Latvia skyline

Latvia GDP

Latvia GDP

Economic Growth in Latvia

Latvia's economy recorded an average growth rate of 2.5% in the decade to 2022, above the 1.4% average for the Euro Area. In 2022, real GDP growth was 3.4%. 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 2023.
Source: Central Statistical Bureau of Latvia.

Latvia GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 4.0 0.6 -3.5 6.7 3.0
GDP (USD bn) 34.4 34.2 34.3 39.4 40.3
GDP (EUR bn) 29.2 30.6 30.1 33.3 38.4
Economic Growth (Nominal GDP, ann. var. %) 8.0 4.9 -1.5 10.8 15.1

GDP drops at a slower pace in Q4

GDP fell at a softer pace of 0.5% year on year in the fourth quarter, following the 0.7% decline posted in the third quarter. On a seasonally adjusted quarter-on-quarter basis, economic activity growth strengthened to 0.4% in Q4, up from the 0.2% rise logged in Q3. Q4’s reading marked the best result since Q4 2022.

According to preliminary estimates, the fourth quarter’s smaller contraction stemmed from a rebound in the producing sectors of the economy, which mitigated weaker services sector activity. Meanwhile, the external sector likely remained in the doldrums in Q4: The downturn in goods exports eased only slightly in October–November compared to Q3.

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 15 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

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