Latvia Economic Outlook
October 27, 2020
Following the sharpest GDP contraction since the 2009-10 global financial crisis in Q2 as a result of the Covid-19 blow, recent data hints at a recovery that is losing traction. After a slight rebound in July, industrial production slumped again in August as manufacturing output faltered. Moreover, retail sales growth waned again in the same month, which, combined with a still-elevated, despite gradually falling, unemployment rate and deeply entrenched pessimism among consumers in Q3, bodes ill for private consumption. The surge in new virus infections from mid-September onwards may come to further restrain spending heading into Q4. On a positive note, Fitch Ratings affirmed the country’s credit rating at A- and lifted its outlook from negative to stable on 9 October, citing the economy’s relative resilience to the pandemic’s shock and the government’s favorable financing conditions.Latvia Economic Growth
The Covid-19 outbreak and associated containment measures will pummel activity this year. Next year, however, output is expected to rebound in line with a recovery in domestic spending and external demand. That said, key risks to the outlook still abound, particularly the latest resurgence of infections, which may prompt a reinstatement of restrictions. FocusEconomics panelists project GDP to grow 4.6% in 2021, which is down 0.2 percentage points from last month’s forecasts, and 3.6% in 2022.Latvia Economy Data
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Latvia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.55 | 0.0 % | Jun 30 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Latvia Economic News
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Latvia: GDP drops at a quicker pace in Q1
April 29, 2021
GDP fell 2.2% on an annual basis in the first quarter of 2021, according to a preliminary release.
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Latvia: Inflation returns in March after seven months of falling prices
April 9, 2021
Consumer prices rose 0.73% over the previous month in March, quickening from February’s 0.46% increase.
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Latvia: Industrial production loses steam in February
April 6, 2021
Industrial production rose 1.5% in year-on-year, calendar-day adjusted terms in February, below the 2.9% increase logged in January. February’s slowdown was driven by softer output growth in the manufacturing sector, as well as activity in the mining and quarrying sector swinging into contraction.
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Latvia: Industrial production loses pace in January
March 8, 2021
Industrial production rose 2.8% in year-on-year, calendar-day adjusted terms in January, below the 4.7% jump logged in December 2020. January’s slowdown was driven by softer output growth in the mining and quarrying, and manufacturing sectors.
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Latvia: Consumer prices fall in annual terms for seventh consecutive month in February
March 8, 2021
Consumer prices rose 0.46% on a monthly basis in February, following the previous month’s 0.37% increase and recording the highest rise since April 2019.
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