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Latvia: Economic growth moderates in Q3

October 30, 2015

Latvia’s economic growth moderated slightly in the third quarter, but it remains healthy. According to a preliminary estimate released by the National Statistics Office, GDP increased 2.5% in Q3 over the same period last year. The reading came in below the 2.7% expansion reported in Q2.

Although a detailed breakdown of data was not released with the preliminary estimate, the statistical office indicated that growth was supported by a 3.0% expansion in the industrial sector and growth of 2.0% in services.

A quarter-on-quarter comparison confirms the slowdown suggested by the annual data. GDP, when adjusted for seasonal factors, increased 0.4% in Q3, which came in well below the 1.2% expansion registered in Q2. More complete data will be published on 30 November.

The Central Bank expects the economy to expand 2.0% in 2015 and 3.0% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.3% this year, which is unchanged from last month’s projection. For 2016, panelists expect the economy to expand 3.2%, which is also unchanged from last month’s Consensus.


Author:, Senior Economist

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Latvia GDP Q3 2015

Note: Year-on year changes of GDP in %.
Source: Central Statistics Bureau and FocusEconomics Consensus Forecast.


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