Latvia: Share of services

* indicates monthly or quarterly data series
 Latvia

Value added in the services sector as percent of GDP

 Latest value 63.06
 Year 2023
 Measure percent
 Data availability 1995 - 2023
 Average 62.94
 Min - Max 54.23 - 65.86
 Source The World Bank
The latest value from 2023 is 63.06 percent, an increase from 61.68 percent in 2022. In comparison, the world average is 54.55 percent, based on data from 152 countries. Historically, the average for Latvia from 1995 to 2023 is 62.94 percent. The minimum value, 54.23 percent, was reached in 1995 while the maximum of 65.86 percent was recorded in 2009. See the global rankings for that indicator or use the country comparator to compare trends over time.
Select indicator
* indicates monthly or quarterly data series


Recent data
Latvia - Share of services - Recent values chart

Historical series
Latvia - Share of services - historical chart - 1995-2023




The importance of services in the economy of Latvia and other countries is measured as the value added of services as percent of GDP. The services sector includes wholesale and retail trade, transport, financial services, education, health care, and real estate.
Definition: Services correspond to ISIC divisions 50-99 and they include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.

Selected articles from our guide:

What factors determine the exchange rates

International lending and sovereign debt

All articles



 Related indicators Latest Reference Measure
 Share of industry 20.93 2023 percent
 Share of manufacturing 11.90 2023 percent
 Share of services 63.06 2023 percent
 Industry value added 9.13 2023 billion U.S. dollars
 Manufacturing value added 5.19 2023 billion U.S. dollars
 Services value added 27.51 2023 billion U.S. dollars
 Savings, percent of GDP 18.78 2023 percent
 Savings, in dollars 8.19 2023 billion U.S. dollars
This site uses cookies.
Learn more here


OK