In 2016, GDP will rise by 3%. The slump in Russian demand can be offset by growth in exports to the EU and Asian markets. Household consumption will develop markedly, thanks to labour market improvements and a rapid rise in real wages, but investment growth will remain comparatively low. GDP growth will speed up to 3.2% in 2017 and 3.5% in 2018, driven by stronger external demand and greater investment activity in both the public and private sectors.
|Main Economic Indicators||2013||2014||2015||2016||2017||2018|
|Population, 1000 persons.||2013||1994||1979||.||.||.|
|GDP, real change in %||3.0||2.4||2.7||3.0||3.2||3.5|
|GDP per capita (EUR at PPP)||16600||17500||18600||.||.||.|
|Gross industrial production, real change in %||-0.9||-1.1||3.6||.||.||.|
|Unemployment rate - LFS, in %, average||11.9||10.8||9.9||9.3||8.9||8.6|
|Average gross monthly wages, EUR||717||765||818||.||.||.|
|Consumer prices, % p.a.||0.0||0.7||0.2||0.5||1.8||2.1|
|Fiscal balance in % of GDP||-0.9||-1.6||-1.3||.||.||.|
|Public debt in % of GDP||39.1||40.8||37.0||.||.||.|
|Current account in % of GDP||-2.4||-2.0||-1.2||-3.6||-3.8||-3.6|
|FDI inflow, EUR mn||743||661||644||.||.||.|
|Gross external debt in % of GDP||133.7||142.2||137.7||.||.||.|
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
LATVIA: Growing wages push domestic demand
in: Growth Stabilises: Investment a Major Driver, Except in Countries Plagued by Recession
wiiw Forecast Report No. Spring 2016, March 2016 , pp. 90-93 Details and Buy
Monthly Report No. 7-8/2015
Vasily Astrov, Serkan Çiçek, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July-August 2015
25 pages including 1 Table and 2 Figures