Latvia
| FORECAST* | ||||||
|---|---|---|---|---|---|---|
| Main Economic Indicators | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| Population, 1000 persons | 1927 | 1914 | 1900 | . | . | . |
| GDP, real change in % | 4.0 | 2.5 | -3.6 | 4.5 | 4.3 | 3.4 |
| GDP per capita (EUR at PPP) | 20950 | 21700 | 21030 | . | . | . |
| Gross industrial production, real change in % | 1.5 | 0.9 | -1.5 | . | . | . |
| Unemployment rate - LFS, in %, average | 7.4 | 6.3 | 8.1 | 7.6 | 6.8 | 6.5 |
| Average gross monthly wages, EUR | 1004 | 1076 | 1143 | . | . | . |
| Consumer prices, % p.a. | 2.6 | 2.7 | 0.1 | 3.2 | 3.7 | 3.2 |
| Fiscal balance in % of GDP | -0.8 | -0.6 | -4.5 | -8.0 | -4.0 | -2.0 |
| Public debt in % of GDP | 37.1 | 36.7 | 43.2 | . | . | . |
| Current account in % of GDP | -0.2 | -0.7 | 2.9 | -2.7 | -2.6 | -2.1 |
| FDI inflow, EUR m | 373 | 975 | 820 | . | . | . |
| Gross external debt in % of GDP | 123.3 | 116.8 | 124.6 | . | . | . |
Basic data are continuously updated.
* Forecasts are changed beginning of April, July and November.
See Press Conferences.
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Executive summary
Vasily Astrov
in: Recovery Beating Expectations
wiiw Forecast Report No. Autumn 2021, October 2021 , pp. I-VI
Details
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Monthly Report No. 7-8/2021
Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Maryna Tverdostup
wiiw Monthly Report No. 7-8, July-August 2021
42 pages including 4 Tables and 15 Figures
Following a relatively mild recession in 2020, the Latvian economy is experiencing a remarkably strong revival in 2021. Household consumption has recouped most of the 10% loss it experienced last year, while enterprises are replenishing their depleted stocks. Public consumption and investment are acting as a growth driver, and external demand has similarly rebounded. In 2021, we expect GDP growth to increase to 4.5% and to remain strong in 2022 (4.3%). That will be followed by a somewhat gentler increase of 3.4% in 2023.