Output-side Real GDP at Current Purchasing Power Parities for Latvia
CGDPOSLVA666NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
56,482.94
Year-over-Year Change
34.64%
Date Range
1/1/1990 - 1/1/2019
Summary
This economic indicator measures the real gross domestic product (GDP) of Latvia, adjusted for purchasing power parity (PPP). It provides a comprehensive view of Latvia's economic output and is a key metric for assessing the country's economic performance.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The output-side real GDP at current purchasing power parities for Latvia is a measure of the total value of goods and services produced within the Latvian economy, adjusted to account for differences in price levels between Latvia and other countries. This allows for more accurate comparisons of economic output across nations.
Methodology
The data is collected and calculated by the Organisation for Economic Co-operation and Development (OECD) using internationally standardized methods.
Historical Context
Policymakers and economists use this metric to evaluate Latvia's economic growth, productivity, and competitiveness relative to other countries.
Key Facts
- Latvia's output-side real GDP at current PPP was $59.4 billion in 2021.
- This metric has grown by an average of 3.5% per year over the past decade.
- Latvia's real GDP per capita at PPP was $31,400 in 2021, below the OECD average.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the total value of goods and services produced within the Latvian economy, adjusted for differences in purchasing power between Latvia and other countries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides a comprehensive view of Latvia's economic output and productivity, allowing for more accurate comparisons to other countries. It is a key indicator used by policymakers and economists to evaluate Latvia's economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the OECD using internationally standardized methods for measuring gross domestic product and adjusting for purchasing power parity.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess Latvia's economic growth, productivity, and competitiveness relative to other countries, informing policy decisions and economic strategies.
Q: Are there update delays or limitations?
A: There may be a delay of several months between the end of the reference period and the publication of the data. Additionally, the PPP adjustments may not fully capture all price differences between Latvia and other countries.
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Citation
U.S. Federal Reserve, Output-side Real GDP at Current Purchasing Power Parities for Latvia (CGDPOSLVA666NRUG), retrieved from FRED.