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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
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 |
