Latvia's Economic Response to Covid-19
The Covid-19 pandemic has negative effect on economic growth in 2020
Private consumption has the largest negative impact in 2020. In accordance with credit rating agencies GDP will start to
recover in the second half of 2021.
Real GDP Growth (seasonally adjusted data, %)
GDP Growth Composition (%)
4.8 5.23.6
3.2 4.14.4 3.73.7
3.6 4.03.3
3.9
3.0
2.4 2.0
2.4.5
1.4 1.8
1.6 1.0
0.6
1.00.7
0.8
0.5
1.8
0.3
4
2.3
1.4
0.6
0.5
0.5
0.3
05
1.8
0.6
1.4
1.4
1.8
1.6
1.3
0.4
0.5
-1.8
-1.8
-1.5
-1.5
-1.2
-0.7
-2.8
-5.9
-8.6
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2014
2015
2014
2015
2016
2017
2018
2019
2020
■Private consumption
2016
Public consumption
2017
2018
Gross capital formation
2019
2020
■Net exports
IQ-o-q
Y-o-y
Source: Central Statistical Bureau of Latvia (02.03.2021.)
1.1%
4.0%
Real GDP Growth
(%)
4.0%
3.3%
2.4%
2.1%
Source: Central Statistical Bureau of Latvia (02.03.2021.)
GDP Growth
(2019, %)
2.1%
EU-28: 1.5 %
2014
2015
2016
2017
2018
2019
-3.6%
2020
Estonia Czech Republic Latvia
AA-/A1/AA AA-/Aa3/AA- A+/A3/A-
Belgium
AA/Aa3/AA-
France
Austria
Finland
AA/Aa2/AA AA+/Aa1/AA+ AA+/Aa1/AA+
Source: Central Statistical Bureau of Latvia (26.02.2021)
10
Source: Eurostat (18.02.2021.)View entire presentation