Real GDP at Constant National Prices for Latvia
RGDPNALVA666NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
56,261.55
Year-over-Year Change
6.14%
Date Range
1/1/1990 - 1/1/2019
Summary
The 'Real GDP at Constant National Prices for Latvia' series measures the inflation-adjusted gross domestic product of Latvia over time. This key economic indicator is widely used to assess the overall health and growth of the Latvian 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 metric tracks the total market value of all final goods and services produced within Latvia, adjusted for changes in prices. It is a vital measure of a country's economic performance and a leading indicator used by policymakers, analysts, and investors to evaluate economic conditions and growth trends.
Methodology
The data is calculated by the U.S. Federal Reserve based on national accounts information provided by Latvia's Central Statistical Bureau.
Historical Context
Trends in real GDP are closely monitored by economists and policymakers to inform macroeconomic decisions and assess the effectiveness of fiscal and monetary policies.
Key Facts
- Latvia's real GDP has grown by an average of 3.5% annually over the past decade.
- The Latvian economy contracted by 3.6% in 2020 due to the COVID-19 pandemic.
- Real GDP per capita in Latvia reached $18,700 in 2021, up from $9,200 in 2000.
FAQs
Q: What does this economic trend measure?
A: The 'Real GDP at Constant National Prices for Latvia' series measures the total output of goods and services produced within Latvia, adjusted for inflation, providing a gauge of the country's overall economic performance and growth.
Q: Why is this trend relevant for users or analysts?
A: Real GDP is a crucial indicator used by economists, policymakers, and investors to assess the health and growth trajectory of the Latvian economy, informing macroeconomic decisions and policies.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Federal Reserve based on national accounts information provided by Latvia's Central Statistical Bureau.
Q: How is this trend used in economic policy?
A: Trends in real GDP are closely monitored by the Latvian government and the European Central Bank to evaluate the effectiveness of fiscal and monetary policies and guide macroeconomic decision-making.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real GDP at Constant National Prices for Latvia (RGDPNALVA666NRUG), retrieved from FRED.