Location
GDP per capita: 23,368 USD (PPP: 43,867 intl$) (2024)
Income and purchasing power
The average monthly income in Latvia is 1,828 USD per month. This compares to prices and purchasing power compared to the United States.
Cost of Living
Cost of living indices are relative to New York City (NYC = 100). Lower index means lower costs. Data as of November 2025.
How to read: All indices are relative to New York City (NYC = 100). An index of 70 means costs are 30% lower than NYC. Estimated prices are calculated based on NYC reference prices.
Economic performance 2024
| Indicator | Value | Per Capita |
|---|---|---|
| Gross National Product (GNI) | 21,930 USD | |
| GDP (PPP) | 43,867 intl$ |
Largest economic sectors
The main economic sectors in Latvia play a crucial role in the country's economic development and prosperity. These industries contribute significantly to GDP, employment, and overall economic stability.
Primary Sectors
- Banking and financial services
- Construction and real estate
- Manufacturing (metals, steel)
- Information technology
Supporting Sectors
- Logistics and transportation
- Tourism and hospitality
- Agriculture and food processing
- Energy and utilities
Note: Detailed sector breakdown data is being collected and will be updated soon.
Imports and Exports 2024
| Indicator | Latvia | Per Capita |
|---|
Household debt and deficits 2024
| Indicator | Latvia |
|---|---|
| Government debt | 7.4% of GDP |
Corruption in Latvia
The Corruption Perceptions Index (CPI) measures the perceived levels of public sector corruption. The scale ranges from 0 (highly corrupt) to 100 (very clean).
Unemployment rates in percentages 1991 - 2024
The unemployment rate is calculated as the percentage of unemployed persons in the total labor force. Data source: ILOSTAT
| Year | Unemployment Rate (%) |
|---|---|
| 2024 | 6.7% |
| 2023 | 6.5% |
| 2022 | 6.8% |
| 2021 | 7.5% |
| 2020 | 8.1% |
| 2019 | 6.3% |
| 2018 | 7.4% |
| 2017 | 8.7% |
| 2016 | 9.6% |
| 2015 | 9.9% |
| 2014 | 10.8% |
| 2013 | 11.9% |
| 2012 | 15.0% |
| 2011 | 16.2% |
| 2010 | 19.5% |
| 2009 | 17.5% |
| 2008 | 7.7% |
| 2007 | 6.1% |
| 2006 | 7.0% |
| 2005 | 10.0% |
| 2004 | 11.7% |
| 2003 | 12.1% |
| 2002 | 13.8% |
| 2001 | 13.8% |
| 2000 | 14.2% |
| 1999 | 13.8% |
| 1998 | 14.5% |
| 1997 | 17.6% |
| 1996 | 20.7% |
| 1995 | 19.0% |
| 1994 | 18.7% |
| 1993 | 16.7% |
| 1992 | 6.6% |
| 1991 | 2.7% |
Inflation rates in percentages 1992 - 2024
| Year | Inflation Rate (%) |
|---|---|
| 2024 | 1.3% |
| 2023 | 8.9% |
| 2022 | 17.3% |
| 2021 | 3.3% |
| 2020 | 0.2% |
| 2019 | 2.8% |
| 2018 | 2.5% |
| 2017 | 2.9% |
| 2016 | 0.1% |
| 2015 | 0.2% |
| 2014 | 0.6% |
| 2013 | 0.0% |
| 2012 | 2.3% |
| 2011 | 4.4% |
| 2010 | -1.1% |
| 2009 | 3.5% |
| 2008 | 15.4% |
| 2007 | 10.1% |
| 2006 | 6.5% |
| 2005 | 6.7% |
| 2004 | 6.2% |
| 2003 | 2.9% |
| 2002 | 1.9% |
| 2001 | 2.5% |
| 2000 | 2.7% |
| 1999 | 2.4% |
| 1998 | 4.6% |
| 1997 | 8.4% |
| 1996 | 17.6% |
| 1995 | 25.0% |
| 1994 | 35.9% |
| 1993 | 109.0% |
| 1992 | 951.7% |
Frequently Asked Questions
What is the GDP per capita of Latvia in 2024?
The GDP per capita of Latvia is 23,368 USD in 2024. When adjusted for purchasing power parity (PPP), the GDP per capita is 43,867 international dollars. This indicator measures the economic output per person and is a key metric for comparing economic prosperity across countries.
What are the main industries in Latvia?
The main economic sectors in Latvia include banking and financial services, construction and real estate, manufacturing (metals, steel), and information technology. Supporting sectors include logistics and transportation, tourism and hospitality, agriculture and food processing, and energy and utilities. These industries contribute significantly to GDP, employment, and overall economic stability.
What is the inflation rate in Latvia in 2024?
The inflation rate in Latvia is 1.3% in 2024. Inflation measures the rate at which the general level of prices for goods and services rises, eroding purchasing power. This data is updated regularly from reliable sources like the World Bank and IMF.
Explore key economic indicators of Latvia including GDP, inflation, unemployment, and trade data. This page provides up-to-date statistics and visual insights based on official international sources such as World Bank, IMF, and ILO.
Our comprehensive database allows you to compare Latvia's economic performance with other countries and understand global economic trends. Access current economic indicators, historical data, and comparative analysis to gain a deeper understanding of Latvia's economic landscape. For demographic data, visit our population statistics section.
Data Sources
All economic data presented on this page is sourced from reputable international organizations and updated regularly.
- World Bank: GDP, inflation, unemployment, trade, and economic indicators
- IMF (International Monetary Fund): Economic indicators and financial statistics
- OECD: Economic and social statistics
- Transparency International: Corruption perception index
- Numbeo: Cost of living data
Data is updated monthly. Last update: December 2025