GDP reading: GDP rose 0.2% in seasonally adjusted month-on-month terms in February, following a 0.1% increase in the prior month....
Economic Growth in Latvia
Latvia's economy recorded an average growth rate of 2.2% in the decade to 2024, compared to the 0.8% average for Euro Area. In 2024, real GDP growth was -0.4%. For more GDP information, visit our dedicated page.
Latvia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Latvia from 2014 to 2025.
Source: Macrobond.
Latvia GDP Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 6.9 | 1.9 | -0.9 | 0.0 | 1.2 |
| GDP (USD bn) | 38.2 | 37.9 | 42.8 | 43.7 | 48.5 |
| GDP (EUR bn) | 32.3 | 36.1 | 39.6 | 40.4 | 42.1 |
| Economic Growth (Nominal GDP, ann. var. %) | 10.5 | 11.8 | 9.6 | 2.0 | 4.2 |
Economic growth accelerates in the fourth quarter of 2025
GDP reading: Latvia's GDP increased 2.9% in annual terms in Q4, following a 2.6% expansion in the previous quarter. Q4's reading was the strongest since Q1 2022. In seasonally adjusted quarter-on-quarter terms, economic output increased 0.6% in Q4, following a 0.8% expansion in the previous quarter. In 2025 as a whole, GDP grew 2.1% after flatlining in 2024, marking the best reading since 2021.
Drivers: Compared with the prior quarter's data, figures in Q4 improved for private consumption (+2.2% in annual terms vs +1.7% in Q3), fixed investment (+11.8% vs +10.4% in Q3) and imports of goods and services (+6.1% vs +5.8% in Q3). In contrast, readings worsened for government consumption (+3.4% vs +6.0% in Q3) and exports of goods and services (-1.9% vs +3.2% in Q3).
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Latvian GDP projections for the next ten years from a panel of 17 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Latvian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Latvian GDP projections.
Want to get access to the full dataset of Latvian GDP forecasts? Send an email to info@focus-economics.com.
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