Latvia: Share of services

* indicates monthly or quarterly data series
 Latvia

Value added in the services sector as percent of GDP

 Latest value 61.66
 Year 2022
 Measure percent
 Data availability 1995 - 2022
 Average 62.93
 Min - Max 54.23 - 65.86
 Source The World Bank
For that indicator, we provide data for Latvia from 1995 to 2022. The average value for Latvia during that period was 62.93 percent with a minimum of 54.23 percent in 1995 and a maximum of 65.86 percent in 2009. The latest value from 2022 is 61.66 percent. For comparison, the world average in 2022 based on 165 countries is 54.13 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 - Share of services - Recent values chart

Historical chart
Latvia - Share of services - historical chart - 1995-2022




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.

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 Related indicators Latest value Reference Measure
 Share of industry 21.58 2022 percent
 Share of manufacturing 12.98 2022 percent
 Share of services 61.66 2022 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 21.09 2022 percent
 Savings, in dollars 8.19 2023 billion U.S. dollars
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