Gross domestic product (GDP) in Latvia
Latvia: Gross domestic product (GDP) was 65.02 billion international-$ in 2021 prices in 2023. ▲ Rising
Latest (2023)
65.02 billion international-$ in 2021 prices
Change on year
up 2.4%
World rank
106th
of 184 countries
All-time high
65.02 billion international-$ in 2021 prices
in 2023
All-time low
26.11 billion international-$ in 2021 prices
in 1995
Years of data
34
1990–2023
Gross domestic product (GDP) in Latvia, 1990–2023
Source: Feenstra et al. – Penn World Table (2025) – with major processing by Our World in Data. Measured in international-$ in 2021 prices.
Analysis
Latvia recorded 65.02 billion international-$ in 2021 prices for gross domestic product (gdp) in 2023. That is the highest value across all 34 years on record.
That represents a change of up 2.4% on the previous year and up 32.1% over ten years.
Over the whole period, gross domestic product (gdp) in Latvia peaked at 65.02 billion international-$ in 2021 prices in 2023 and was at its lowest, 26.11 billion international-$ in 2021 prices, in 1995.
Latvia ranks 106th of 184 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 34 years of available data.
Gross domestic product (GDP) in Latvia, year by year
| Year | international-$ in 2021 prices | Change |
|---|---|---|
| 1990 | 48.74 billion international-$ in 2021 prices | — |
| 1991 | 43.64 billion international-$ in 2021 prices | -10.5% |
| 1992 | 30.51 billion international-$ in 2021 prices | -30.1% |
| 1993 | 27.07 billion international-$ in 2021 prices | -11.3% |
| 1994 | 26.85 billion international-$ in 2021 prices | -0.8% |
| 1995 | 26.11 billion international-$ in 2021 prices | -2.7% |
| 1996 | 26.20 billion international-$ in 2021 prices | +0.3% |
| 1997 | 27.43 billion international-$ in 2021 prices | +4.7% |
| 1998 | 29.45 billion international-$ in 2021 prices | +7.4% |
| 1999 | 30.88 billion international-$ in 2021 prices | +4.9% |
| 2000 | 32.21 billion international-$ in 2021 prices | +4.3% |
| 2001 | 34.37 billion international-$ in 2021 prices | +6.7% |
| 2002 | 35.99 billion international-$ in 2021 prices | +4.7% |
| 2003 | 36.18 billion international-$ in 2021 prices | +0.5% |
| 2004 | 37.29 billion international-$ in 2021 prices | +3.1% |
| 2005 | 40.68 billion international-$ in 2021 prices | +9.1% |
| 2006 | 43.72 billion international-$ in 2021 prices | +7.5% |
| 2007 | 47.23 billion international-$ in 2021 prices | +8.0% |
| 2008 | 48.48 billion international-$ in 2021 prices | +2.7% |
| 2009 | 43.37 billion international-$ in 2021 prices | -10.5% |
| 2010 | 44.16 billion international-$ in 2021 prices | +1.8% |
| 2011 | 47.09 billion international-$ in 2021 prices | +6.7% |
| 2012 | 49.93 billion international-$ in 2021 prices | +6.0% |
| 2013 | 49.22 billion international-$ in 2021 prices | -1.4% |
| 2014 | 51.22 billion international-$ in 2021 prices | +4.1% |
| 2015 | 53.02 billion international-$ in 2021 prices | +3.5% |
| 2016 | 54.22 billion international-$ in 2021 prices | +2.2% |
| 2017 | 57.07 billion international-$ in 2021 prices | +5.3% |
| 2018 | 58.30 billion international-$ in 2021 prices | +2.2% |
| 2019 | 61.48 billion international-$ in 2021 prices | +5.4% |
| 2020 | 60.47 billion international-$ in 2021 prices | -1.6% |
| 2021 | 62.90 billion international-$ in 2021 prices | +4.0% |
| 2022 | 63.49 billion international-$ in 2021 prices | +0.9% |
| 2023 | 65.02 billion international-$ in 2021 prices | +2.4% |
Latvia compared with similar countries
- Latvia's 65.02 billion international-$ in 2021 prices is below the median for high income countries, which is 277.84 billion international-$ in 2021 prices, 23% of the median. (66 countries reporting)
- Latvia's 65.02 billion international-$ in 2021 prices is below the median for Europe & Central Asia, which is 314.74 billion international-$ in 2021 prices, 21% of the median. (48 countries reporting)
Biggest year-on-year movements
Years where Gross domestic product (GDP) in Latvia changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1992 | -30.1% | 43.64 billion international-$ in 2021 prices | 30.51 billion international-$ in 2021 prices |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 31.69 billion international-$ in 2021 prices | 26.11 billion international-$ in 2021 prices | 48.74 billion international-$ in 2021 prices | 10 |
| 2000s | 39.95 billion international-$ in 2021 prices | 32.21 billion international-$ in 2021 prices | 48.48 billion international-$ in 2021 prices | 10 |
| 2010s | 52.57 billion international-$ in 2021 prices | 44.16 billion international-$ in 2021 prices | 61.48 billion international-$ in 2021 prices | 10 |
| 2020s | 62.97 billion international-$ in 2021 prices | 60.47 billion international-$ in 2021 prices | 65.02 billion international-$ in 2021 prices | 4 |
Countries ranked near Latvia
- 103 El Salvador 70.95 billion international-$ in 2021 prices compare
- 104 Kyrgyzstan 69.96 billion international-$ in 2021 prices compare
- 105 Honduras 68.60 billion international-$ in 2021 prices compare
- 107 Laos 64.50 billion international-$ in 2021 prices compare
- 108 Luxembourg 62.79 billion international-$ in 2021 prices compare
- 109 Armenia 61.47 billion international-$ in 2021 prices compare
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 gross domestic product (gdp) in Latvia?
- Gross domestic product (gdp) in Latvia was 65.02 billion international-$ in 2021 prices in 2023, according to Feenstra et al. – Penn World Table (2025) – with major processing by Our World in Data.
- What is the highest gross domestic product (gdp) recorded in Latvia?
- The highest recorded value was 65.02 billion international-$ in 2021 prices in 2023.
- What is the lowest gross domestic product (gdp) recorded in Latvia?
- The lowest recorded value was 26.11 billion international-$ in 2021 prices in 1995.
- How does Latvia rank for gross domestic product (gdp)?
- Latvia ranks 106th out of 184 countries with data for 2023.
- Is gross domestic product (gdp) rising or falling in Latvia?
- Over the last ten years it is up 32.1%. The long-run trend across the full record is rising.
- Where does this Latvia data come from?
- The figures come from Feenstra et al. – Penn World Table (2025) – with major processing by Our World in Data, published as part of Gross domestic product (GDP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 34 observations, free to reuse under CC BY 4.0 (Our World in Data).
About this data
Total economic output of a country or region per year. This data is adjusted for inflation and differences in living costs between countries.