Economic Development of Latvia Report 2021

Specialists of the Ministry of Economics have prepared the 2021 Economic Development Report of Latvia. The report assesses the situation in the economy and forecasts the prospects for economic development.
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Macroeconomic Review of Latvia, April 2022

The Covid-19 pandemic has had a significant impact on global economic development, including in Latvia. In 2021, compared to 2020, GDP in Latvia increased by 4.7% (by 0.7%, compared to 2019).
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Press release

On Consumer Prices in May 2022

Consumer prices continue to rise very rapidly
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On Retail Trade Turnover in May 2022

In May 2022, retail sales continued to increase
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On the results of the Labor Force Survey in Q1 of 2022

In Q1 of 2022, the labor market continued to recover from the Covid-19 pandemic crisis
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On Manufacturing Output in May 2022

In May 2022, robust growth in manufacturing was observed
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On GDP in Q1 of 2022

Despite the challenges, the beginning of the year in the economy can be evaluated positively
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On Construction in Q1 of 2022

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