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Latvia: Economic growth slows in third quarter to slowest pace in over three years

October 30, 2014

In the third quarter, GDP expanded 2.1% over the same quarter last year, according to a preliminary estimate released by Statistics Latvia on 30 October. Q3’s result represented a deceleration over the 2.3% expansion observed in Q2 and marked the slowest pace in three and half years. The statistical office did not provide further details regarding the performance of the economy’s sectors. Nonetheless, the deceleration in economic activity is likely the result of a continued deterioration in the industrial sector.

A sequential basis showed that the economy increased a seasonally-adjusted 0.4% in the third quarter, which was half the growth rate registered in the second quarter. According to the statistical institute, more complete data on national accounts will be released on 28 November.

The Central Bank indicated that it expects the economy to expand 3.3% in 2014. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.8% in 2014, which is down 0.1 percentage points from last month’s projection. For 2015, panelists also expect the economy to expand 2.9%.


Author:, Senior Economist

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Latvia GDP Q3 2014

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


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