraction in the prior period.
2020-10-29
Latvia GDP Contraction Revised Lower
Latvia's economy shrank by 8.9 percent from a year earlier in the second quarter of 2020, compared to preliminary estimates of a 9.8 percent plunge and following a 1.5 percent contraction in Q1. Still, it remained the steepest pace of contraction since the first quarter of 2010. The latest fall in the GDP also meant that the country entered a technical recession, as the government was forced to impose restriction measures to curb the coronavirus pandemic. On a quarterly basis, the economy shrank 6.5 percent, the most on record.
2020-08-31
Latvia GDP Contraction Deepens to Worst in a Decade
Latvia's economy shrank by 9.8 percent from a year earlier in the second quarter of 2020, the steepest pace of contraction since the first quarter of 2010, a preliminary estimate showed. The latest fall in the GDP also meant that the country entered a technical recession, as the government was forced to impose restriction measures to curb the coronavirus pandemic. Output dropped in producing sectors (-3.8 percent) and in services sectors (-11.0 percent), of which in retail trade (-1.6 percent). Also, the volume of taxes on products collected reduced. On a quarterly basis, the economy shrank 7.5 percent, the most on record.
2020-07-31

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.