According to seasonally unadjusted data, compared with the 4th quarter of 2013, the GDP in the 4th quarter of 2014 grew by 1.9%.
The GDP increase was affected by a rise in trade of 2% and in construction by 3%.
But in services sector turnover mainly remained at the same level as the 4th quarter of 2013.
Manufacturing turnover decreased by 2%.
Commenting on the data, Swedbank said: "In line with our expectations, Latvia’s annual GDP growth slowed to 1.9% in the fourth quarter of 2014 from 2.4% in the previous quarter.
In 2014, GDP thus grew by 2.4%.
"We forecast 1.9% growth this year, i.e., lower than last year. This is mostly explained by anticipated deep recession in Russia and substantial depreciation of the rouble.
"This will diminish exports to Russia and weaken investment activity. Yet, export to other countries (where growth is expected to pick up) is forecast to increase."