Latvia GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

-1.6

Units In

0.5

Frequency

Quarterly

Next Release

May 30, 2025

Time to Release

2 Months 28 Days 12 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 0.4% year-on-year in the fourth quarter of 2024, slowing from a downwardly revised 1% drop in the previous three-month period. This marked the third consecutive period of contraction but the softest pace in the sequence, mainly due to household consumption (0.2%) and government spending (6.1%). Meanwhile, gross capital formation (-7.9%) decreased. On net external demand, exports of goods and services stalled while imports increased by 0.3%. On a seasonally adjusted quarterly basis, the economy rose 0.1% in Q4 2024, rebounding from a 0.2% drop in the previous three-month period.