In the first year of Latvia’s accession to the euro area we expect a slight upswing of economic growth to 4.2% driven by improving conditions in the main trading partners and rising investment in machinery and equipment. The government reshuffle at the beginning of this year will not result in a change of economic policies pursued so far. Also in 2015 and 2016 GDP growth will amount to about 4% since household consumption will be supported by strongly rising wages.

map Latvia
Main Economic Indicators201120122013201420152016
Population, 1000 persons.206020342015...
GDP, real change in %
GDP per capita (EUR at PPP)150001640017700...
Gross industrial production, real change in %9.06.1-0.8...
Unemployment rate - LFS, in %, average15.415.011.710.29.08.0
Average gross monthly wages, EUR657690717...
Consumer prices, % p.a.
Fiscal balance in % of GDP-3.6-1.4-1.3...
Public debt in % of GDP41.940.641.0...
Current account in % of GDP-2.1-2.5-0.8-1.4-2.3-3.2
FDI inflow, EUR mn1039871610...
Gross external debt in % of GDP145.8135.3130.3...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


LATVIA: Consumers in excellent mood

Sebastian Leitner
in: Investment to the Rescue
wiiw Forecast Report No. Spring 2014, March 2014 , pp. 51-54
Details and Buy


Monthly Report No. 11/2013

Vasily Astrov, Vladimir Gligorov, Peter Havlik, Mario Holzner and Olga Pindyuk
wiiw Monthly Report No. 11, November 2013
38 pages including 17 Tables