Latvia GDP Q4 2021


Latvia: GDP records weakest reading since Q1 2021 in Q4

February 28, 2022

GDP growth lost steam in the fourth quarter, falling to 3.5% year-on-year from 5.0% in the third quarter. Q4's reading marked the softest growth since Q1.

The downturn was broad-based, with private consumption, public spending, fixed investment and exports all weakening. Private consumption growth fell to 6.5% in Q4 (Q3: +8.3% yoy). Public consumption grew at the slowest pace since Q1 2021, expanding 3.4% (Q3: +4.4% yoy). Fixed investment contracted 1.6% in Q4 (Q3: +6.0% yoy).

Exports of goods and services increased 5.0% on an annual basis in the fourth quarter, which was below the third quarter's 6.1% expansion. In addition, imports of goods and services growth waned to 9.7% in Q4 (Q3: +14.4% yoy), marking the worst reading since Q1 2021.

On a seasonally-adjusted quarter-on-quarter basis, GDP contracted 0.1% in Q4, contrasting the previous quarter's 0.5% expansion. Q4's reading was the softest since Q2 2020.

FocusEconomics panelists project GDP to grow 4.4% in 2022, which is unchanged from last month’s forecast, and 3.8% in 2023.


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Latvia GDP Chart

Latvia GDP Q4  2021 1

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

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