Latvia is a small, open economy with exports contributing more than half of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality. Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession...
GDP | Reference | Last | Previous | Units | Frequency |
---|---|---|---|---|---|
Private Consumption | 2023 Q4 | 6,354,136 | 6,426,742 | Ths. EUR, NSA | Quarterly |
Real Gross Domestic Product | 2023 Q4 | 7,730,782 | 7,423,756 | Ths. Ch. 2015 EUR, NSA | Quarterly |
Real Private Consumption | 2023 Q4 | 4,501,237 | 4,533,795 | Ths. Ch. 2015 EUR, NSA | Quarterly |
Investment | 2023 Q4 | 2,385,336 | 2,521,425 | Ths. EUR, NSA | Quarterly |
Nominal Fixed Investment (gross fixed capital formation) | 2023 Q4 | 2,841,254 | 2,704,410 | Ths. EUR, NSA | Quarterly |
Real Fixed Investment (gross fixed capital formation) | 2023 Q4 | 2,070,023 | 1,970,015 | Ths. Ch. 2015 EUR, NSA | Quarterly |
Real Government Consumption | 2023 Q4 | 1,725,644 | 1,401,018 | Ths. Ch. 2015 EUR, NSA | Quarterly |
Real Investment | 2023 Q4 | 2,200,824 | 2,312,094 | Ths. Ch. 2015 EUR, NSA | Quarterly |
Government Consumption | 2023 Q4 | 2,355,322 | 1,947,735 | Ths. EUR, NSA | Quarterly |
Nominal Gross Domestic Product | 2023 Q4 | 10,742,664 | 10,475,696 | Ths. EUR, NSA | Quarterly |
Price | Reference | Last | Previous | Units | Frequency |
Consumer Price Index (CPI) | Feb 2024 | 143.4 | 143.3 | Index 2015=100, NSA | Monthly |
Producer Price Index (PPI) | Jan 2024 | 151.6 | 150.9 | Index 2015=100, NSA | Monthly |
Wholesale Price Index | 2016 | 110.08 | 112.75 | Index 2010 = 100 | Annual |
Labor | Reference | Last | Previous | Units | Frequency |
Wage & Salaries | Dec 2023 | 1,691 | 1,581 | EUR, NSA | Monthly |
Real Wages & Salaries | Dec 2023 | 107.9 | 101.5 | Index prv. per.=100, NSA | Monthly |
Unemployment Rate | 2023 Q4 | 6.8 | 6.5 | %, NSA | Quarterly |
Labor Force | 2023 Q4 | 941.9 | 952.4 | Ths. #, NSA | Quarterly |
Agriculture Employment | 2017 | 74,974 | 77,587 | # | Annual |
Primary Industries Employment | 2017 Q2 | 60 | 61.4 | Ths. #, NSA | Quarterly |
Trade | Reference | Last | Previous | Units | Frequency |
Current Account Balance | Jan 2024 | 208 | 31 | Mil. EUR, NSA | Monthly |
Exports of Goods | Jan 2024 | 1,637 | 1,488 | Mil. EUR, NSA | Monthly |
Balance of Goods | Jan 2024 | 40.07 | -378.63 | Mil. EUR, NSA | Monthly |
Imports of Goods | Jan 2024 | 1,597 | 1,867 | Mil. EUR, NSA | Monthly |
Exports of Goods and Services | 2023 Q4 | 6,503,564 | 6,392,103 | Ths. EUR, NSA | Quarterly |
Real Exports of Goods and Services | 2023 Q4 | 4,996,919 | 4,890,008 | Ths. Ch. 2015 EUR, NSA | Quarterly |
Imports of Goods and Services | 2023 Q4 | 6,855,695 | 6,812,308 | Ths. EUR, NSA | Quarterly |
Real Imports of Goods and Services | 2023 Q4 | 5,735,989 | 5,739,836 | Ths. Ch. 2015 EUR, NSA | Quarterly |
Real Net Exports | 2019 Q2 | -278,929 | -151,814 | Ths. Ch. 2010 EUR, NSA | Quarterly |
Net Exports | 2019 Q2 | -67,796 | 103,354 | Ths. EUR, NSA | Quarterly |
Government | Reference | Last | Previous | Units | Frequency |
Government Expenditures | 2023 Q3 | 4,080 | 4,128 | Mil. EUR, NSA | Quarterly |
Government Revenues | 2023 Q3 | 3,931 | 4,462 | Mil. EUR, NSA | Quarterly |
Government Budget Balance | 2023 Q3 | -148.34 | 334.21 | Mil. EUR, NSA | Quarterly |
Gross External Debt | 2021 Q2 | 8,273,640,800 | 8,882,860,000 | USD, NSA | Quarterly |
Outstanding Public Debt - Foreign | 2021 Q2 | 4,494,528,800 | 5,071,062,500 | USD, NSA | Quarterly |
Outstanding Public Debt - Domestic | 2021 Q2 | 38,596,855,200 | 37,543,450,000 | USD, NSA | Quarterly |
Markets | Reference | Last | Previous | Units | Frequency |
Stock Market Index | 15 Mar 2024 | 1,332 | 1,330 | Index, NSA | Business Daily |
Average Long-term Government Bond | Feb 2024 | 3.41 | 3.38 | % p.a., NSA | Monthly |
Business Lending Rate | Dec 2023 | 6.41 | 6.38 | % , NSA | Monthly |
Household Lending Rate | Dec 2023 | 15.46 | 16.02 | % , NSA | Monthly |
Monetary Policy Rate | May 2021 | -0.5 | %, NSA | Monthly | |
Treasury Bills (over 31 days) | Dec 2013 | 0.23 | % p.a., NSA | Monthly | |
Lending Rate | Mar 2013 | 2.5 | 2.5 | % - End of period | Monthly |
Real Estate | Reference | Last | Previous | Units | Frequency |
Residential Building Permits | 2023 Q4 | 628 | 922 | #, NSA | Quarterly |
Building Permits | 2023 Q4 | 893 | 1,189 | #, NSA | Quarterly |
Non-residential Building Permits | 2023 Q4 | 265 | 267 | #, NSA | Quarterly |
House Price Index for New Homes | 2023 Q4 | 201.19 | 192.59 | Index 2015=100, NSA | Quarterly |
House Price Index | 2023 Q4 | 188.54 | 193.46 | Index 2015=100, NSA | Quarterly |
House Price Index for Existing Homes | 2023 Q4 | 184.54 | 193.67 | Index 2015=100, NSA | Quarterly |
Residential Building Completions | 2023 Q4 | 113.8 | 96 | Ths. m², NSA | Quarterly |
Consumer | Reference | Last | Previous | Units | Frequency |
Consumer Confidence | Feb 2024 | -11.3 | -13.2 | SA | Monthly |
Real Retail Sales | Dec 2023 | 121.22 | 121.1 | Vol. Index 2015=100, SA | Monthly |
Retail Sales | Dec 2023 | 164.81 | 166.03 | Index 2015=100, SA | Monthly |
Business | Reference | Last | Previous | Units | Frequency |
Business Confidence | Feb 2024 | -6.3 | -8.2 | SA | Monthly |
Industrial Production | Jan 2024 | 93.12 | 95.7 | Vol. Index 2021=100, SA | Monthly |
Capacity Utilization | 2023 Q4 | 72.3 | 72.7 | %, SA | Quarterly |
Change in Inventories | 2023 Q4 | -455,918 | -182,985 | Ths. EUR, NSA | Quarterly |
Demographics | Reference | Last | Previous | Units | Frequency |
Population | Feb 2024 | 1,865 | 1,872 | Ths., NSA | Monthly |
Births | Jan 2024 | 1,050 | 1,078 | #, NSA | Monthly |
Deaths | Jan 2024 | 2,693 | 2,682 | #, NSA | Monthly |
Net Migration | 2017 | -50,000 | # | Annual | |
Birth Rate | 2015 | 11.1 | # per Ths. pop. | Annual | |
Death Rate | 2015 | 14.4 | # per Ths. pop. | Annual |