Latvia ranked 99/197 by economy size with a GDP of $43.7B and 54/197 by GDP per capita at $23,409. Latvia has $20.4B in government debt, with a debt-to-GDP ratio of 46.8%.
In 2024, Latvia made up 0.04% of the world's economy, compared to 0.02% in 1995.
Latvia GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2024 | $43,684,254,432 | -0.05% |
| 2023 | $42,779,550,937 | -0.94% |
| 2022 | $38,003,198,509 | 1.91% |
| 2021 | $38,183,326,785 | 6.94% |
| 2020 | $33,379,927,435 | -3.47% |
| 2019 | $33,099,503,951 | 0.68% |
| 2018 | $33,247,935,477 | 4.31% |
| 2017 | $29,391,059,767 | 3.4% |
| 2016 | $27,117,105,060 | 2.55% |
| 2015 | $26,344,565,877 | 3.78% |
| 2014 | $30,277,203,767 | 2.09% |
| 2013 | $29,152,128,168 | 2.1% |
| 2012 | $27,116,149,949 | 7.31% |
| 2011 | $26,575,547,901 | 3.04% |
| 2010 | $23,468,324,572 | -3.66% |
| 2009 | $25,691,530,442 | -16% |
| 2008 | $34,135,200,994 | -3.39% |
| 2007 | $29,420,499,248 | 10.4% |
| 2006 | $20,434,922,247 | 12.8% |
| 2005 | $16,306,935,905 | 11.6% |
| 2004 | $13,827,070,379 | 8.73% |
| 2003 | $11,244,337,720 | 8.43% |
| 2002 | $9,249,030,241 | 7.67% |
| 2001 | $8,190,888,740 | 6.46% |
| 2000 | $7,761,252,607 | 5.84% |
| 1999 | $7,324,192,890 | 2.82% |
| 1998 | $6,974,112,951 | 6.55% |
| 1997 | $6,349,481,007 | 9.17% |
| 1996 | $5,799,465,288 | 2.3% |
| 1995 | $5,608,208,785 | -0.94% |
| 1994 | - | 2.19% |
| 1993 | - | -4.98% |
| 1992 | - | -32.1% |
| 1991 | - | -12.6% |
Data sources: World Bank | Economy & Growth (1991–2024, retrieved 2026-04-06).
GeoRank.org/economy/latvia | CC BY 
Latvia GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2024 | $23,409 | $43,394 |
| 2023 | $22,710 | $42,576 |
| 2022 | $20,221 | $40,559 |
| 2021 | $20,262 | $36,912 |
| 2020 | $17,564 | $32,741 |
| 2019 | $17,295 | $32,199 |
| 2018 | $17,252 | $29,818 |
| 2017 | $15,132 | $25,764 |
| 2016 | $13,839 | $24,063 |
| 2015 | $13,322 | $22,544 |
| 2014 | $15,186 | $21,554 |
| 2013 | $14,484 | $20,474 |
| 2012 | $13,329 | $19,417 |
| 2011 | $12,903 | $17,680 |
| 2010 | $11,188 | $16,373 |
| 2009 | $11,996 | $15,545 |
| 2008 | $15,678 | $17,443 |
| 2007 | $13,371 | $16,246 |
| 2006 | $9,212 | $14,180 |
| 2005 | $7,284 | $12,826 |
| 2004 | $6,110 | $11,319 |
| 2003 | $4,915 | $10,193 |
| 2002 | $4,004 | $9,569 |
| 2001 | $3,505 | $8,808 |
| 2000 | $3,278 | $7,849 |
| 1999 | $3,064 | $7,256 |
| 1998 | $2,894 | $6,922 |
| 1997 | $2,610 | $6,366 |
| 1996 | $2,360 | $5,688 |
| 1995 | $2,257 | $5,391 |
| 1994 | - | $5,012 |
| 1993 | - | $4,722 |
| 1992 | - | $4,760 |
| 1991 | - | $6,762 |
| 1990 | - | $7,448 |
Data sources: World Bank | Economy & Growth (1990–2024, retrieved 2026-04-06).
GeoRank.org/economy/latvia | CC BY
Latvia has a GDP per capita of $23,409, ranking 54/197, a GDP per capita based on purchasing power parity (PPP) of $43,394, ranking 53/197, and a median annual after tax income of $17,033, ranking 52/197.
Latvia GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2024 | 98 | 51 | 48 |
| 2023 | 96 | 49 | 50 |
| 2022 | 101 | 52 | 48 |
| 2021 | 96 | 48 | 48 |
| 2020 | 99 | 49 | 46 |
| 2019 | 101 | 54 | 51 |
| 2018 | 98 | 55 | 49 |
| 2017 | 100 | 57 | 57 |
| 2016 | 101 | 57 | 55 |
| 2015 | 102 | 59 | 58 |
| 2014 | 101 | 56 | 63 |
| 2013 | 100 | 58 | 64 |
| 2012 | 102 | 59 | 67 |
| 2011 | 101 | 61 | 67 |
| 2010 | 101 | 62 | 68 |
| 2009 | 94 | 55 | 69 |
| 2008 | 82 | 55 | 63 |
| 2007 | 82 | 54 | 66 |
| 2006 | 87 | 60 | 67 |
| 2005 | 91 | 62 | 66 |
| 2004 | 90 | 60 | 68 |
| 2003 | 93 | 62 | 71 |
| 2002 | 96 | 70 | 72 |
| 2001 | 100 | 74 | 74 |
| 2000 | 102 | 78 | 78 |
| 1999 | 101 | 78 | 78 |
| 1998 | 98 | 79 | 77 |
| 1997 | 102 | 82 | 79 |
| 1996 | 105 | 83 | 83 |
| 1995 | 104 | 87 | 85 |
| 1994 | - | - | 84 |
| 1993 | - | - | 89 |
| 1992 | - | - | 88 |
| 1991 | - | - | 69 |
| 1990 | - | - | 62 |
Data sources: World Bank | Economy & Growth (1990–2024, retrieved 2026-04-06).
GeoRank.org/economy/latvia | CC BY
Compared with 2000, in 2024 Latvia is ranked 98th out of 182 by GDP (up from 102nd), 51st by GDP per capita (up from 78th), and 48th by GDP per capita PPP (up from 78th).
Economic indicators
Latvia
|
Rank | |
|---|---|---|
| Gross domestic product |
$43.7B
2024 |
99/197 |
| GDP growth |
-0.05%
2023-2024 |
174/194 |
| GDP per capita |
$23,409
2024 |
54/197 |
| GDP per capita, PPP |
$43,394
2024 |
53/197 |
| Government debt |
$20.4B
2024 |
99/185 |
| Debt-to-GDP ratio |
46.8%
2024 |
116/185 |
| Government debt per person |
$10,945
2024 |
53/185 |
| Average annual personal income after taxes |
$17,033
2026 |
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 |
44.5%
2024 |
35/195 |
| Consumer prices inflation |
1.27%
2023-2024 |
161/195 |
| Unemployment rate |
6.88%
2024 |
67/196 |
| Population |
1829763
|
149/197 |
Government spending, deficit, and debt by year
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2024 | 44.5% | 46.8% | -1.82% |
| 2023 | 43.1% | 44.6% | -3.38% |
| 2022 | 43.5% | 44.4% | -3.94% |
| 2021 | 44.6% | 45.9% | -5.71% |
| 2020 | 42.6% | 44% | -3.85% |
| 2019 | 39% | 37.9% | -0.39% |
| 2018 | 39.4% | 38.3% | -0.77% |
| 2017 | 37.8% | 40.3% | -0.85% |
| 2016 | 37.4% | 41.7% | -0.41% |
| 2015 | 38.7% | 38.3% | -1.57% |
| 2014 | 39.2% | 43.1% | -1.74% |
| 2013 | 38.7% | 41.8% | -0.58% |
| 2012 | 38.6% | 44.4% | 0.18% |
| 2011 | 41.2% | 46.8% | -3.38% |
| 2010 | 43.6% | 48.2% | -6.56% |
| 2009 | 43.6% | 37.6% | -7.14% |
| 2008 | 38.2% | 19.3% | -3.29% |
| 2007 | 34.8% | 9% | 0.63% |
| 2006 | 35.5% | 10.7% | -0.48% |
| 2005 | 35.8% | 12.5% | -1.06% |
| 2004 | 34.8% | 15.3% | -1.04% |
| 2003 | 34.4% | 15.4% | -1.67% |
| 2002 | 35.4% | 15.4% | -2.59% |
| 2001 | 35% | 17.8% | -2.03% |
| 2000 | 37% | 15.1% | -2.57% |
| 1999 | 40.4% | 14.8% | -3.54% |
| 1998 | 38.1% | 9.81% | -0.66% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20).
GeoRank.org/economy/latvia | CC BY
This chart shows Latvia's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 27 years, Latvia recorded a fiscal deficit in 25 of them, with an average annual deficit equal to 2.23% of GDP. In 2024, government spending reached $19.4B (44.5% of GDP), with a deficit of 1.82%.
The national debt reached $20.4B, ranking 99th out of 185 countries by total size, with a debt-to-GDP ratio of 46.8%, ranking 116th.
Inflation rate by year
| Year | Inflation |
|---|---|
| 2024 | 1.27% |
| 2023 | 8.94% |
| 2022 | 17.3% |
| 2021 | 3.28% |
| 2020 | 0.22% |
| 2019 | 2.81% |
| 2018 | 2.53% |
| 2017 | 2.93% |
| 2016 | 0.14% |
| 2015 | 0.17% |
| 2014 | 0.62% |
| 2013 | -0.03% |
| 2012 | 2.26% |
| 2011 | 4.37% |
| 2010 | -1.08% |
| 2009 | 3.53% |
| 2008 | 15.4% |
| 2007 | 10.1% |
| 2006 | 6.54% |
| 2005 | 6.75% |
| 2004 | 6.19% |
| 2003 | 2.94% |
| 2002 | 1.94% |
| 2001 | 2.49% |
| 2000 | 2.65% |
| 1999 | 2.36% |
| 1998 | 4.64% |
| 1997 | 8.45% |
| 1996 | 17.6% |
| 1995 | 25% |
| 1994 | 35.9% |
| 1993 | 109% |
| 1992 | 952% |
Data sources: World Bank | Economy & Growth (1992–2024, retrieved 2026-04-06).
GeoRank.org/economy/latvia | CC BY
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 above shows consumer price inflation by year.
Balance of trade
|
Latvia
|
Rank | |
|---|---|---|
|
Current account balance
|
-$688M
2024 |
115/190 |
| Current account balance, % of GDP |
-1.57%
2024 |
101/190 |
| Goods imports |
$23.4B
2024 |
75/189 |
| Goods exports |
$20.1B
2024 |
77/189 |
| Service imports |
$5.86B
2024 |
86/189 |
| Service exports |
$8.42B
2024 |
71/189 |
| Imports of goods and services, % of GDP |
66.9%
2024 |
40/181 |
| Exports of goods and services, % of GDP |
65.3%
2024 |
35/193 |
Latvia 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 |
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 |
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 | 71.6 | 31/197 |
| Property rights | 88.8 | 24/182 |
| Government integrity | 67.7 | 31/182 |
| Judicial effectiveness | 70.9 | 46/182 |
| Tax burden | 70.9 | 139/182 |
| Government spending | 42.7 | 147/180 |
| Fiscal health | 80.8 | 76/181 |
| Business freedom | 80.7 | 28/182 |
| Labor freedom | 60.5 | 47/182 |
| Monetary freedom | 76.3 | 64/180 |
| Trade freedom | 79.4 | 45/181 |
| Investment freedom | 80 | 15/181 |
| Financial freedom | 60 | 52/181 |
Economic freedom by year
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2026 | 71.6 | 70.9 | 70.9 | 42.7 | 80.8 |
| 2025 | 71.4 | 72.3 | 76.2 | 46.9 | 67.2 |
| 2024 | 71.5 | 73 | 76.6 | 48.5 | 67.3 |
| 2023 | 72.8 | 64.7 | 76.2 | 49 | 78.9 |
| 2022 | 74.8 | 75.1 | 76.4 | 53.2 | 91.4 |
| 2021 | 72.3 | 55.9 | 76.7 | 57.6 | 96.6 |
| 2020 | 71.9 | 51.1 | 76.9 | 58.3 | 96.5 |
| 2019 | 70.4 | 48.4 | 77 | 57.1 | 96.9 |
| 2018 | 73.6 | 58.9 | 84 | 59 | 95.3 |
| 2017 | 74.8 | 59.7 | 84.7 | 57.4 | 95 |
| 2016 | 70.4 | - | 84.8 | 58.4 | - |
| 2015 | 69.7 | - | 84.4 | 59.2 | - |
| 2014 | 68.7 | - | 84.6 | 54.9 | - |
| 2013 | 66.5 | - | 84.4 | 53.6 | - |
| 2012 | 65.2 | - | 84.3 | 43.8 | - |
| 2011 | 65.8 | - | 82.5 | 55.5 | - |
| 2010 | 66.2 | - | 82.7 | 57.4 | - |
| 2009 | 66.6 | - | 82.3 | 58.5 | - |
| 2008 | 68.3 | - | 83.4 | 59.2 | - |
| 2007 | 67.9 | - | 83.9 | 61.3 | - |
| 2006 | 66.9 | - | 83.5 | 51 | - |
| 2005 | 66.3 | - | 83.6 | 52.7 | - |
| 2004 | 67.4 | - | 82.2 | 62.2 | - |
| 2003 | 66 | - | 78.3 | 58 | - |
| 2002 | 65 | - | 76.8 | 49.6 | - |
| 2001 | 66.4 | - | 75.5 | 65.3 | - |
| 2000 | 63.4 | - | 76.8 | 47.1 | - |
| 1999 | 64.2 | - | 77.1 | 56.7 | - |
| 1998 | 63.4 | - | 77.5 | 56.2 | - |
| 1997 | 62.4 | - | 78 | 56.2 | - |
| 1996 | 55 | - | 78 | 50.8 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).
GeoRank.org/economy/latvia | CC BY
Latvia is ranked 25/174 for economic freedom with a score of 71.6, compared to 37/162 and a score of 66.9 in 2006.
Other economic metrics
|
Latvia
|
Rank | |
|---|---|---|
| Services, % of GDP |
64.6%
2024 |
48/191 |
| Industry, % of GDP |
18.5%
2024 |
140/194 |
| Agriculture, forestry, and fishing, % of GDP |
4.04%
2024 |
115/193 |
|
GNI, Atlas method
|
$40.4B
2024 |
99/194 |
| GNI per capita, PPP |
$42,660
2024 |
50/191 |
| Total reserves including gold |
$5.14B
2024 |
98/177 |
|
Net foreign direct investment
|
-$1.26B
2024 |
125/189 |
|
Net inflows of foreign direct investment
|
$1.51B
2024 |
83/193 |
|
Net outflows of foreign direct investment
|
$257M
2024 |
73/193 |
| Poverty at national poverty lines |
22.5%
2022 |
83/176 |
|
Gross capital formation, % of GDP
|
20.9%
2024 |
112/178 |
Compare Latvia vs other countries
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/latvia | CC BY
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Data sources:
- World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06)
- The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
- International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2023–2024, retrieved 2026-02-08)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
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.