Latvia's GDP changed from approximately $1B 694M in 1992 to $45B 466M in 2024, showing an overall 2583.9% sharply increased during the period.
The lowest GDP was recorded in 1992 at $1B 694M, and the highest in 2024 at $45B 466M.
Over the 32-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 10.8%.
For comparison, the average annual growth rate of Estonia was 10.8%, and that of Lithuania was 9.0%.
Latvia GDP from 1992 to 2024
The total market value of goods and services produced annually in Latvia.
Overview of Latvia's GDP (1992–2024)
The Gross Domestic Product (GDP) of Latvia recorded a 2583.9% sharply increased from 1992 to 2024.
The average GDP during this period was $21B 978M, and the median was $26B 480M.
GDP fluctuated within a range of $43B 772M, with a standard deviation of $13B 463M.
The average annual change was $1B 332M.
Highest and Lowest GDP Records
- Lowest GDP: 1992, $1B 694M
- Highest GDP: 2024, $45B 466M
- Most Recent GDP: 2024, $45B 466M
Notable Annual GDP Changes
- 2007: Significant increase in GDP
- 2009: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Latvia's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $34B 229M → $34B 363M
- Outcome: remained stable
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $31B 100M → $26B 480M
- Outcome: sharply declined
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $7B 963M → $8B 363M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $6B 529M → $7B 169M
- Outcome: increased
Key Economic Indicators of Latvia (1992–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1992 | 0 % | $ 1B 694M | $ 16B 50M | $ 632.99 | $ 5,996.46 | 18.20 % | 2M 677K people | 11.298 % | 0 % |
1993 | -11.4 % | $ 2B 728M | $ 14B 558M | $ 1,022.38 | $ 5,455.15 | 16.04 % | 2M 669K people | 15.277 % | 0 % |
1994 | 2.2 % | $ 4B 533M | $ 15B 196M | $ 1,725.21 | $ 5,783.54 | 16.60 % | 2M 627K people | 4.439 % | 0 % |
1995 | -2.084 % | $ 5B 411M | $ 15B 191M | $ 2,163.75 | $ 6,074.88 | 12.64 % | 2M 501K people | -0.299 % | 0 % |
1996 | 2.588 % | $ 5B 975M | $ 15B 869M | $ 2,419.56 | $ 6,425.99 | 10.61 % | 2M 470K people | -4.682 % | 0 % |
1997 | 8.837 % | $ 6B 529M | $ 17B 569M | $ 2,670.49 | $ 7,186.09 | 13.95 % | 2M 445K people | -5.285 % | 0 % |
1998 | 6.336 % | $ 7B 169M | $ 18B 893M | $ 2,961.56 | $ 7,804.29 | 13.92 % | 2M 421K people | -9.06 % | 0.029 % |
1999 | 2.756 % | $ 7B 535M | $ 19B 688M | $ 3,140.58 | $ 8,205.88 | 21.25 % | 2M 399K people | -7.22 % | -2.768 % |
2000 | 5.676 % | $ 7B 963M | $ 21B 277M | $ 3,343.18 | $ 8,933.34 | 19.78 % | 2M 382K people | -4.703 % | -1.538 % |
2001 | 6.324 % | $ 8B 363M | $ 23B 131M | $ 3,553.67 | $ 9,829.02 | 20.34 % | 2M 353K people | -7.509 % | -1.072 % |
2002 | 7.088 % | $ 9B 564M | $ 25B 156M | $ 4,120.69 | $ 10,838.64 | 21.38 % | 2M 321K people | -6.471 % | -1.715 % |
2003 | 8.423 % | $ 11B 777M | $ 27B 813M | $ 5,121.74 | $ 12,095.96 | 22.01 % | 2M 299K people | -7.773 % | -0.829 % |
2004 | 8.284 % | $ 14B 440M | $ 30B 927M | $ 6,342.84 | $ 13,585.32 | 20.84 % | 2M 277K people | -12.238 % | -0.286 % |
2005 | 10.72 % | $ 17B 30M | $ 35B 317M | $ 7,569.83 | $ 15,698.17 | 23.27 % | 2M 250K people | -11.784 % | -0.469 % |
2006 | 11.972 % | $ 21B 589M | $ 40B 764M | $ 9,690.46 | $ 18,297.31 | 19.06 % | 2M 228K people | -20.767 % | 0.019 % |
2007 | 9.942 % | $ 31B 100M | $ 46B 31M | $ 14,079.58 | $ 20,839.47 | 20.90 % | 2M 209K people | -20.662 % | 0.918 % |
2008 | -3.249 % | $ 36B 23M | $ 45B 393M | $ 16,435.21 | $ 20,710.45 | 23.01 % | 2M 192K people | -12.26 % | -2.757 % |
2009 | -14.26 % | $ 26B 480M | $ 39B 160M | $ 12,243.07 | $ 18,105.99 | 30.09 % | 2M 163K people | 7.658 % | -5.813 % |
2010 | -4.456 % | $ 23B 998M | $ 37B 870M | $ 11,316.93 | $ 17,859.05 | 22.04 % | 2M 121K people | 1.697 % | -5.014 % |
2011 | 2.574 % | $ 27B 740M | $ 39B 646M | $ 13,371.01 | $ 19,110.30 | 22.36 % | 2M 75K people | -3.405 % | -1.806 % |