GDP reading: Peru’s GDP expanded 2.6% in annual terms in Q2, following a 3.6% expansion in the prior quarter. Q2’s...
Economic Growth in Latvia
Latvia's economy recorded an average growth rate of 2.2% in the decade to 2024, compared to the 0.8% average for Euro Area. In 2024, real GDP growth was -0.4%. For more GDP information, visit our dedicated page.
Latvia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Latvia from 2014 to 2025.
Source: Macrobond.
Latvia GDP Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 6.9 | 1.9 | -0.9 | 0.0 | 2.1 |
| GDP (USD bn) | 38.2 | 37.9 | 42.8 | 44.0 | 48.5 |
| GDP (EUR bn) | 32.3 | 36.1 | 39.6 | 40.7 | 43.0 |
| Economic Growth (Nominal GDP, ann. var. %) | 10.5 | 11.8 | 9.6 | 2.8 | 5.8 |
Economic growth decelerates in the first quarter of 2026
GDP reading: Latvia's GDP increased 2.5% in annual terms in Q1, following 2.9% growth in the prior quarter. In seasonally adjusted quarter-on-quarter terms, the economy expanded 0.6% in Q1, following a 0.7% expansion in the prior quarter.
Drivers: Compared to the prior period's data, figures in Q1 softened for private consumption (+2.0% on a year-on-year basis vs +2.2% in Q4), government consumption (-1.5% vs +9.2% in Q4), fixed investment (+3.2% vs +11.8% in Q4) and imports of goods and services (+3.0% vs +6.1% in Q4). In contrast, the reading for exports of goods and services improved in Q1 (+1.4% vs -2.1% in Q4).
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Latvian GDP projections for the next ten years from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Latvian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Latvian GDP projections.
Want to get access to the full dataset of Latvian GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
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