Latvia skyline

GDP in Latvia

Latvia GDP

Latvian economy swings into contraction in Q2 2023; posts weakest reading in the Eurozone

A flash release revealed that GDP declined 0.9% year on year in the second quarter of 2023, marking the lowest reading since Q1 2021 and the worst result across the Eurozone. Q2’s figure deteriorated notably from the previous quarter’s 0.8% expansion. Additionally, GDP contracted 0.6% in seasonally adjusted quarter-on-quarter terms in Q2, deteriorating from Q1’s 0.5% rise.

While detailed data is not yet available, the chief driver of Q2’s annual contraction was a 4.0% drop in the producing sectors of the economy (Q1: +1.3% yoy). In contrast, services picked up steam, growing 0.6% (Q1: +0.4% yoy).

More detailed data will be released on 31 August.

Latvia GDP Chart

This chart displays Economic Growth (GDP, annual variation in %) for Latvia from 2013 to 2022.

Latvia GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 4.0 2.6 -2.3 4.3 2.8
GDP (USD bn) 34.4 34.3 34.5 39.7 41.1
GDP (EUR bn) 29.2 30.7 30.3 33.6 39.1
Economic Growth (Nominal GDP, ann. var. %) 8.0 5.2 -1.3 11.1 16.2

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