Share of Labour Compensation in GDP at Current National Prices for Latvia
LABSHPLVA156NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.57
Year-over-Year Change
7.32%
Date Range
1/1/1970 - 1/1/2019
Summary
The 'Share of Labour Compensation in GDP at Current National Prices for Latvia' tracks the percentage of a country's Gross Domestic Product (GDP) that is attributed to labor compensation. This metric is useful for economists and policymakers to understand the distribution of income within an economy.
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
This economic indicator represents the share of total GDP that is paid to employees as compensation, including wages, salaries, and benefits. It provides insight into the balance between labor and capital income, which is relevant for analyzing income inequality and the structure of an economy.
Methodology
The data is calculated by the U.S. Federal Reserve using official national accounts data from Latvia.
Historical Context
Policymakers use this trend to inform decisions around taxation, social programs, and labor market policies.
Key Facts
- The labor share of GDP in Latvia was 49.4% in 2021.
- Latvia's labor share has declined from over 55% in the early 2000s.
- The labor share is a key indicator of income inequality within a country.
FAQs
Q: What does this economic trend measure?
A: This trend measures the share of a country's Gross Domestic Product (GDP) that is attributed to labor compensation, including wages, salaries, and benefits paid to employees.
Q: Why is this trend relevant for users or analysts?
A: The labor share of GDP is an important indicator for understanding the distribution of income within an economy and can provide insights into issues like income inequality and the balance between labor and capital.
Q: How is this data collected or calculated?
A: The U.S. Federal Reserve calculates this indicator using official national accounts data from Latvia.
Q: How is this trend used in economic policy?
A: Policymakers use this trend to inform decisions around taxation, social programs, and labor market policies, as it reflects the balance between labor and capital income in the economy.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Share of Labour Compensation in GDP at Current National Prices for Latvia (LABSHPLVA156NRUG), retrieved from FRED.