The economy of Latvia rose by 1.7% year-on-year in the second quarter of 2025, contrasting with the preliminary estimate of a -0.3% decrease and following a 0.3% fall in the previous period. This marked the first quarter of expansion after three consecutive quarters of contraction as output increase in gross capital formation (22.3%) and government spending (2.0%). Meanwhile, household consumption declined (-0.3%). In terms of net external demand, imports (7.1%) rose much faster than exports (2.3%). On a seasonally adjusted quarterly basis, the economy increased by 0.4% in Q2 2025 from 0.1% in the previous three-month period.source:Central Statistical Bureau of Latvia

The Gross Domestic Product (GDP) in Latvia expanded 1.70 percent in the second quarter of 2025 over the same quarter of the previous year. GDP Annual Growth Rate in Latvia averaged 3.66 percent from 1996 until 2025, reaching an all time high of 15.00 percent in the first quarter of 2007 and a record low of -17.80 percent in the third quarter of 2009. This page provides - Latvia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Latvia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2025.

The Gross Domestic Product (GDP) in Latvia expanded 1.70 percent in the second quarter of 2025 over the same quarter of the previous year. GDP Annual Growth Rate in Latvia is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Latvia GDP Annual Growth Rate is projected to trend around 2.80 percent in 2026 and 2.20 percent in 2027, according to our econometric models.



CalendarGMT Reference Actual Previous Consensus TEForecast
2025-05-3010:00 AM
YoY Final
 Q1 -0.3% -1% -0.4% -0.4%
2025-08-2910:00 AM
YoY Final
 Q2 1.7% -0.3% -0.3% -0.3%
2025-11-2811:00 AM
YoY
 Q3 1.7% 1.7% 2.0%


Related Last Previous Unit Reference
Full Year GDP Growth-0.402.90 percentDec 2024
GDP Growth Rate YoY1.70-0.30 percentJun 2025
GDP Constant Prices8179255.007679622.00 EUR ThousandJun 2025
GDP from Agriculture251725.00196150.00 EUR ThousandJun 2025
GDP from Construction406739.00267103.00 EUR ThousandJun 2025
GDP from Manufacturing819891.00808241.00 EUR ThousandJun 2025
GDP from Mining198255.00291424.00 EUR ThousandJun 2025
GDP from Public Administration623569.00545979.00 EUR ThousandJun 2025
GDP from Services1403970.001259363.00 EUR ThousandJun 2025
GDP from Transport409226.00370389.00 EUR ThousandJun 2025
GDP Growth Rate0.400.10 percentJun 2025
Gross Fixed Capital Formation1926068.001515995.00 EUR ThousandJun 2025
Gross National Product10334.008964.00 EUR MillionJun 2025


Latvia GDP Annual Growth Rate
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
1.70-0.3015.00-17.801996 - 2025 percent Quarterly
NSA


News Stream
Latvia Economy Exits Recession in Q2
The economy of Latvia rose by 1.7% year-on-year in the second quarter of 2025, contrasting with the preliminary estimate of a -0.3% decrease and following a 0.3% fall in the previous period. This marked the first quarter of expansion after three consecutive quarters of contraction as output increase in gross capital formation (22.3%) and government spending (2.0%). Meanwhile, household consumption declined (-0.3%). In terms of net external demand, imports (7.1%) rose much faster than exports (2.3%). On a seasonally adjusted quarterly basis, the economy increased by 0.4% in Q2 2025 from 0.1% in the previous three-month period.
2025-08-29
Latvia Q1 GDP Contracts at Softer Pace
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.
2025-05-30
Latvia Q4 GDP Contracts at Softer Pace
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.
2025-02-28