by 2022 and returning to the pre-crisis level at the end of 2021, with significant differences across sectors. The Latvian economy entered a phase of fiscal contraction during the second half of 2008 after an extended period of credit-based speculation and unrealistic inflation of real estate values. "Latvia: Gross Domestic Product (Gdp) in Current Prices from 1994 to 2021 (in Billion International Dollars). Foreign investment in Latvia is still modest compared with the levels in north-central Europe. The GDP value of Latvia represents 0.03 percent of the world economy. Services exports are affected heavily as tourist flows and passenger transportation by air ceased due to the imposed state of emergency restrictions. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Substantial economic changes occurred following Latvia’s independence in 1991, as the country transitioned to a market economy. Please update this article to reflect recent events or newly available information. Latvian pupils triumph at International Economics Olympiad, Rīga remains most affordable of Baltic capitals for housing, Experts discuss shorter working week in Latvia, Minimum social contribution payments planned from 2021, Fintech sector accounts for one fifth of all Latvian startups, Finance watchdog: Latvia must be smart with EU money, 70.2 million granted for exporting and tourism employee salaries, Fiscal Discipline Council: COVID-19 aid must not burden future budget, Latvian central bank: COVID crisis is changing people's payment habits, Economics Ministry wants to ditch self-isolation, Government agrees on basics of 2021 budget in Latvia, Producer prices in August stayed same in Latvia, Latvia has invested most available EU funds in projects, Latvian-Estonian wind park could be ready by 2030, In August actual unemployment rate was 8.6%, registered – 8.2%, Road Safety week ends in tragic accidents, More Re:Baltica revelations show Latvian involvement in UK company formation schemes, Latvian pharmaceutical company Grindeks to build new plant, Levits submits draft law for preservation of Latvian historical lands, Baltic States to impose sanctions on more Belarusian officials, Danish architects to shape part of future Rīga skyline, Riga Photography Biennial exhibition ‘On Photographic Beings’ opens October 3, Twenty-two new cases of COVID-19 found in Latvia, University of Latvia needs campus to boost ratings, says rector, Survey shows many Latvians not averse to smuggled goods, Podcast: Anna Andersone on the importance of touch, More foreign students than expected in Latvia's universities, Seven Latvian schools have had COVID-19 so far, Latvian and Lithuanian Foreign Ministers talk Baltic Bubble, COVID-19 outbreak traced to food company 'Forevers' in Latvia.

The use of different national income standards across Europe has an impact on cross-country comparability and in some cases leads to an underestimation of GDP. The Latvian economy grew by 5.5% in 2011[39] and by 5.6% in 2012 reaching the highest rate of growth in Europe. The centrally planned system of the Soviet period was replaced with a structure based on free-market principles. After 2000, Latvian GDP grew by 6–8% a year for 4 consecutive years.