Latvia GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

-1.6

Units In

0.5

Frequency

Quarterly

Next Release

Feb 28, 2025

Time to Release

2 Months 28 Days 10 Hours

Highest	Lowest	Average	Date Range	Source
15.1 Mar 2007	-15.6 Sep 2009	3.51 %	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 1.6% year-on-year in the third quarter of 2024, less than preliminary estimates of a 2.4% decline but worsening from a downwardly revised 0.5% drop in the previous quarter. This also marked the steepest contraction since Q3 2020, driven by a sharp decline in gross fixed capital formation (-5.1%). On the other hand, household expenditure increased (1.1%), as well as the government spending (7.7%). On net external demand, exports of goods grew by 0.5%, and imports increased by 0.2%. On a seasonally adjusted quarterly basis, the economy dropped 0.2% in Q3 2024, easing slightly from a 0.3% decline and compared to preliminary estimates of a 0.4% drop.