Economic situation

Month-characteristic price changes can be observed in January

Manufacturing output in December fell by 1% year-on-year

In December, exports increased slightly year-on-year to Latvia's main trading partner, the EU, but decreased significantly to the CIS and other countries

Last year, retail sales were positively affected by the increase in real income of the population

The consumer price level in 2024 was most significantly affected by price increases for services and food

Construction activity declined in 2024

Retail sales continued to grow in November 2024

Manufacturing output in November fell by 2% year-on-year

Both exports and imports decreased year-on-year in November

Month-characteristic price changes observed in November

Both exports and imports increased year-on-year in October

Manufacturing output grew by 2.3% year-on-year in October

October Price Changes Lower Than Typical for the Month

Retail turnover grew more rapidly in October 2024

Exports declined slightly, while imports fell more sharply

Manufacturing output in September fell by 3% year-on-year

The economy continues to stagnate, improvements are expected at the end of the year and in 2025

Construction sector sees decline in Q3 of 2024

Retail sales grew very moderately in September 2024

Monthly-characteristic price changes observed in September 2024

Foreign trade activity remained limited in August 2024

Retail sales continued to stabilize in August 2024

Manufacturing output in August fell by 3% year-on-year

Monthly-characteristic price changes are observed in August 2024

Unemployment rate drops to 6.9% in Q2 2024

Both exports and imports of goods increased year-on-year in July 2024

July sees an unusual price increase for the month

Manufacturing output increased by 0.7% year-on-year in July 2024

Retail turnover grew moderately in July 2024

The economic situation is gradually starting to improve

Exports to CIS countries decreased significantly in June year-on-year

Manufacturing output in June fell by 8.4% year-on-year

Slight decline in construction, while civil engineering grows by 18.6%

In June 2024, retail turnover decreased

Unusual Price Decline Observed in June

Manufacturing output in May fell by 1.1% year-on-year

In May, seasonal monthly price changes can be observed

May 2024: Exports See Modest Decline While Imports Fall Sharply

In May 2024, retail turnover continued to grow

In Q1 of 2024, Latvia had the lowest unemployment rate among the Baltic states

Manufacturing output increased by 2.3% year-on-year in April 2024

April 2024: Exports Decline Moderately While Imports Fall Sharply

In April 2024, retail turnover increased very moderately

In Q1 of 2024, a slight decline can be observed in the economy

In March 2024, retail turnover continued to grow

In February 2024, the value of both exports and imports decreased year-on-year

Manufacturing returned to growth on an annual basis in February 2024

In February 2024, growth in retail trade was observed

Seasonal monthly price changes are observed in February

GDP growth by 0.1% in Q4 of 2023 creates grounds for cautious optimism in 2024

The production volumes of manufacturing declined by 6.6% in January 2024

In January 2024, the decline in retail trade continued

The level of consumer prices in January was affected by the increase in tax rates and tariffs

Although GDP decreased in 2023, starting from the second half of the year, economic activities have begun to gradually increase

Pending stability in the labor market

In 2023, retail trade was affected by the rise in prices and the fall in the real income of the population

Both exports and imports of goods declined year-on-year in December 2023

In December 2023, based on calendar-adjusted data, manufacturing production volumes grew by 1.4%

Consumer prices continued to decline in October 2023

The volumes of manufacturing declined slightly in November on an annual basis

The employment rate of citizens reaches the highest indicator since the  beginning of 2020

In October 2023, exports and imports of goods continued to decrease year-on-year

The economy continues to slow down, improvement is expected in 2024

Construction continues to recover rapidly

The volumes of the manufacturing industry decreased slightly in October year-on-year

In the last months of the year, significant changes in the national economy are not anticipated; overall, GDP in 2023 will remain close to the volumes of 2022

In September 2023, production volumes of manufacturing declined by 7.1%  annually

In September 2023, exports and imports of goods continued to decrease on an  annual basis

In September 2023, an atypical occurrence of price reduction can be observed

In August, typical monthly price changes have been observed

In August 2023, volumes of manufacturing declined by 3.8% on an annual basis

In August, both exports and imports decreased significantly on an annual basis

The level of consumer prices in July was affected by the increase in tariffs for electricity distribution system services

The volumes of manufacturing declined by 8.7% in July on an annual basis

In July 2023, the volume of foreign trade continued to decrease year-on-year

In Q2 of 2023, the economy has slowed down

In Q2 of 2023, the number of employed citizens increased by 0.3%

In Q2 of 2023, growth in construction endured

In June 2023, the sharpest monthly price decline since August 1993 has been observed

In June, both the exports of goods and the import of goods decreased year-on-year

The volumes of the manufacturing sector in June 2023 were slightly lower than a year ago

Despite the high inflation and the geopolitical situation, the economy continues to  grow

In the first quarter of the year, the number of employed citizens grew by 1.2%

Construction is starting to recover after two years of recession

In May 2023, the decline in retail trade continues

In May, price changes were affected by the conclusion of state aid to  compensate for the increase in energy resource prices

The volumes of the manufacturing sector in April 2023 were 11.2% lower than a  year ago

Both the export of goods and the import of goods decreased on an annual basis in  April 2023

In April 2023, the decline in retail trade continues

Price changes characteristic of the month can be observed in April 2023

In March 2023, a sharp decline in retail trade was observed

In March 2023, both the exports and imports of goods decreased year-on-year

In March 2023, the volumes of the manufacturing sector were 6.2% lower than a year ago

In March, month-specific price changes can be observed

In February 2023, the growth of retail sales continues

In February 2023, the volumes of the manufacturing sector were 2.9% lower than a year ago

Growth in goods trade endured in February 2023

The price increase in February is slightly faster than it is characteristic for the month

In January 2023, the volumes of manufacturing were 3.5% lower than a year ago

In January 2023, the growth of trade in goods continued

In January, characteristic monthly price changes can be observed

In 2022, GDP increased by 2%; nevertheless, uncertainty and elevated prices are slowing down the economy

In 2022, the construction volume decreased by 11.3%

In 2022, the most rapid increase in the number of employees since 2007 was observed

Inflation last year was affected by the increase in world prices for energy resources and food; in 2023, the price increase will stabilize

Rapid growth in goods trade continued in December 2022

The increase in consumer prices has become more moderate

After four months of decline, the volumes of manufacturing in November 2022 were 5.3% higher than a year ago

Uncertainty and rapidly rising prices are slowing down the economy

In Q3 of 2022, the number of employed persons increased by 2.6%

For 19 months, on an annual basis, the rapid growth of trade in goods continues

In October 2022, the volumes of manufacturing were 1.4% lower than a year ago

High prices affect residents’ purchasing habits 

Uncertainty and rapidly rising prices are slowing down the economy

The increase in consumer prices has become more moderate

In September 2022, the volumes of the manufacturing were 1.7% lower than a year ago

Retail trade continues to be affected by the rapid rise in prices 

In Q1 of 2022, the labor market continued to recover from the Covid-19 pandemic crisis

Despite the difficulties, the economic activity continues to increase

Consumer prices increased more rapidly in September 2022

In August 2022, consumer price growth stabilized

In August 2022, exports and imports of goods continued to grow rapidly on an annual basis

In August, production volumes of manufacturing remained at the last year’s level

Retail trade continues to be affected by the rapid rise in prices

In July 2022, exports and imports of goods continued to grow rapidly on an annual basis

Retail trade continues to be affected by the rapid rise in prices

The sharp rise in prices causes a decline in construction for the third consecutive quarter

In July 2022, consumer prices continued to rise rapidly

In July 2022, the volumes of the manufacturing declined slightly

In June 2022, exports and imports of goods continued to grow rapidly

Despite the challenges, the beginning of the year in the economy can be evaluated positively

In June 2022, consumer prices continue to accelerate

In May 2022, exports and imports of goods continued to grow rapidly on an annual basis

In May 2022, retail sales continued to increase 

Consumer prices continue to rise very rapidly

In May 2022, robust growth in manufacturing was observed

In April, exports and imports of goods continued to increase on an annual basis

Despite the rise in prices, in April 2022, retail sales are increasing 

The start of the year is positive for the economy; however, the geopolitical situation will dampen growth and increase inflationary pressures

Despite the difficult geopolitical situation in manufacturing, strong growth was observed in March 2022

In April 2022, consumer prices continued to rise sharply

In March 2022, exports and imports of goods increased rapidly

In March 2022, retail turnover continues to increase 

In Q3 of 2021, unemployment rate declined to 7.2%

In February 2022, a positive increase in retail trade has been observed 

In March 2022, price growth has been more rapid than characteristic for the month

In 2021, economic activity in construction declined

Despite the spread of the Covid-19 virus, the economy continued to recover in 2021

Exports and imports of goods continued to grow strongly in January 2022

In February 2022, price increase has been more significant than characteristic for the month

The level of consumer prices in January was affected by support to reduce the extraordinary rise in energy prices

In January 2021, an increase in retail trade turnover was observed 

In December and in 2021 overall, exports of goods increased rapidly

Although the Covid-19 virus continued to spread in 2021, the economy grew by 4.7 percent

Manufacturing volumes continued to increase in December, reaching a total growth of 7.5% in 2021

In 2021, the level of consumer prices was most significantly affected by the rise in world prices for energy resources and food

In December 2021, growth in retail trade turnover was observed

GDP data for the third quarter suggest that the economy continues to recover

In November 2021, foreign trade continued to grow strongly

In November 2021, manufacturing volumes continued to increase

In Q3 of 2021, construction slowed down

In November 2021, similarly as in October, retail trade turnover declined

In November 2021, price increase has been more rapid than characteristic for the month

In October 2021, strong annual growth in foreign trade has been observed

In October 2021, manufacturing output increased by 1.2%

In October 2021, prices increased more rapidly than characteristic for the month

In October 2021, retail sales are affected by trade restrictions

In September 2021, exports and imports of goods increased equally rapidly

In September 2021, steady growth in retail trade turnover was observed

In Q3 of 2021, the economy continued to grow

In September 2021, manufacturing continued to grow

In August 2021, exports and imports of goods continued to grow rapidly

Compared to Q1 of 2021, the number of employees has increased by 8.4 thousand

In September 2021, prices have increased more rapidly than characteristic for the month

In August, uncharacteristic monthly price increases were observed

In August 2021, retail sales continued to increase

Manufacturing has been growing rapidly for the sixth consecutive month

In July 2021, the growth on an annual basis in manufacturing endured

In Q2 of 2021, the economy exceeded pre-Covid-19 levels; however, the uncertainty regarding the epidemiological situation in the autumn is intensifying

In July 2021, exports and imports of goods continued to grow rapidly

In July, the growth rate of retail trade turnover decreased slightly

In June 2021, rapid annual growth in manufacturing endured

The rise in consumer prices in July can mainly be attributed to changes in tariff rates for natural gas

In June 2021, both exports and imports of goods increased rapidly

In Q2 of 2021, the economy is growing rapidly

In June 2021, retail sales continued to increase

In Q1 of 2021, the number of employed decreased by 5.4%; however, the economically active population has reached the historical low

In April 2021, both exports and imports of goods grew rapidly

In June 2021, month-specific price changes can be observed

In May 2021, retail sales continued to grow

In Q1 of 2021, a decline in economic activity can be observed

In May 2021, manufacturing continued to grow rapidly on an annual basis

In May 2021, consumer prices continued to rise

In April 2021, manufacturing increased rapidly on an annual basis

In April 2021, retail trade turnover is increasing rapidly

In March 2021, growth in manufacturing was observed

Consumer price increase in April 2021 has been higher than typical for the month

Along with a rapid growth in March 2021, exports of goods have reached a historic high

At the beginning of 2021, the economy continued to decline moderately; it is anticipated that the situation will gradually improve in the coming months

In March 2021, retail sales returned to growth

In February 2021, exports increased on an annual basis

In March 2021, month-specific price changes have been observed

Growth in construction has been observed in both Q4 of 2020 and 2020

In February 2021, manufacturing output contracted slightly on an annual basis

In 2020, the negative impact of Covid-19 was mitigated by the increase in exports of goods

In February 2021, retail turnover continued to decline

More rapid price increase than characteristic for the month observed in February 2021

In January 2021, manufacturing output declined slightly on an annual basis

In January 2021, a slight decline in exports on an annual basis has been observed

In January 2021, retail sales have declined

In December 2020, rapid export growth endured

In January 2021, the consumer price level was affected by seasonality, rising world prices and changes in tax rates

In December 2020, manufacturing output continued to grow on an annual basis

In 2020, under the influence of Covid-19, the economic downturn reached 3.5%

In December 2020, retail trade turnover fell due to decline in non-food trade

The level of consumer prices in 2020 was affected by the fall in demand due to the Covid-19 crisis

In November 2020, rapid export growth continued

Amidst the crisis, the economic activity of the population remains high

In November 2020, manufacturing output increased by 4.3% annually

In November 2020, the growth rate of retail trade turnover remained positive

In October 2020, exports have reached a historic high in one month

In November 2020, month-specific price changes have been observed

In October 2020, manufacturing output declined slightly on an annual basis

In October 2020, retail trade turnover continued to increase for the fifth consecutive month