Latvia GDP Trends from 1992 to 2024: A overall increase with some decline Flow

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%.

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.


Latvia GDP from 1992 to 2024

The total market value of goods and services produced annually in Latvia.

Change Chart

    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)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    1992
    $ 1B 694M
    $ 632.99
    $ 5,996.46
    $ 16B 50M
    0 %
    11.298 %
    18.20 %
    0 %
    2M 677K people
    1993
    $ 2B 728M
    $ 1,022.38
    $ 5,455.15
    $ 14B 558M
    -11.4 %
    15.277 %
    16.04 %
    0 %
    2M 669K people
    1994
    $ 4B 533M
    $ 1,725.21
    $ 5,783.54
    $ 15B 196M
    2.2 %
    4.439 %
    16.60 %
    0 %
    2M 627K people
    1995
    $ 5B 411M
    $ 2,163.75
    $ 6,074.88
    $ 15B 191M
    -2.084 %
    -0.299 %
    12.64 %
    0 %
    2M 501K people
    1996
    $ 5B 975M
    $ 2,419.56
    $ 6,425.99
    $ 15B 869M
    2.588 %
    -4.682 %
    10.61 %
    0 %
    2M 470K people
    1997
    $ 6B 529M
    $ 2,670.49
    $ 7,186.09
    $ 17B 569M
    8.837 %
    -5.285 %
    13.95 %
    0 %
    2M 445K people
    1998
    $ 7B 169M
    $ 2,961.56
    $ 7,804.29
    $ 18B 893M
    6.336 %
    -9.06 %
    13.92 %
    0.029 %
    2M 421K people
    1999
    $ 7B 535M
    $ 3,140.58
    $ 8,205.88
    $ 19B 688M
    2.756 %
    -7.22 %
    21.25 %
    -2.768 %
    2M 399K people
    2000
    $ 7B 963M
    $ 3,343.18
    $ 8,933.34
    $ 21B 277M
    5.676 %
    -4.703 %
    19.78 %
    -1.538 %
    2M 382K people
    2001
    $ 8B 363M
    $ 3,553.67
    $ 9,829.02
    $ 23B 131M
    6.324 %
    -7.509 %
    20.34 %
    -1.072 %
    2M 353K people
    2002
    $ 9B 564M
    $ 4,120.69
    $ 10,838.64
    $ 25B 156M
    7.088 %
    -6.471 %
    21.38 %
    -1.715 %
    2M 321K people
    2003
    $ 11B 777M
    $ 5,121.74
    $ 12,095.96
    $ 27B 813M
    8.423 %
    -7.773 %
    22.01 %
    -0.829 %
    2M 299K people
    2004
    $ 14B 440M
    $ 6,342.84
    $ 13,585.32
    $ 30B 927M
    8.284 %
    -12.238 %
    20.84 %
    -0.286 %
    2M 277K people
    2005
    $ 17B 30M
    $ 7,569.83
    $ 15,698.17
    $ 35B 317M
    10.72 %
    -11.784 %
    23.27 %
    -0.469 %
    2M 250K people
    2006
    $ 21B 589M
    $ 9,690.46
    $ 18,297.31
    $ 40B 764M
    11.972 %
    -20.767 %
    19.06 %
    0.019 %
    2M 228K people
    2007
    $ 31B 100M
    $ 14,079.58
    $ 20,839.47
    $ 46B 31M
    9.942 %
    -20.662 %
    20.90 %
    0.918 %
    2M 209K people
    2008
    $ 36B 23M
    $ 16,435.21
    $ 20,710.45
    $ 45B 393M
    -3.249 %
    -12.26 %
    23.01 %
    -2.757 %
    2M 192K people
    2009
    $ 26B 480M
    $ 12,243.07
    $ 18,105.99
    $ 39B 160M
    -14.26 %
    7.658 %
    30.09 %
    -5.813 %
    2M 163K people
    2010
    $ 23B 998M
    $ 11,316.93
    $ 17,859.05
    $ 37B 870M
    -4.456 %
    1.697 %
    22.04 %
    -5.014 %
    2M 121K people
    2011
    $ 27B 740M
    $ 13,371.01
    $ 19,110.30
    $ 39B 646M
    2.574 %
    -3.405 %
    22.36 %
    -1.806 %
    2M 75K people