Latvia: GDP, current U.S. dollars

The latest value from 2023 is 42.25 billion U.S. dollars, an increase from 38.02 billion U.S. dollars in 2022. In comparison, the world average is 569.16 billion U.S. dollars, based on data from 184 countries. Historically, the average for Latvia from 1995 to 2023 is 22.27 billion U.S. dollars. The minimum value, 5.61 billion U.S. dollars, was reached in 1995 while the maximum of 42.25 billion U.S. dollars was recorded in 2023. See the global rankings for that indicator or use the country comparator to compare trends over time.

Definition: GDP at purchaser's prices 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. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.