Latvia ranked 100/197 by economy size with a GDP of $43.5B and 53/197 by GDP per capita at $23,368. Latvia has $20.6B in government debt, with a debt-to-GDP ratio of 48.3%.
In 2025, Latvia made up 0.04% of the world's economy, compared to 0.02% in 1995.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1990 | - | $20,300,396,491 | - |
| 1991 | - | $17,743,516,528 | - |
| 1992 | - | $12,044,552,669 | - |
| 1993 | - | $11,444,375,037 | - |
| 1994 | - | $11,694,996,755 | - |
| 1995 | $5,608,208,785 | $11,584,507,030 | - |
| 1996 | $5,799,465,288 | $11,850,946,178 | 3.41% |
| 1997 | $6,349,481,007 | $12,937,852,903 | 9.48% |
| 1998 | $6,974,112,951 | $13,785,282,610 | 9.84% |
| 1999 | $7,324,192,890 | $14,173,807,644 | 5.02% |
| 2000 | $7,761,252,607 | $15,001,703,494 | 5.97% |
| 2001 | $8,190,888,740 | $15,970,900,289 | 5.54% |
| 2002 | $9,249,030,241 | $17,195,147,700 | 12.9% |
| 2003 | $11,244,337,720 | $18,644,549,496 | 21.6% |
| 2004 | $13,827,070,379 | $20,271,313,179 | 23% |
| 2005 | $16,306,935,905 | $22,625,890,638 | 17.9% |
| 2006 | $20,434,922,247 | $25,527,665,150 | 25.3% |
| 2007 | $29,420,499,248 | $28,186,253,354 | 44% |
| 2008 | $34,135,200,994 | $27,231,101,091 | 16% |
| 2009 | $25,691,530,442 | $22,863,227,157 | -24.7% |
| 2010 | $23,468,324,572 | $22,026,145,288 | -8.65% |
| 2011 | $26,575,547,901 | $22,694,935,011 | 13.2% |
| 2012 | $27,116,149,949 | $24,352,854,611 | 2.03% |
| 2013 | $29,152,128,168 | $24,863,312,430 | 7.51% |
| 2014 | $30,277,203,767 | $25,384,188,823 | 3.86% |
| 2015 | $26,344,565,877 | $26,344,565,877 | -13% |
| 2016 | $27,117,105,060 | $27,016,796,481 | 2.93% |
| 2017 | $29,391,059,767 | $27,935,083,541 | 8.39% |
| 2018 | $33,247,935,477 | $29,139,005,430 | 13.1% |
| 2019 | $33,099,503,951 | $29,335,802,339 | -0.45% |
| 2020 | $33,379,927,435 | $28,318,076,614 | 0.85% |
| 2021 | $38,183,326,785 | $30,284,070,900 | 14.4% |
| 2022 | $38,014,713,596 | $30,831,235,008 | -0.44% |
| 2023 | $42,572,151,720 | $31,711,225,667 | 12% |
| 2024 | $43,520,773,851 | $31,570,906,308 | 2.23% |
Economic Statistics of Latvia
Latvia
|
Rank | |
|---|---|---|
| Gross domestic product |
$43.5B
2024 |
100/197 |
| GDP growth |
2.23%
2023-2024 |
160/196 |
| GDP per capita |
$23,368
2024 |
53/197 |
| GDP per capita, PPP |
$43,867
2024 |
53/197 |
| Government debt |
$20.6B
2024 |
98/185 |
| Debt-to-GDP ratio |
48.3%
2025 |
114/185 |
| Government debt per person |
$11,068
2024 |
52/185 |
| Average annual personal income after taxes |
$15,995
2025 |
52/197 |
| Listed domestic companies |
56
2003 |
67/103 |
| Income share by richest 10% |
26.2%
2023 |
99/169 |
| Income share by poorest 10% |
2.6%
2023 |
101/169 |
| Government expenditure, % of GDP |
44.4%
2025 |
37/195 |
| Consumer prices inflation |
1.27%
2023-2024 |
166/195 |
| Unemployment rate |
6.88%
2024 |
66/196 |
| Population |
1844219
|
149/197 |
Latvia's GDP per capita
Latvia has a GDP per capita of $23,368, ranking 53/197, a GDP per capita based on purchasing power parity (PPP) of $43,867, ranking 53/197, and a median annual after tax income of $15,995, ranking 52/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1990 | - | $7,448 |
| 1991 | - | $6,762 |
| 1992 | - | $4,760 |
| 1993 | - | $4,722 |
| 1994 | - | $5,012 |
| 1995 | $2,257 | $5,342 |
| 1996 | $2,360 | $5,636 |
| 1997 | $2,610 | $6,309 |
| 1998 | $2,894 | $6,879 |
| 1999 | $3,064 | $7,200 |
| 2000 | $3,278 | $7,841 |
| 2001 | $3,505 | $8,862 |
| 2002 | $4,004 | $9,756 |
| 2003 | $4,915 | $10,566 |
| 2004 | $6,110 | $11,761 |
| 2005 | $7,284 | $13,344 |
| 2006 | $9,212 | $15,025 |
| 2007 | $13,371 | $17,281 |
| 2008 | $15,678 | $18,635 |
| 2009 | $11,996 | $16,560 |
| 2010 | $11,188 | $17,343 |
| 2011 | $12,903 | $18,619 |
| 2012 | $13,329 | $20,494 |
| 2013 | $14,484 | $21,850 |
| 2014 | $15,186 | $22,974 |
| 2015 | $13,322 | $24,138 |
| 2016 | $13,839 | $25,802 |
| 2017 | $15,132 | $27,646 |
| 2018 | $17,252 | $29,818 |
| 2019 | $17,295 | $32,199 |
| 2020 | $17,564 | $32,741 |
| 2021 | $20,262 | $36,912 |
| 2022 | $20,227 | $39,961 |
| 2023 | $22,676 | $41,810 |
| 2024 | $23,368 | $43,867 |
Latvia's government spending, deficit, and chart
This chart shows Latvia's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 28 years, Latvia recorded a fiscal deficit in 26 years — average annual deficit equal to -2.28% of GDP. In 2024, government spending reached $19.4B (44.4% of GDP), with a deficit of -3.63%.
The national debt reached $20.6B, ranking 98th out of 185 countries by total size, with a debt-to-GDP ratio of 48.3%, ranking 114th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1998 | 38.1% | 9.81% | -0.66% |
| 1999 | 40.4% | 14.8% | -3.54% |
| 2000 | 37% | 15.1% | -2.57% |
| 2001 | 35% | 17.8% | -2.03% |
| 2002 | 35.4% | 15.4% | -2.59% |
| 2003 | 34.4% | 15.4% | -1.67% |
| 2004 | 34.8% | 15.3% | -1.04% |
| 2005 | 35.8% | 12.5% | -1.06% |
| 2006 | 35.5% | 10.7% | -0.48% |
| 2007 | 34.8% | 9% | 0.63% |
| 2008 | 38.2% | 19.3% | -3.29% |
| 2009 | 43.6% | 37.6% | -7.14% |
| 2010 | 43.6% | 48.2% | -6.56% |
| 2011 | 41.2% | 46.8% | -3.38% |
| 2012 | 38.6% | 44.4% | 0.18% |
| 2013 | 38.7% | 41.8% | -0.58% |
| 2014 | 39.2% | 43.1% | -1.74% |
| 2015 | 38.7% | 38.3% | -1.57% |
| 2016 | 37.4% | 41.7% | -0.51% |
| 2017 | 37.8% | 40.3% | -0.85% |
| 2018 | 39.4% | 38.3% | -0.77% |
| 2019 | 39% | 37.9% | -0.39% |
| 2020 | 42.6% | 44% | -3.85% |
| 2021 | 44.6% | 45.9% | -5.71% |
| 2022 | 43.5% | 44.4% | -3.94% |
| 2023 | 43.1% | 44.6% | -3.38% |
| 2024 | 44.5% | 47.4% | -1.82% |
| 2025 | 44.4% | 48.3% | -3.63% |
Inflation rate by year
Over the past 20 years, Latvia has had an average annual inflation rate of 4.4%. In 2024, inflation was 1.27%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1992 | 952% |
| 1993 | 109% |
| 1994 | 35.9% |
| 1995 | 25% |
| 1996 | 17.6% |
| 1997 | 8.45% |
| 1998 | 4.64% |
| 1999 | 2.36% |
| 2000 | 2.65% |
| 2001 | 2.49% |
| 2002 | 1.94% |
| 2003 | 2.94% |
| 2004 | 6.19% |
| 2005 | 6.75% |
| 2006 | 6.54% |
| 2007 | 10.1% |
| 2008 | 15.4% |
| 2009 | 3.53% |
| 2010 | -1.08% |
| 2011 | 4.37% |
| 2012 | 2.26% |
| 2013 | -0.03% |
| 2014 | 0.62% |
| 2015 | 0.17% |
| 2016 | 0.14% |
| 2017 | 2.93% |
| 2018 | 2.53% |
| 2019 | 2.81% |
| 2020 | 0.22% |
| 2021 | 3.28% |
| 2022 | 17.3% |
| 2023 | 8.94% |
| 2024 | 1.27% |
Balance of trade
|
Latvia
|
Rank | |
|---|---|---|
Current account balance
|
-$688M
2024 |
113/189 |
| Current account balance, % of GDP |
-1.58%
2024 |
98/189 |
| Goods imports |
$23.4B
2024 |
75/188 |
| Goods exports |
$20.1B
2024 |
76/188 |
| Service imports |
$5.86B
2024 |
86/188 |
| Service exports |
$8.42B
2024 |
70/188 |
| Imports of goods and services, % of GDP |
67.2%
2024 |
38/180 |
| Exports of goods and services, % of GDP |
64.6%
2024 |
35/193 |
Latvia's top 10 trading partners
Latvia's biggest trading partner accounting for 17.4%% of all exports and imports is Lithuania, with a trade balance between the two of -$917M — Latvia exports $4.42B worth of goods and services to Lithuania and imports $5.33B.
Below is the list of the top 10 trade partners of Latvia.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
Lithuania
|
$9.75B | 17.4% | $4.42B | $5.33B | Machinery & equipment | Raw materials & minerals |
| 2 |
Estonia
|
$5.37B | 9.56% | $2.9B | $2.47B | Machinery & equipment | Machinery & equipment |
| 3 |
Germany
|
$5.3B | 9.44% | $2.1B | $3.2B | Transport & tourism services | Machinery & equipment |
| 4 |
Poland
|
$3.89B | 6.93% | $1.04B | $2.85B | Machinery & equipment | Machinery & equipment |
| 5 |
Sweden
|
$2.73B | 4.86% | $1.71B | $1.02B | Wood & paper products | Machinery & equipment |
| 6 |
Finland
|
$2.26B | 4.02% | $810M | $1.45B | Wood & paper products | Raw materials & minerals |
| 7 |
Netherlands
|
$2.18B | 3.89% | $887M | $1.3B | Chemicals & pharma | Machinery & equipment |
| 8 |
United Kingdom
|
$2.16B | 3.85% | $1.72B | $444M | Wood & paper products | Machinery & equipment |
| 9 |
Russia
|
$1.74B | 3.09% | $1.27B | $470M | Processed food, beverages & tobacco | Raw materials & minerals |
| 10 |
Denmark
|
$1.63B | 2.91% | $1.09B | $544M | Wood & paper products | Machinery & equipment |
Latvia's top 10 exports
|
Latvia
|
Rank | |
|---|---|---|
| Machinery & equipment | $4.75B | 55/193 |
| Transport & tourism services | $3.95B | 78/188 |
| Wood & paper products | $3.65B | 29/192 |
| Business & finance services | $2.33B | 57/188 |
| Processed food, beverages & tobacco | $2.27B | 58/192 |
| Chemicals & pharma | $2.21B | 59/193 |
| Raw materials & minerals | $1.97B | 93/193 |
| Textiles & consumer goods | $1.64B | 66/193 |
| Raw agricultural goods | $1.42B | 62/193 |
| IT & IP services | $1.38B | 55/183 |
Latvia's top 10 imports
|
Latvia
|
Rank | |
|---|---|---|
| Machinery & equipment | $7.22B | 79/193 |
| Raw materials & minerals | $3.44B | 88/193 |
| Chemicals & pharma | $3.23B | 73/193 |
| Transport & tourism services | $2.76B | 87/188 |
| Processed food, beverages & tobacco | $2.65B | 64/193 |
| Business & finance services | $2.14B | 65/188 |
| Textiles & consumer goods | $2B | 76/193 |
| Metals | $1.45B | 84/193 |
| Raw agricultural goods | $1.13B | 80/193 |
| Wood & paper products | $1.03B | 66/193 |
Economic freedom indices
|
Latvia
|
Rank | |
|---|---|---|
| Economic freedom | 71.4 | 30/197 |
| Property rights | 87.8 | 27/182 |
| Government integrity | 66.7 | 27/182 |
| Judicial effectiveness | 72.3 | 27/182 |
| Tax burden | 76.2 | 115/181 |
| Government spending | 46.9 | 142/180 |
| Fiscal health | 67.2 | 99/181 |
| Business freedom | 81.8 | 26/182 |
| Labor freedom | 64 | 39/182 |
| Monetary freedom | 69.5 | 110/180 |
| Trade freedom | 79.6 | 44/181 |
| Investment freedom | 85 | 10/181 |
| Financial freedom | 60 | 51/181 |
Latvia's economic freedom by year
Latvia is ranked 24/180 for economic freedom with a score of 71.4, compared to 40/163 and a score of 66.3 in 2005.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 1996 | 55 | - | 78 | 50.8 | - |
| 1997 | 62.4 | - | 78 | 56.2 | - |
| 1998 | 63.4 | - | 77.5 | 56.2 | - |
| 1999 | 64.2 | - | 77.1 | 56.7 | - |
| 2000 | 63.4 | - | 76.8 | 47.1 | - |
| 2001 | 66.4 | - | 75.5 | 65.3 | - |
| 2002 | 65 | - | 76.8 | 49.6 | - |
| 2003 | 66 | - | 78.3 | 58 | - |
| 2004 | 67.4 | - | 82.2 | 62.2 | - |
| 2005 | 66.3 | - | 83.6 | 52.7 | - |
| 2006 | 66.9 | - | 83.5 | 51 | - |
| 2007 | 67.9 | - | 83.9 | 61.3 | - |
| 2008 | 68.3 | - | 83.4 | 59.2 | - |
| 2009 | 66.6 | - | 82.3 | 58.5 | - |
| 2010 | 66.2 | - | 82.7 | 57.4 | - |
| 2011 | 65.8 | - | 82.5 | 55.5 | - |
| 2012 | 65.2 | - | 84.3 | 43.8 | - |
| 2013 | 66.5 | - | 84.4 | 53.6 | - |
| 2014 | 68.7 | - | 84.6 | 54.9 | - |
| 2015 | 69.7 | - | 84.4 | 59.2 | - |
| 2016 | 70.4 | - | 84.8 | 58.4 | - |
| 2017 | 74.8 | 59.7 | 84.7 | 57.4 | 95 |
| 2018 | 73.6 | 58.9 | 84 | 59 | 95.3 |
| 2019 | 70.4 | 48.4 | 77 | 57.1 | 96.9 |
| 2020 | 71.9 | 51.1 | 76.9 | 58.3 | 96.5 |
| 2021 | 72.3 | 55.9 | 76.7 | 57.6 | 96.6 |
| 2022 | 74.8 | 75.1 | 76.4 | 53.2 | 91.4 |
| 2023 | 72.8 | 64.7 | 76.2 | 49 | 78.9 |
| 2024 | 71.5 | 73 | 76.6 | 48.5 | 67.3 |
| 2025 | 71.4 | 72.3 | 76.2 | 46.9 | 67.2 |
More economic indicators
|
Latvia
|
Rank | |
|---|---|---|
| Services, % of GDP |
63.1%
2024 |
54/191 |
| Industry, % of GDP |
19.9%
2024 |
130/194 |
| Agriculture, forestry, and fishing, % of GDP |
4.1%
2024 |
116/193 |
|
GNI, Atlas method
|
$40.8B
2024 |
99/194 |
| GNI per capita, PPP |
$43,130
2024 |
49/191 |
| Total reserves including gold |
$5.14B
2024 |
98/177 |
|
Net foreign direct investment
|
-$1.26B
2024 |
124/188 |
|
Net inflows of foreign direct investment
|
$1.51B
2024 |
80/193 |
|
Net outflows of foreign direct investment
|
$257M
2024 |
73/187 |
| Poverty at national poverty lines |
22.5%
2022 |
83/176 |
|
Gross capital formation, % of GDP
|
21.2%
2024 |
112/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Latvia topic pages:
Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.