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1. • • We at Fitch Solutions now see Latvia growing by 1.7% in 2022 (previous forecast 2.3%) before contracting by 0.8% in 2023 (previous forecast 0.4% growth).
     Reference:

     Latvia Headed For Recession, Full-Year Contraction Expected ...

2. People also ask

   How did Latvia's economy perform in 2021?

   • In 2021, Latvia’s economy grew by 4.5% surpassing its pre-pandemic level. However, the recovery has been uneven – while goods exports and public consumption spearheaded the recovery, household consumption remained subdued and exports of services remained significantly below their pre-crisis level.

   10. LATVIA Latvia - Real GDP growth and contributions 7 2 -3 -8 14 15

   ec.europa.eu/economy_finance/forecasts/2022/spring/ecfin_forecast_spring_2022_lv_en.pdf

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   Will Latvia's GDP grow in 2022?

   • LATVIA Latvia entered 2022 with a solid growth momentum, with consumption, investment and exports set for a strong showing. However, due to Latvia’s relatively high exposure to trade with Russia, GDP growth is expected to slow to 2.0% in 2022.

   10. LATVIA Latvia - Real GDP growth and contributions 7 2 -3 -8 14 15

   ec.europa.eu/economy_finance/forecasts/2022/spring/ecfin_forecast_spring_2022_lv_en.pdf

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   What is Latvia's macroeconomic outlook for 2024?

   • The latest macroeconomic forecast for Latvia. After a 0.3% contraction in 2023, GDP growth is forecast to rebound to 1.7% in 2024. Private consumption is set to recover, supported by strong wage growth, whereas public expenditure is expected to remain strong, through additional financing for healthcare and research.

   Economic forecast for Latvia - European Commission - Economy and Fin…

   economy-finance.ec.europa.eu/economic-surveillance-eu-economies/latvia/economic-forecast-latvia_en

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   Will Latvia's government deficit increase in 2022?

   • The general government deficit is expected to remain elevated at 7.2% of GDP in 2022, due to sizeable support to mitigate the impact of high energy prices and to ensure security of national energy supply, and to decline to 3.0% of GDP in 2023. In 2021, Latvia’s economy grew by 4.5% surpassing its pre-pandemic level.

   10. LATVIA Latvia - Real GDP growth and contributions 7 2 -3 -8 14 15

   ec.europa.eu/economy_finance/forecasts/2022/spring/ecfin_forecast_spring_2022_lv_en.pdf

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   How will Russia's invasion affect Latvia's growth in 2022 & 2023?

   • While Latvia was on course for another year of strong growth, driven by recovering household consumption and rapid growth in EU-funded investment, Russia’s invasion of Ukraine has profoundly changed Latvia’s growth prospects for both 2022 and 2023. The war’s impact will play out through two main channels – a loss of trade and spiking prices.

   10. LATVIA Latvia - Real GDP growth and contributions 7 2 -3 -8 14 15

   ec.europa.eu/economy_finance/forecasts/2022/spring/ecfin_forecast_spring_2022_lv_en.pdf

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   How did Latvia perform in the first half of 2021?

   • The first half of 2021 saw a recovery in economic activity. Latvia recorded a milder GDP decline in 2020 than the EU average. The effects of the Covid-19 pandemic were mitigated by stable exports to Nordic trading partner countries and the country’s relatively limited dependence on tourism.

   LATVIA Highlights • The economy is recovering after a moderate decline

   www.ebrd.com/publications/transition-report-202122-latvia

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3. www.baltictimes.com › latvia_s_economic_growth_toLatvia's economic growth to exceed EU average this year ...

   www.baltictimes.com › latvia_s_economic_growth_to

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   May 15, 2024 · RIGA - Latvia's economy will grow by 1.7 percent this year, exceeding the European Union (EU) average, according to forecasts by the European Commission (EC), says Valdis Dombrovskis (New Unity), the EC's Executive Vice President for Economic Affairs.

4. economy-finance.ec.europa.eu › economicEconomic forecast for Latvia - European Commission

   economy-finance.ec.europa.eu › economic

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   After a 0.3% contraction in 2023, GDP growth is forecast to rebound to 1.7% in 2024. Private consumption is set to recover, supported by strong wage growth, whereas public expenditure is expected to remain strong, through additional financing for healthcare and research.

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6. www.baltictimes.com › economic_growth_in_latviaEconomic growth in Latvia might resume in mid-2023 ...

   www.baltictimes.com › economic_growth_in_latvia

   • Cached

   Jan 30, 2023 · CSB said that in fourth quarter of last year, Latvia's GDP was affected by a drop of 3.3 percent in producing sectors, but in services sectors there was a growth of 0.7 percent, which means that in 2022, the Latvian economy grew by 1.8 percent.

7. ec.europa.eu › economy_finance › forecasts10. LATVIA Latvia - Real GDP growth and contributions 7 2 -3 ...

   ec.europa.eu › economy_finance › forecasts

   In 2021, Latvia’s economy grew by 4.5% surpassing its pre-pandemic level. However, the recovery has been uneven – while goods exports and public consumption spearheaded the recovery, household consumption remained subdued and exports of services remained significantly below their pre-crisis level.

8. www.swedbank-research.com › english › flash_latviaWith inflation low and purchasing power expected to recover ...

   www.swedbank-research.com › english › flash_latvia

   Jan 29, 2024 · ground by the autumn, economic growth will return this year. In our January Swedbank Economic Outlook we forecast GDP to increase by 1.4% in 2024. Declining interest rates will boost recovery in trade partners as well support private investment in Latvia, resulting in higher growth in 2025 (2.7%).

9. www.ebrd.com › transition-report-202122-latviaLATVIA Highlights • The economy is recovering after a ...

   www.ebrd.com › transition-report-202122-latvia

   2.4 per cent quarter-on-quarter, surpassing pre-Covid-19 crisis levels, while the manufacturing and energy sectors have been recovering from the beginning of the year. An additional positive signal comes from data on retail trade turnover, which from May 2021 exceeded comparable 2019 levels.

10. ec.europa.eu › economy_finance › forecastsGraph II.10.1: Latvia - Real GDP growth and contributions

    ec.europa.eu › economy_finance › forecasts

    Latvia’s economy is set to rebound strongly in 2021 thanks to sizeable government support measures and solid export performance.