Nominal GDP for Latvia was US$38.9bn in 2021, down from US$33.5bn in 2020. The Latvian population was estimated at 1.9m in 2021 according to the IMF, while Lithuania is Latvia’s biggest trading partner.

Variables Surveyed for Latvia

Variables covered in our monthly analysis of Latvia include:

  • Gross Domestic Product (GDP)
  • Private Consumption
  • Gross Fixed Investment
  • Industrial Production
  • Consumer Price Inflation
  • General Government Budget Balance
  • Merchandise Exports
  • Merchandise Imports
  • Trade Balance
  • Current Account Balance
  • Monthly Inflation Forecasts

Consensus Forecasts for Latvia

Individual panellist forecasts are shown for each of the variables surveyed, along with the consensus (mean) forecast. The rows of forecasts are ranked by the GDP growth estimate for the current year, highest to lowest. In the hard copy and pdf version of the publication, we also show selected “comparison forecasters”  including the IMF, OECD, and European Commission. The table below shows a small example set of forecasts for GDP Growth and Consumer Prices (CPI), taken from our survey of September 2022.

Source: Eastern Europe Conensus Forecasts, September 2022

Special Surveys

In addition to the regular surveys for the variables listed above we also undertake a number of Special Surveys for Latvia on topics such as:

Main Data Sources for Latvia

  • Central Statistical Bureau Republic of Latvia: The CSB is a direct administration body subordinated to the Ministry of Economics, and acting as the main performer and coordinator of the official statistical work in Latvia
  • Latvijas Banka: The Bank of Latvia is the central bank of Latvia. It is among the nation's key public institutions and carries out economic functions as prescribed by law. It was established in 1922.

Comprehensive Forecasts Coverage

Consensus Economics has collected forecasts for more than 30 years, building up a comprehensive catalogue of historical forecasts data. Please enquire at should you wish to find out more about these data offerings, pricing and the different platforms by which you can access them.