GDP reading: Switzerland’s GDP grew 1.9% in seasonally adjusted quarter-on-quarter terms in Q2, following a 0.6% expansion in the prior...
Economic Growth in Latvia
Latvia's economy recorded an average growth rate of 2.2% in the decade to 2024, compared to the 0.8% average for Euro Area. In 2024, real GDP growth was -0.4%. For more GDP information, visit our dedicated page.
Latvia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Latvia from 2014 to 2025.
Source: Macrobond.
Latvia GDP Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 6.9 | 1.9 | -0.9 | 0.0 | 2.1 |
| GDP (USD bn) | 38.2 | 37.9 | 42.8 | 44.0 | 48.5 |
| GDP (EUR bn) | 32.3 | 36.1 | 39.6 | 40.7 | 43.0 |
| Economic Growth (Nominal GDP, ann. var. %) | 10.5 | 11.8 | 9.6 | 2.8 | 5.8 |
Economic growth picks up in the second quarter of 2026
GDP reading: Latvia's GDP increased 3.0% on a year-on-year basis in Q2, following a 2.5% expansion in the previous quarter. Q2's reading was the strongest since Q1 2022. In seasonally adjusted quarter-on-quarter terms, the economy increased 0.7% in Q2, following 0.6% growth in the previous quarter.
Private spending, investment and exports fuel momentum: Compared to the previous quarter's data, figures in Q2 improved for private consumption (+3.7% on a year-on-year basis vs +2.0% in Q1), fixed investment (+6.5% vs +3.2% in Q1), exports of goods and services (+7.7% vs +1.4% in Q1) and imports of goods and services (+7.1% vs +3.0% in Q1). In contrast, the reading for government consumption softened in Q2 (-2.4% vs -1.2% in Q1).
Panelist insight: Swedbank analysts commented: “Recent data indicate that the Latvian economy is chugging along fine. Rising consumption, strengthening export performance, and continued growth in investment are being seen after the very strong gains recorded in 2025. We are increasing our GDP forecast for this year to 2.3%, and we expect a further pickup in growth to 2.5% in 2028. However, risks are on the downside, as geopolitical uncertainty is still very much present.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Latvian GDP projections for the next ten years from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Latvian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Latvian GDP projections.
Want to get access to the full dataset of Latvian GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
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Switzerland: Economic growth picks up in the second quarter of 2026 -
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