Latvia: Economic growth

* indicates monthly or quarterly data series
 Latvia

Economic growth: the rate of change of real GDP

 Latest value 3.36
 Year 2022
 Measure percent
 Data availability 1996 - 2022
 Average 3.75
 Min - Max -14.26 - 11.97
 Source The World Bank
For that indicator, we provide data for Latvia from 1996 to 2022. The average value for Latvia during that period was 3.75 percent with a minimum of -14.26 percent in 2009 and a maximum of 11.97 percent in 2006. The latest value from 2022 is 3.36 percent. For comparison, the world average in 2022 based on 183 countries is 4.38 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent values chart
Latvia - Economic growth - recent values

Historical chart
Latvia - Economic growth - historical chart - 1996-2022




Economic growth in Latvia and other countries is calculated as the percent change in the GDP from one year to the next. It measures whether production has increased or decreased, and by how much.

Looking across many countries and over long periods of time, the average rate of economic growth is about 2-3 percent per year. That changes from year to year as the economy goes through recessions and expansions. However, if an economy routinely grows at about 5 percent or more per year, this is a substantial rate of economic growth. Economic growth of 7-8 percent is extraordinary.
Definition: Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.


 Related indicators Latest value Reference Measure
 Economic growth 3.36 2022 percent
 GDP, constant dollars 32.1 2022 billion U.S. dollars
 GDP, current U.S. dollars 40.93 2022 billion U.S. dollars
 GDP per capita, current dollars 21,779.50 2022 U.S. dollars
 GDP per capita, PPP 32,992 2022 U.S. dollars
 GDP per capita, constant dollars 17,081.34 2022 U.S. dollars
 Economic growth, quarterly 0.20 Q3/2023 percent
 Economic growth Q-on-Q -0.10 Q3/2023 percent
 Gross Domestic Product (GDP) 10.48 Q3/2023 billion
 Productivity, relative to the U.S. 63.32 2022 index points
 Productivity, current USD 57.9 2022 USD per hour worked
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