June 13, 2022
Despite Russia’s invasion of Ukraine, the economic situation in Latvia remains strong. Latvia’s GDP increased by 6.7 percent in Q1 2022 compared to Q1 2021.
Latvia’s GDP climbed by 3.6 percent in the third quarter. The economy of Latvia is now 4.6 percent larger than it was before the Covid-19 pandemic. Given the price increase, Latvia’s GDP is up to 20% higher in euros than it was at the end of 2019. This is a rather rapid increase, according to boli, but the good news is that the situation did not change considerably in April and May.
Residents’ spending continues to rise, according to the economist. By the end of April, Covid-19 limits had been abolished in service sectors, foreign demand in industrial sectors was strong, households had savings, and the state was still compensating for energy resource price growth. At the same time, unemployment is decreasing on the labor market, wages are increasing, and the detrimental impact of the Ukraine conflict has yet to be realized.
Source: BNN Baltic News Network
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