Latvia Economic and Fiscal Outlook

80 60 06 90 2015Q1 2015Q2 100 2015Q3 TERMS OF TRADE STILL FAVOURABLE DESPITE SURGING ENERGY PRICES Energy price shock is cushioned by strong global price growth in several large export categories Terms of Trade (2015-100) TOP3 product group in the structure of export and import of goods in 2021 (% of total) 150 100% ➡Export price 23.7% y-o-y 90% 140 -Import price 80% -Terms of trade 130 70% 21.9% y-o-y 60% 120 50% 110 40% 2015Q4 2016Q1 2016Q2 22 Source: Central Statistical Bureau of Latvia. 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 30% 14 20% 10% 19 0% Source: Central Statistical Bureau of Latvia. Export Import ■ Wood Food and agriculture Other Mineral fuels Other 11

View entire presentation