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Latvia GDP Q4 2021

Latvia: Economics growth tempers further in Q4

GDP expanded 3.4% on an annual basis in the fourth quarter of 2021, according to preliminary national accounts data released by Latvia’s Statistical Institute on 28 January. The result followed the 5.1% rise recorded in Q3. Meanwhile, GDP contracted 0.1% in seasonally-adjusted quarter-on-quarter terms in Q4, swinging from the 0.5% expansion logged in Q3 and marking the first decline since Q2 2020. Lastly, GDP expanded 4.7% in 2021 overall, rebounding markedly from the 3.6% drop logged in 2020.

The fourth quarter’s slowdown was mainly driven by a contraction in the producing sectors. That said, a solid rise in the services sector somewhat balanced the downturn. More detailed national accounts data for Q4 will be released on 28 February.

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