Compared to the 3rd quarter of 2021, GDP decreased by 0.1 % according to seasonally and calendar adjusted data.
The figures mean that compared to 2020, Latvia's GDP increased by 4.7% in the whole of 2021. However, it should be noted that the figures are subject to revision in a detailed release on adjusted GDP and changes in the 4th quarter that will be published on February 28.
However, unless there is a surprisingly large correction, the figures suggest the Latvian economy has bounced back strongly from the negative 3.6% GDP contraction of 2020 when the Covid crisis first hit. In 2019 full-year GDP was 2.5% and in 2018 the figure was 4%.