In the first year of Latvia’s accession to the euro area we expect a slowdown of economic growth to 2.7%, caused by stagnant external demand in Russia and declining exports to Estonia and Germany. Triggered by increases in minimum wages, tax reductions and rising employment, household demand remains a strong driver of GDP growth this year and also in 2015 and 2016, when GDP growth will amount to about 3% annually.

map Latvia
Main Economic Indicators201120122013201420152016
Population, 1000 persons.206020342013...
GDP, real change in %
GDP per capita (EUR at PPP)150001630017200...
Gross industrial production, real change in %9.06.1-0.8...
Unemployment rate - LFS, in %, average15.415.011.910.59.89.2
Average gross monthly wages, EUR657690717...
Consumer prices, % p.a.
Fiscal balance in % of GDP-3.4-0.8-0.9...
Public debt in % of GDP42.740.938.2...
Current account in % of GDP-2.1-2.5-0.8-1.8-2.1-2.5
FDI inflow, EUR mn1039871610...
Gross external debt in % of GDP146.6136.2131.1...

Basic data are continuously updated.

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


Monthly Report No. 7-8/2014

Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Michael Landesmann, Sebastian Leitner, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July 2014
23 pages including 1 Table and 2 Figures


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