Europe & Central Asia · High income
Latvia: the economy in numbers
Per person: $26,312, or $46,137 at purchasing power parity. Population: 1.85 million (2025).
GDP in 2025, current US dollars: #100 of 204 economies. IMF forecast for 2026: +2.3%.
GDP
Adjusted for US inflation, in 2025 dollars: $11.9 billion in 1995, $48.6 billion in 2025.
GDP per capita
In 2025 dollars: $4,772 per person in 1995, $26,312 in 2025.
Real GDP growth
Average over 2016–2025: 1.7% a year. Years of falling GDP since 1991: 10 of 35.
Source: International Monetary Fund, World Economic Outlook (October 2026)
Inflation
Consumer prices rose 2.74 times from 2000 to 2025. Highest annual inflation: 951.7% in 1992. Years with inflation above 100%: 2. The chart cuts the scale at 100%; “Full scale” shows everything.
Source: International Monetary Fund, World Economic Outlook (October 2026)
Government debt, % of GDP
Highest since 1998: 48.2% of GDP in 2010. IMF forecast for 2031: 54.9%.
Source: World Bank, World Development Indicators (CC BY 4.0)
Population
1960: 2.12 million · 2025: 1.85 million.
Unemployment rate
1991: 2.7% · 2025: 6.6%.
Life expectancy at birth
1960: 69.8 years · 2024: 76.4 years.
Exports of goods and services
1995: 35.7% · 2025: 62.6%.
Data by year
Show the year-by-year table
| Year | GDP | GDP per capita | Per capita, PPP | Real growth | Inflation | Gov. debt, % GDP | Population | Unemployment | Life expectancy | Exports, % GDP |
|---|---|---|---|---|---|---|---|---|---|---|
| 2031 | 2.0%f | 2.2%f | 54.9%f | |||||||
| 2030 | 2.0%f | 2.3%f | 53.4%f | |||||||
| 2029 | 2.0%f | 2.6%f | 51.8%f | |||||||
| 2028 | 2.1%f | 3.3%f | 50.3%f | |||||||
| 2027 | 1.8%f | 3.9%f | 48.6%f | |||||||
| 2026 | 2.3%f | 3.6%f | 47.0%f | |||||||
| 2025 | $48.6B | $26,312 | $46,137 | 2.1% | 3.7% | 46.9% | 1.85M | 6.6% | 62.6% | |
| 2024 | $44B | $23,579 | $43,873 | −0.0% | 1.3% | 46.2% | 1.87M | 6.9% | 76.4 | 64.9% |
| 2023 | $42.8B | $22,710 | $42,784 | −0.9% | 8.9% | 44.4% | 1.88M | 6.5% | 75.4 | 66.0% |
| 2022 | $38B | $20,221 | $40,546 | 1.9% | 17.3% | 44.4% | 1.88M | 6.8% | 74.3 | 77.5% |
| 2021 | $38.2B | $20,262 | $36,912 | 6.9% | 3.3% | 45.9% | 1.88M | 7.5% | 73.0 | 66.8% |
| 2020 | $33.4B | $17,564 | $32,741 | −3.5% | 0.2% | 44.0% | 1.9M | 8.1% | 75.2 | 62.7% |
| 2019 | $33.1B | $17,295 | $32,199 | 0.7% | 2.8% | 37.9% | 1.91M | 6.3% | 75.4 | 62.5% |
| 2018 | $33.2B | $17,252 | $29,818 | 4.3% | 2.5% | 38.3% | 1.93M | 7.4% | 74.8 | 63.9% |
| 2017 | $29.4B | $15,132 | $25,764 | 3.4% | 2.9% | 40.3% | 1.94M | 8.7% | 74.6 | 64.1% |
| 2016 | $27.1B | $13,839 | $24,063 | 2.6% | 0.1% | 41.7% | 1.96M | 9.6% | 74.6 | 61.9% |
| 2015 | $26.3B | $13,322 | $22,544 | 3.8% | 0.2% | 38.3% | 1.98M | 9.9% | 74.5 | 62.6% |
| 2014 | $30.3B | $15,186 | $21,554 | 2.1% | 0.6% | 43.1% | 1.99M | 10.8% | 74.1 | 63.6% |
| 2013 | $29.2B | $14,484 | $20,474 | 2.1% | −0.0% | 41.8% | 2.01M | 11.9% | 74.0 | 62.6% |
| 2012 | $27.1B | $13,329 | $19,417 | 7.3% | 2.3% | 44.4% | 2.03M | 15.0% | 73.8 | 63.8% |
| 2011 | $26.6B | $12,903 | $17,680 | 3.0% | 4.4% | 46.8% | 2.06M | 16.2% | 73.6 | 61.8% |
| 2010 | $23.5B | $11,188 | $16,373 | −3.7% | −1.1% | 48.2% | 2.1M | 19.5% | 73.5 | 54.4% |
| 2009 | $25.7B | $11,996 | $15,545 | −16.0% | 3.5% | 37.6% | 2.14M | 17.5% | 73.1 | 43.4% |
| 2008 | $34.1B | $15,678 | $17,443 | −3.4% | 15.4% | 19.3% | 2.18M | 7.7% | 72.4 | 41.2% |
| 2007 | $29.4B | $13,371 | $16,246 | 10.4% | 10.1% | 9.0% | 2.2M | 6.1% | 71.0 | 40.4% |
| 2006 | $20.4B | $9,212 | $14,180 | 12.8% | 6.5% | 10.7% | 2.22M | 7.0% | 70.9 | 42.0% |
| 2005 | $16.3B | $7,284 | $12,826 | 11.6% | 6.7% | 12.5% | 2.24M | 10.0% | 71.4 | 44.8% |
| 2004 | $13.8B | $6,110 | $11,319 | 8.7% | 6.2% | 15.3% | 2.26M | 11.7% | 72.0 | 40.6% |
| 2003 | $11.2B | $4,915 | $10,193 | 8.4% | 2.9% | 15.4% | 2.29M | 12.1% | 71.3 | 37.7% |
| 2002 | $9.25B | $4,004 | $9,569 | 7.7% | 1.9% | 15.4% | 2.31M | 13.8% | 71.0 | 37.8% |
| 2001 | $8.19B | $3,505 | $8,808 | 6.5% | 2.5% | 17.8% | 2.34M | 13.8% | 70.8 | 38.8% |
| 2000 | $7.76B | $3,278 | $7,849 | 5.8% | 2.7% | 15.1% | 2.37M | 14.2% | 70.3 | 37.7% |
| 1999 | $7.32B | $3,064 | $7,256 | 2.8% | 2.4% | 14.8% | 2.39M | 13.8% | 69.7 | 36.0% |
| 1998 | $6.97B | $2,894 | $6,922 | 6.6% | 4.6% | 9.8% | 2.41M | 14.5% | 69.0 | 40.3% |
| 1997 | $6.35B | $2,610 | $6,366 | 9.2% | 8.4% | 2.43M | 14.9% | 69.3 | 40.8% | |
| 1996 | $5.8B | $2,360 | $5,688 | 2.3% | 17.6% | 2.46M | 20.7% | 68.8 | 41.6% | |
| 1995 | $5.61B | $2,257 | $5,391 | −0.9% | 25.0% | 2.49M | 19.0% | 66.4 | 35.7% | |
| 1994 | $5,012 | 2.2% | 35.9% | 2.52M | 18.7% | 65.7 | ||||
| 1993 | $4,722 | −5.0% | 109.0% | 2.56M | 16.7% | 66.7 | ||||
| 1992 | $4,760 | −32.1% | 951.7% | 2.61M | 6.6% | 68.4 | ||||
| 1991 | $6,762 | −12.6% | 2.65M | 2.7% | 69.0 | |||||
| 1990 | $7,448 | 2.66M | 69.3 | |||||||
| 1989 | 2.67M | 70.2 | ||||||||
| 1988 | 2.65M | 70.6 | ||||||||
| 1987 | 2.63M | 70.7 | ||||||||
| 1986 | 2.6M | 70.6 | ||||||||
| 1985 | 2.58M | 69.3 | ||||||||
| 1984 | 2.56M | 69.2 | ||||||||
| 1983 | 2.55M | 69.1 | ||||||||
| 1982 | 2.53M | 69.3 | ||||||||
| 1981 | 2.52M | 68.8 | ||||||||
| 1980 | 2.51M | 68.8 | ||||||||
| 1979 | 2.51M | 68.5 | ||||||||
| 1978 | 2.5M | 69.0 | ||||||||
| 1977 | 2.49M | 69.1 | ||||||||
| 1976 | 2.47M | 69.0 | ||||||||
| 1975 | 2.46M | 68.9 | ||||||||
| 1974 | 2.44M | 69.7 | ||||||||
| 1973 | 2.42M | 69.8 | ||||||||
| 1972 | 2.4M | 69.9 | ||||||||
| 1971 | 2.38M | 70.2 | ||||||||
| 1970 | 2.36M | 69.8 | ||||||||
| 1969 | 2.34M | 69.8 | ||||||||
| 1968 | 2.32M | 70.0 | ||||||||
| 1967 | 2.3M | 70.4 | ||||||||
| 1966 | 2.28M | 70.7 | ||||||||
| 1965 | 2.27M | 70.7 | ||||||||
| 1964 | 2.24M | 71.0 | ||||||||
| 1963 | 2.21M | 69.8 | ||||||||
| 1962 | 2.18M | 69.4 | ||||||||
| 1961 | 2.15M | 70.0 | ||||||||
| 1960 | 2.12M | 69.8 |
e: IMF estimate; f: IMF forecast.
Nearby economies in Europe & Central Asia
Nearest by distance between capitals, with GDP per capita.
Albania · Andorra · Armenia · Austria · Azerbaijan · Belarus · Belgium · Bosnia and Herzegovina · Bulgaria · Channel Islands · Croatia · Cyprus · Czechia · Denmark · Estonia · Faroe Islands · Finland · France · Georgia · Germany · Gibraltar · Greece · Greenland · Hungary · Iceland · Ireland · Isle of Man · Italy · Kazakhstan · Kosovo · Kyrgyzstan · Latvia · Liechtenstein · Lithuania · Luxembourg · Moldova · Monaco · Montenegro · Netherlands · North Macedonia · Norway · Poland · Portugal · Romania · Russia · San Marino · Serbia · Slovakia · Slovenia · Spain · Sweden · Switzerland · Tajikistan · Turkmenistan · Türkiye · Ukraine · United Kingdom · Uzbekistan
Rankings
GDP by country · GDP per capita · Real GDP growth · Inflation by country · Government debt to GDP · Stock market to GDP · Population by country · Unemployment by country
Data and methods
- GDP: gross domestic product in current US dollars, converted from the local currency at market exchange rates (World Bank); not adjusted for inflation.
- Purchasing power parity (PPP): GDP per person in international dollars, which buy the same basket of goods and services in every country. It compares living standards across countries in the same year; it is not adjusted for inflation over time.
- In 2025 dollars: the charts can remove US inflation (US consumer price index, annual average) so that dollar amounts from different years compare in today's money. Exchange rate swings still show.
- Growth and inflation: World Bank data (calendar years). Years the World Bank does not cover yet, and the estimates and forecasts, come from the IMF World Economic Outlook (October 2026): its forecasts start in 2026, and the years after a country's last actual year are IMF estimates.
- Government debt: gross debt of the general government (central, state and local government and social security funds) as a percentage of GDP, IMF. The World Bank's central government debt is narrower and covers fewer countries.
- Stock market capitalization: the end-of-year value of domestic companies listed on the country's exchanges (World Federation of Exchanges via the World Bank; before 2016, Standard & Poor's), as a percentage of GDP: the “Buffett indicator”. Investment funds are excluded, and so are companies listed only abroad; companies from elsewhere that list on an exchange count for its country (Hong Kong lists many mainland Chinese companies).
- Unemployment: ILO modeled estimates (share of the labor force); comparable across countries, but they may differ from national figures.
Source: World Bank, World Development Indicators (CC BY 4.0)
Source: International Monetary Fund, World Economic Outlook (October 2026)