Latvia’s economy contracted 1.3 percent year-on-year in the first quarter of 2021, following a 1.5 percent decline in the previous period. It was fifth consecutive quarter of contraction, but also the slowest one since the pandemic’s outbreak a year ago. Despite some output improvements seen in financial and insurance activities (15.2 % vs -2.7 % in Q4), mining, utilities, water supply & sewage (5.9 % vs -2.1 %), information & communication (-0.4 % vs -6.3 %) and in transportation & storage (-8.2 % vs -12.7 % in Q4), economy activity is yet far from pre-pandemic levels for accommodation & food services (-53.3 % vs -48.2 %), recreation & culture (-36.2 % vs -28.2 %) and commercial services (-11.7 % vs -2.8 %). Moreover, production slowed in manufacturing (1.6 % vs 4.5 %) and retreated in agriculture forestry & fishing (-3.2 % vs 6.7 %). On a seasonally adjusted quarterly basis, GDP declined 1.7 percent, worsening from the 1.1 percent expansion in the previous quarter. source: Central Statistical Bureau of Latvia
GDP Annual Growth Rate in Latvia averaged 3.71 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 June of 2021.
GDP Annual Growth Rate in Latvia is expected to be 6.30 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 7.80 in 12 months time. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022 and 3.00 percent in 2023, according to our econometric models.