Latvia GDP Annual Growth Rate

Last Release

Mar 31, 2025

Actual

-0.3

Units In

-1.6

Frequency

Quarterly

Next Release

Aug 29, 2025

Time to Release

2 Months 28 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
15.1 Mar 2007	-15.6 Sep 2009	3.48 %	1996-2025	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 0.3% year-on-year in the first quarter of 2025, slowing from a 0.4% drop in the previous three-month period. This marked the fourth consecutive period of contraction but the softest pace in the sequence, as gross capital formation (18.8%) and government spending (2.2%) increased. Meanwhile, household consumption (-1.1%) declined. In terms of net external demand, imports (7.8%) rose much faster than exports (2%). On a seasonally adjusted quarterly basis, the economy contracted by 0.1% in Q1 2025, following a downwardly revised flat reading in the previous three-month period.