Lettland BIP Veränderung zum Vorjahr

Latvia's economy contracted by 1.6% year-on-year in the third quarter of 2024, less than preliminary estimates of a 2.4% decline but worsening from a downwardly revised 0.5% drop in the previous quarter. This also marked the steepest contraction since Q3 2020, driven by a sharp decline in gross fixed capital formation (-5.1%). On the other hand, household expenditure increased (1.1%), as well as the government spending (7.7%). On net external demand, exports of goods grew by 0.5%, and imports increased by 0.2%. On a seasonally adjusted quarterly basis, the economy dropped 0.2% in Q3 2024, easing slightly from a 0.3% decline and compared to preliminary estimates of a 0.4% drop.