Latvia GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

-2.4

Units In

0.5

Frequency

Quarterly

Next Release

Nov 29, 2024

Time to Release

29 Days 10 Hours

Highest	Lowest	Average	Date Range	Source
15.1 Mar 2007	-15.6 Sep 2009	3.5 %	1996-2024	Central Statistical Bureau of Latvia

In Latvia, household consumption is the main component of GDP and accounts for 61 percent of its total use, followed by gross fixed capital formation (23 percent) and government expenditure (18 percent). Exports of goods and services account for 59 percent while imports account for 62 percent, subtracting 3 percent of total GDP.

Latest Updates

Latvia's economy contracted by 2.4% year-on-year in the third quarter of 2024, following a downwardly revised 0.5% decline in the previous quarter and marking the steepest contraction since Q3 2020, according to a flash estimate. The GDP decline was driven by a 4.1% drop in producing sectors and a 2.3% decrease in services, while taxes on products fell by 1.3%. On a quarterly basis, the country's GDP decreased by 0.4% in Q3, following an upwardly revised 0.3% fall in the prior period.