Latvia GDP Q1 2022

Latvia

Latvia: Economics growth accelerates in Q1

April 28, 2022

GDP expanded 5.9% on an annual basis in the first quarter of 2021, according to preliminary national accounts data released by the Statistical Institute on 28 April. The result followed the 3.9% rise recorded in the prior quarter. Meanwhile, GDP expanded 2.1% in seasonally-adjusted quarter-on-quarter terms in Q1, following the stable reading logged in the previous quarter.



The first quarter’s upturn was mainly driven by robust activity in the services sectors. That said, the producing sectors capped the improvement. More detailed national accounts data for the quarter will be released on 31 May.

FocusEconomics panelists see GDP increasing 4.5% in 2022, which is down 0.1 percentage points from last month’s estimate. In 2023, the economy is seen expanding 3.8%.


Author:, Junior Economist

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