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Latvia Economic Statistics (2026)

1992

2026

2031

Source: IMF World Economic Outlook · Updated May 2026

1992

2026

2031

What to know

Latvia produces $45,840 per person (PPP) in 2026, a high-income economy. The economy is worth about $54 billion in total. Over the past five years it has grown at about 2.0% a year. Inflation is 3.0% and unemployment 6.7%. Government debt is 47% of GDP. Its current account is in deficit, at 3.6% of GDP.

Key statistics for 2026

GDP per capita (PPP)

$45,840

GDP growth

+2.2%

Inflation rate

3.0%

Unemployment

6.7%

Key terms

GDP: — Gross Domestic Product, the total value of goods and services produced in a country annually.
GDP PPP: — GDP adjusted for purchasing power parity, reflecting what money actually buys in each country.
GDP per capita: — GDP divided by population, a measure of average economic output per person.
Inflation rate: — Annual percentage increase in the general price level of goods and services.
Fiscal balance: — Government revenue minus expenditure. Surplus if positive, deficit if negative.
Current account: — Net flow of goods, services, and transfers with the rest of the world.

Output & Growth

Total GDP is $54 billion, with steady growth of 2.2% in 2026.

Living Standards

GDP per capita is $28,913 in nominal terms, but $45,840 when adjusted for local purchasing power, indicating lower prices than in the US.

Prices & Employment

The economy is experiencing moderate inflation at 3.0% and moderate unemployment at 6.7%.

Government Finances

Government debt is moderate at 47% of GDP. The government spends more than it collects (revenue: 41.5%, expenditure: 44.9% of GDP).

External & Fiscal Balance

The country is running a fiscal deficit of 3.3% of GDP and a current-account deficit of 3.6% of GDP.

The bottom line

Latvia is a high-income economy with GDP per capita (PPP) of $45,840.

Source: IMF World Economic Outlook · Updated May 2026

What to know

Latvia produces $45,840 per person (PPP) in 2026, a high-income economy. The economy is worth about $54 billion in total. Over the past five years it has grown at about 2.0% a year. Inflation is 3.0% and unemployment 6.7%. Government debt is 47% of GDP. Its current account is in deficit, at 3.6% of GDP.

Key statistics for 2026

GDP per capita (PPP)

$45,840

GDP growth

+2.2%

Inflation rate

3.0%

Unemployment

6.7%

Key terms

GDP: — Gross Domestic Product, the total value of goods and services produced in a country annually.
GDP PPP: — GDP adjusted for purchasing power parity, reflecting what money actually buys in each country.
GDP per capita: — GDP divided by population, a measure of average economic output per person.
Inflation rate: — Annual percentage increase in the general price level of goods and services.
Fiscal balance: — Government revenue minus expenditure. Surplus if positive, deficit if negative.
Current account: — Net flow of goods, services, and transfers with the rest of the world.

The bottom line

Latvia is a high-income economy with GDP per capita (PPP) of $45,840.

Russian Federation

Belarus

Lithuania

Estonia

What to know

Key statistics for 2026

The bottom line

Russian Federation

Belarus

Lithuania

Estonia

What to know

Key statistics for 2026

The bottom line