[ Nominal GDP in billions of USD ]
Year -
$43.68 billions
Latvia GDP expanded from 1995 to 2024, increasing from $5.61 billion to $43.68 billion.The compound annual growth rate (CAGR) averaged 7.33% over the period. The economy recorded its peak level in 2024 and its lowest level in 1995. Growth volatility remained high. The maximum drawdown reached 31.25%, indicating the largest cyclical decline from peak levels. The country experienced 4 recession episode(s) during the observed period.
| Metric | Nominal GDP (Current USD) | GDP (PPP, Int$) |
|---|---|---|
| Latest Year | 2024 | 2024 |
| Latest GDP | $ 43.68 Billions | $ 81.70 Int Billions |
| Growth (YoY) | 2.115% | 4.081% |
| Net Change vs Previous Year | $ 0.90 Billion | $ 3.20 Int Billion |
| % of World GDP | 0.04% | 0.04% |
| Meaning | Nominal GDP (Current USD, exchange-rate based) | GDP (PPP, cost-of-living adjusted) |
| Nominal | PPP | |||||
|---|---|---|---|---|---|---|
| Year | Bil $ | Net Chg | % Chg | Int Bil $ | Net Chg | % Chg |
| 1960 | - | - | - | - | - | - |
| 1961 | - | - | - | - | - | - |
| 1962 | - | - | - | - | - | - |
| 1963 | - | - | - | - | - | - |
| 1964 | - | - | - | - | - | - |
| 1965 | - | - | - | - | - | - |
| 1966 | - | - | - | - | - | - |
| 1967 | - | - | - | - | - | - |
| 1968 | - | - | - | - | - | - |
| 1969 | - | - | - | - | - | - |
| 1970 | - | - | - | - | - | - |
| 1971 | - | - | - | - | - | - |
| 1972 | - | - | - | - | - | - |
| 1973 | - | - | - | - | - | - |
| 1974 | - | - | - | - | - | - |
| 1975 | - | - | - | - | - | - |
| 1976 | - | - | - | - | - | - |
| 1977 | - | - | - | - | - | - |
| 1978 | - | - | - | - | - | - |
| 1979 | - | - | - | - | - | - |
| 1980 | - | - | - | - | - | - |
| 1981 | - | - | - | - | - | - |
| 1982 | - | - | - | - | - | - |
| 1983 | - | - | - | - | - | - |
| 1984 | - | - | - | - | - | - |
| 1985 | - | - | - | - | - | - |
| 1986 | - | - | - | - | - | - |
| 1987 | - | - | - | - | - | - |
| 1988 | - | - | - | - | - | - |
| 1989 | - | - | - | - | - | - |
| 1990 | - | - | - | 19.84 | - | - |
| 1991 | - | - | - | 17.92 | -1.91 | -9.639 % |
| 1992 | - | - | - | 12.44 | -5.48 | -30.572 % |
| 1993 | - | - | - | 12.1 | -0.34 | -2.731 % |
| 1994 | - | - | - | 12.63 | 0.53 | 4.372 % |
| 1995 | 5.61 | - | - | 13.27 | 0.64 | 5.074 % |
| 1996 | 5.8 | 0.19 | 3.41 % | 13.85 | 0.58 | 4.333 % |
| 1997 | 6.35 | 0.55 | 9.484 % | 15.35 | 1.5 | 10.828 % |
| 1998 | 6.97 | 0.62 | 9.838 % | 16.58 | 1.23 | 8.007 % |
| 1999 | 7.32 | 0.35 | 5.02 % | 17.21 | 0.63 | 3.821 % |
| 2000 | 7.76 | 0.44 | 5.967 % | 18.56 | 1.35 | 7.859 % |
| 2001 | 8.19 | 0.43 | 5.536 % | 20.71 | 2.15 | 11.568 % |
| 2002 | 9.25 | 1.06 | 12.919 % | 22.54 | 1.83 | 8.824 % |
| 2003 | 11.24 | 2 | 21.573 % | 24.17 | 1.64 | 7.255 % |
| 2004 | 13.83 | 2.58 | 22.969 % | 26.62 | 2.44 | 10.107 % |
| 2005 | 16.31 | 2.48 | 17.935 % | 29.87 | 3.26 | 12.236 % |
| 2006 | 20.43 | 4.13 | 25.314 % | 33.33 | 3.46 | 11.568 % |
| 2007 | 29.42 | 8.99 | 43.972 % | 38.02 | 4.69 | 14.083 % |
| 2008 | 34.14 | 4.71 | 16.025 % | 40.57 | 2.55 | 6.706 % |
| 2009 | 25.69 | -8.44 | -24.736 % | 35.47 | -5.11 | -12.591 % |
| 2010 | 23.47 | -2.22 | -8.653 % | 36.38 | 0.91 | 2.577 % |
| 2011 | 26.58 | 3.11 | 13.24 % | 38.35 | 1.97 | 5.416 % |
| 2012 | 27.12 | 0.54 | 2.034 % | 41.69 | 3.34 | 8.716 % |
| 2013 | 29.15 | 2.04 | 7.508 % | 43.98 | 2.29 | 5.481 % |
| 2014 | 30.28 | 1.13 | 3.859 % | 45.8 | 1.83 | 4.157 % |
| 2015 | 26.34 | -3.93 | -12.989 % | 47.73 | 1.93 | 4.211 % |
| 2016 | 27.12 | 0.77 | 2.932 % | 50.56 | 2.83 | 5.922 % |
| 2017 | 29.39 | 2.27 | 8.386 % | 53.7 | 3.13 | 6.2 % |
| 2018 | 33.25 | 3.86 | 13.123 % | 57.46 | 3.77 | 7.019 % |
| 2019 | 33.1 | -0.15 | -0.446 % | 61.62 | 4.16 | 7.238 % |
| 2020 | 33.38 | 0.28 | 0.847 % | 62.22 | 0.6 | 0.974 % |
| 2021 | 38.18 | 4.8 | 14.39 % | 69.56 | 7.34 | 11.791 % |
| 2022 | 38 | -0.18 | -0.472 % | 75.1 | 5.54 | 7.966 % |
| 2023 | 42.78 | 4.78 | 12.568 % | 78.5 | 3.39 | 4.52 % |
| 2024 | 43.68 | 0.9 | 2.115 % | 81.7 | 3.2 | 4.081 % |
Between 1995 to 2024, Latvia experienced the following economic phases:
The most remarkable growth occurred in 2007 with an increase of 43.972%, while the largest decline was in 2009 at -24.736%.