The economy of Latvia shrank by 0.4% in 2024, marking the first contraction in four years, and reversing a 2.9% growth in the previous year. Full Year GDP Growth in Latvia averaged 3.68 percent from 1996 until 2024, reaching an all time high of 12.80 percent in 2006 and a record low of -16.00 percent in 2009. source: Central Statistical Bureau of Latvia

Full Year GDP Growth in Latvia is expected to reach 0.50 percent by the end of 2025, according to Trading Economics global macro models and analysts expectations. In the long-term, the Latvia Full Year GDP Growth is projected to trend around 2.00 percent in 2026 and 2.60 percent in 2027, according to our econometric models.



Related Last Previous Unit Reference
Full Year GDP Growth -0.40 2.90 percent Dec 2024
GDP 43.52 42.57 USD Billion Dec 2024
GDP Growth Rate YoY 1.70 -0.30 percent Jun 2025
GDP Constant Prices 8179255.00 7679622.00 EUR Thousand Jun 2025
GDP from Agriculture 251725.00 196150.00 EUR Thousand Jun 2025
GDP from Construction 406739.00 267103.00 EUR Thousand Jun 2025
GDP from Manufacturing 819891.00 808241.00 EUR Thousand Jun 2025
GDP from Mining 198255.00 291424.00 EUR Thousand Jun 2025
GDP from Public Administration 623569.00 545979.00 EUR Thousand Jun 2025
GDP from Services 1403970.00 1259363.00 EUR Thousand Jun 2025
GDP from Transport 409226.00 370389.00 EUR Thousand Jun 2025
GDP Growth Rate 0.40 0.10 percent Jun 2025
Gross Fixed Capital Formation 1926068.00 1515995.00 EUR Thousand Jun 2025
Gross National Product 10334.00 8964.00 EUR Million Jun 2025



Latvia Full Year GDP Growth
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.
Actual Previous Highest Lowest Dates Unit Frequency
-0.40 2.90 12.80 -16.00 1996 - 2024 percent Yearly
NSA