Investment Immigration to Latvia UnderstandingLatvia's Economy: The Central Statistical Bureau of Latvia published statistical data on February 27, indicating that the Gross Domestic Product (GDP) of Latvia for 2014 at current prices was 24.1 billion Euros, representing a growth of 2.4% compared to 2013. Among these, the GDP for the fourth quarter of 2014 at current prices was 6.5 billion Euros, adjusted for seasonality, showing a year-on-year growth of 2.1% and a quarter-on-quarter growth of 0.6%.
From the perspective of national economic output (seasonally unadjusted data at constant prices): Compared to 2013, the agricultural, forestry, and fishing sectors grew by 1.5% (accounting for 3.4% of GDP), manufacturing decreased by 0.3% (accounting for 12.2%), mining, quarrying, electricity, gas, water supply, sewage treatment, and waste management sectors decreased by 2.5% (accounting for 4.2%), construction grew by 8.1% (accounting for 6.7%), trade grew by 2.2% (accounting for 14%), transportation and storage grew by 3.2% (accounting for 9.6%), accommodation and food services grew by 3.5% (accounting for 1.7%), information and communications sectors grew by 1.3% (accounting for 4.7%), financial and insurance sectors grew by 4.7% (accounting for 4.3%), real estate sector decreased by 0.7% (accounting for 12.9%), business services grew by 1.4% (accounting for 9.1%), public administration, defense, and compulsory social security grew by 4.5% (accounting for 7.3%), education grew by 1.4% (accounting for 4.7%), health and social services grew by 3.7% (accounting for 3.1%), and the arts and entertainment sector grew by 6.2% (accounting for 2.1%).
From the perspective of national economic expenditure (seasonally unadjusted data at constant prices), compared to 2013, private final consumption in 2014 grew by 2%, with food expenditure growing by 4%, housing expenditure decreasing by 1%, transportation expenditure growing by 2%, and recreational spending growing by 5%. The total gross fixed capital formation grew by 2%. Goods exports increased by 5%, services exports decreased by 5%, goods imports increased by 2%, and services imports decreased by 3%.
