External balance on goods and services as a percent of GDP in Latvia
Latvia: External balance on goods and services as a percent of GDP was -4.6% in 2025. ◆ Volatile
External balance on goods and services as a percent of GDP in Latvia, 1995–2025
Source: National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data. Measured in % of GDP.
Analysis
Latvia recorded -4.6% for external balance on goods and services as a percent of gdp in 2025.
The figure is down 189.3% on the previous year and down 285.1% over ten years.
Over the whole period, external balance on goods and services as a percent of gdp in Latvia peaked at 1.4% in 2020 and was at its lowest, -21.8%, in 2006.
Latvia ranks 105th of 191 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services as a percent of GDP in Latvia, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1995 | -4.9% | — |
| 1996 | -9.3% | +89.6% |
| 1997 | -9.3% | +0.1% |
| 1998 | -12.4% | +33.6% |
| 1999 | -10.1% | -18.7% |
| 2000 | -8.2% | -19.0% |
| 2001 | -10.6% | +29.6% |
| 2002 | -10.5% | -1.1% |
| 2003 | -13.1% | +25.2% |
| 2004 | -16.0% | +22.0% |
| 2005 | -14.9% | -6.7% |
| 2006 | -21.8% | +46.2% |
| 2007 | -20.1% | -7.7% |
| 2008 | -13.3% | -33.9% |
| 2009 | -2.0% | -84.7% |
| 2010 | -2.1% | +4.5% |
| 2011 | -6.1% | +187.7% |
| 2012 | -5.5% | -9.5% |
| 2013 | -4.5% | -18.4% |
| 2014 | -2.9% | -36.0% |
| 2015 | -1.2% | -59.0% |
| 2016 | 0.5% | -144.3% |
| 2017 | -0.4% | -182.5% |
| 2018 | -0.5% | +13.9% |
| 2019 | -0.2% | -55.9% |
| 2020 | 1.4% | -758.6% |
| 2021 | -3.2% | -321.1% |
| 2022 | -4.9% | +54.1% |
| 2023 | -3.7% | -25.1% |
| 2024 | -1.6% | -56.8% |
| 2025 | -4.6% | +189.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | -9.2% | -12.4% | -4.9% | 5 |
| 2000s | -13.0% | -21.8% | -2.0% | 10 |
| 2010s | -2.3% | -6.1% | 0.5% | 10 |
| 2020s | -2.7% | -4.9% | 1.4% | 6 |
Countries ranked near Latvia
More economy & growth data for Latvia
- Foreign direct investment, net outflows (BoP, current US$), gaps 317.22 million BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0065 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita 171.67 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 243.70 million BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -83.9 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.005 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita 131.89 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 18.65 % change on previous year (2025)
- Total reserves (includes gold, current US$), per unit of GDP 0.1255 includes gold, current US$ per US$ of GDP (2025)
- Total reserves (includes gold, current US$), per capita 3,301 includes gold, current US$ per person (2025)
Frequently asked questions
- What is external balance on goods and services as a percent of gdp in Latvia?
- External balance on goods and services as a percent of gdp in Latvia was -4.6% in 2025, according to National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data.
- What is the highest external balance on goods and services as a percent of gdp recorded in Latvia?
- The highest recorded value was 1.4% in 2020.
- What is the lowest external balance on goods and services as a percent of gdp recorded in Latvia?
- The lowest recorded value was -21.8% in 2006.
- How does Latvia rank for external balance on goods and services as a percent of gdp?
- Latvia ranks 105th out of 191 countries with data for 2025.
- Is external balance on goods and services as a percent of gdp rising or falling in Latvia?
- Over the last ten years it is down 285.1%. The long-run trend across the full record is volatile.
- Where does this Latvia data come from?
- The figures come from National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data, published as part of External balance on goods and services as a percent of GDP. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 31 observations, free to reuse under CC BY 4.0 (Our World in Data).
About this data
Exports of goods and services minus imports of goods and services divided by gross domestic product, expressed as a percentage.