GDP reading disappoints markets: Australia’s GDP increased 0.3% in seasonally adjusted quarter-on-quarter terms in Q1, following a 0.9% expansion in...
Private Consumption in Latvia
The Latvian economy recorded an average growth rate of 1.9% in private consumption in the decade to 2024, below the 1.2% average for Euro Area. In 2024, the growth of private consumption was0.5%. For more information on private consumption, visit our dedicated page.
Latvia Private consumption Chart
Note: This chart displays Private Consumption (annual variation in %) for Latvia from 2014 to 2025.
Source: Macrobond.
Latvia Private consumption Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Private Consumption (ann. var. %) | 8.1 | 5.1 | -0.9 | 0.1 | 0.8 |
Economic growth decelerates in the first quarter of 2026
GDP reading: Latvia's GDP increased 2.5% in annual terms in Q1, following 2.9% growth in the prior quarter. In seasonally adjusted quarter-on-quarter terms, the economy expanded 0.6% in Q1, following a 0.7% expansion in the prior quarter.
Drivers: Compared to the prior period's data, figures in Q1 softened for private consumption (+2.0% on a year-on-year basis vs +2.2% in Q4), government consumption (-1.5% vs +9.2% in Q4), fixed investment (+3.2% vs +11.8% in Q4) and imports of goods and services (+3.0% vs +6.1% in Q4). In contrast, the reading for exports of goods and services improved in Q1 (+1.4% vs -2.1% in Q4).
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 private consumption projections for the next ten years from a panel of 8 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 private consumption forecast available for Latvian private consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Latvian private consumption projections.
Want to get access to the full dataset of Latvian private consumption forecasts? Send an email to info@focus-economics.com.
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