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%.

Latvia GDP from 1992 to 2024

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

Change Chart

    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)

    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