Economic Development of Latvia Report 2020

Specialists of the Ministry of Economics have prepared the 2020 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 2021

Preceding the Covid-19 pandemic, Latvia's economic growth remained stable, exceeding the EU average. From 2011-2019, GDP on average increased by 3.3% annually.
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Press release

On Consumer Prices in June 2021

In June 2021, month-specific price changes can be observed
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On Retail Trade Turnover in May 2021

In May 2021, retail sales continued to grow
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On Latvia's Foreign Trade in April 2021

In April 2021, both exports and imports of goods grew rapidly
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On Manufacturing Output in May 2021

In May 2021, manufacturing continued to grow rapidly on an annual basis
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On GDP in Q1 of 2021

In Q1 of 2021, a decline in economic activity can be observed
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On the Results of the Labour Force Survey in Q1 of 2021

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