Latvia's economy in numbers:
Nominal GDP of USD 40.9 billion in 2022.
Nominal GDP of USD 42.2 billion in 2023.
GDP per capita of USD 22,435 compared to the global average of USD 10,589.
GDP per capita of USD 21,779 compared to the global average of USD 10,589.
Average real GDP growth of 2.9% over the last decade.
Average real GDP growth of 2.4% over the last decade.
Economic structure:
In 2021, services accounted for 76% of overall GDP, manufacturing 12%, other industrial activity 8%, and agriculture 4%. Looking at GDP by expenditure, private consumption accounted for 55% of GDP in 2021, government consumption 20%, fixed investment 27%, and net exports -2%.International trade:
In 2021, manufactured products made up 59% of total merchandise exports, mineral fuels 6%, food 18%, ores and metals 3% and agricultural raw materials 13%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 67% of total merchandise imports, mineral fuels 9%, food 15%, ores and metals 2% and agricultural raw materials 4%, with other goods accounting for 3% of the total. Total exports were worth USD 22 billion in 2022, while total imports were USD 26 billion.Economic growth:
The economy recorded average annual growth of 2.9% in the decade to 2022. To read more about GDP growth in Latvia, go to our dedicated page.
Fiscal policy:
Latvia's fiscal deficit averaged 2.1% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment:
The unemployment rate averaged 9.3% in the decade to 2022. For more information on Latvia's unemployment click here.
Inflation:
Inflation averaged 2.9% in the decade to 2022. Go to our Latvia inflation page for extra insight.
Monetary Policy:
Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Latvia monetary policy page for additional details.
Exchange Rate:
From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
50 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 16 expert analysts.
Want to get insight on the economic outlook for Latvia in the coming years? FocusEconomics collects projections out to 2034 on 50 economic indicators for Latvia from a panel of 16 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. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Latvia economy. To download a sample report on the Latvia's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.