Latvia GDP Growth RateLatvia GDP Growth RateLatvia GDP Growth Rate

Latvia GDP Growth Rate

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Key data points


Last release
Observation period
Q3 2024
Next release
Forecast
Highest
7.00% on Sep 30, 2020
Lowest
−7.30% on Jun 30, 2020

About Latvia GDP Growth Rate


Category
GDP
Frequency
Quarterly
Units
%
Latvia's GDP growth in recent years has been mostly driven by expansion in consumption and credit. The main industries are: synthetic fibers, agricultural machinery, fertilizers, radios, electronics, pharmaceuticals, processed foods, textiles and timber. On the expenditure side, 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. Latvia joined the Euro in 2014.