Nomad Watch
LV

Latvia

Northern Europe EU Schengen EUR

LV · LVA · #122 · 9 cities

Nomad score 61/100 Compare

Key indicators

GDP per capita (PPP) (2031)
$66,462
GDP (2031)
$69.1B
GDP growth (2031)
2.4% →
Inflation (2031)
2.2% →
Unemployment (2031)
6.3% →
Population (2031)
1.8M
Population growth (2031)
-0.2% →
Gini index (2023)
34.0
Government debt (2031)
53.5% of GDP
Current account (2031)
-3.6% of GDP
FDI inflows (2025)
$243.7M
Life expectancy (2024)
76.4 yrs
Health spending (2023)
7.3% of GDP
Internet users (2024)
92.7%
Mobile subscriptions (2024)
121.3/100
Trade openness (2025)
129.7% of GDP
Exchange rate (2025)
0.89/USD
Foreign reserves (2025)
$6.1B
Source: World Bank + IMF World Economic Outlook. Most recent data: 2031.

GDP overview

Nominal GDP and real growth. Dashed = IMF forecast.

GDP per capita (PPP)

Purchasing power parity adjusted, in international dollars

Inflation (CPI)

Unemployment

ILO modeled estimate

Population

Fiscal and trade

Government debt (2031)
53.5% of GDP
Current account (2031)
-3.6% of GDP
FDI inflows (2025)
$243.7M

Income inequality (Gini)

Gini index (2023)
0.34
Assessment
Moderate inequality
Source: World Bank PIP via OWID. 0 = perfect equality, 1 = maximum inequality.

Business environment

New business density (2024)
7.02/1k
Tax revenue (2024)
17.7% of GDP
Services sector (2025)
64.3% of GDP

Financial access and costs

ATMs per 100k (2024)
55.9
Bank branches per 100k (2024)
4.4
ICT service exports (2025)
19.0%
Goods and services tax (2024)
16.7%

Historical data

Historical economic data
Year GDP GDP/cap PPP Growth Inflation Unemp. Population Gini Debt Curr. acct FDI Life exp. Health Internet FX rate
2031 * $69.1B $66,462 2.4% 2.2% 6.3% 1.8M - 53.5% -3.6% - - - - -
2030 * $65.9B $63,190 2.4% 2.2% 6.3% 1.8M - 52.2% -3.6% - - - - -
2029 * $62.8B $60,098 2.4% 2.2% 6.4% 1.8M - 50.8% -3.8% - - - - -
2028 * $59.8B $57,149 2.4% 2.9% 6.5% 1.8M - 49.6% -3.8% - - - - -
2027 * $56.7B $54,108 2.4% 2.7% 6.5% 1.9M - 48.5% -3.6% - - - - -
2026 * $53.7B $51,084 2.2% 3.0% 6.7% 1.9M - 47.4% -3.6% - - - - -
2025 $48.6B $46,137 2.1% 3.8% 6.9% 1.9M - 46.9% -3.4% $243.7M - - - 0.89
2024 $44.0B $43,873 0.0% 1.3% 6.9% 1.9M - 46.2% -1.5% $1.5B 76.4 - 92.7% 0.92
2023 $42.8B $42,784 -0.9% 9.1% 6.5% 1.9M 34.0 44.4% -3.8% $1.7B 75.4 7.3% 92.2% 0.92
2022 $38.0B $40,546 1.9% 17.2% 6.9% 1.9M 33.7 44.4% -5.5% $1.2B 74.3 8.1% 91.0% 0.95
2021 $38.2B $36,912 6.9% 3.2% 7.6% 1.9M 34.3 45.9% -4.1% $3.7B 73.0 9.4% 91.2% 0.85
2020 $33.4B $32,741 -3.5% 0.1% 8.1% 1.9M 35.7 44.0% 3.0% $939.4M 75.2 7.5% 88.9% 0.88
2019 $33.1B $32,199 0.7% 2.7% 6.3% 1.9M 34.5 37.9% -0.2% $1.1B 75.4 6.9% 86.1% 0.89
2018 $33.3B $29,818 4.3% 2.6% 7.4% 1.9M 35.1 38.3% -0.4% $439.1M 74.8 6.4% 83.6% 0.85
2017 $29.4B $25,764 3.4% 2.9% 8.7% 2.0M 35.6 40.3% 1.5% $1.2B 74.6 6.2% 80.1% 0.89
2016 $27.1B $24,063 2.6% 0.1% 9.6% 2.0M 34.3 41.7% 1.8% $335.4M 74.6 6.4% 79.8% 0.90
2015 $26.3B $22,544 3.8% 0.2% 9.9% 2.0M 34.2 38.3% -0.1% $812.8M 74.5 5.9% 79.2% 0.90
2014 $30.3B $21,554 2.1% 0.7% 10.8% 2.0M 35.1 43.1% -1.5% $1.0B 74.1 5.7% 75.8% 0.75
2013 $29.2B $20,474 2.1% 0.0% 11.9% 2.0M 35.5 41.8% -2.9% $989.3M 74.0 5.6% 75.2% 0.53
2012 $27.1B $19,417 7.3% 2.3% 15.0% 2.0M 35.2 44.4% -3.9% $1.1B 73.8 5.6% 73.1% 0.55
2011 $26.8B $17,680 3.0% 4.2% 16.2% 2.1M 35.8 46.8% -3.5% $1.5B 73.6 5.9% 69.8% 0.50
2010 $23.5B $16,373 -3.7% -1.2% 19.5% 2.1M 35.0 48.2% 1.7% $475.0M 73.5 6.2% 68.4% 0.53
2009 $25.8B $15,545 -16.0% 3.3% 17.6% 2.2M 35.9 37.6% 7.9% -$150.0M 73.1 6.3% 66.8% 0.51
2008 $34.3B $17,443 -3.4% 15.3% 7.7% 2.2M 37.2 19.3% -12.9% $1.4B 72.4 5.9% 63.4% 0.48
2007 $29.5B $16,246 10.4% 10.1% 6.1% 2.2M 37.5 9.0% -21.8% $2.7B 71.0 5.8% 59.2% 0.51
2006 $20.5B $14,180 12.8% 6.6% 7.0% 2.2M 35.6 10.7% -21.9% $1.7B 70.9 6.0% 53.6% 0.56
2005 $16.3B $12,826 11.6% 6.9% 10.0% 2.3M 39.0 12.5% -12.3% $809.9M 71.4 6.1% 46.0% 0.56
Source: World Bank + IMF World Economic Outlook. * = IMF forecast.

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