Latvia's GDP grew by 4.7% in 2021

The latest flash estimate of the Central Statistical Bureau (CSB) published January 28 shows that in the 4th quarter of 2021, compared to the 4th quarter of 2020, Latvia's gross domestic product (GDP), according to seasonally and calendar non-adjusted data, increased by 3.4 %.

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%.

 

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