Latvia's Economic Response to Covid-19
The labour market has been negatively affected by the Covid-19, is expected to return to
growth in the second half of 2021
The government took swift actions to mitigate the unemployment growth during Covid-19 crisis; productivity growth is on
the rise.
20
20
15
10
5
0
Unemployment: Headline Rate
Participation and Employment Rates (age 15-64, %)
80
60
75
70
0
55
65
60
60
55
2011
2012
2013
2014
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Headline unemployment
2015
Participation rate
2016
2017
2018
2019
2020
Employment rate
Source: Eurostat (18.02.2021.)
Real Productivity Growth Per Worker
(2014-2019 average, %)
2.6
Latvia
A+/A3/A-
Czech
AA-/Aa3/AA-
Estonia
AA-/A1/AA-
France
AA/Aa2/AA
Belgium
AA/Aa3/AA-
Austria
AA+/Aa1/AA+
Source: Eurostat (18.02.2021.)
11
Source: Central Statistical Bureau of Latvia data (02.03.2021.)
Average Monthly Wage For Full-time Job (Y-o-y, %)
10
2
1
19876543N HO
0
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
■Real Net Wages
Q2'19
Q3'19
Q4'19
Q1'20
Q2'20
Q3'20
Q4'20
■Gross Nominal Wages
Source: Central Statistical Bureau of Latvia data (02.03.2021.)View entire presentation