Output-side Real GDP at chained Purchasing Power Parities for Latvia
RGDPOSLVA666NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
56,079.45
Year-over-Year Change
29.80%
Date Range
1/1/1990 - 1/1/2019
Summary
This economic trend measures the output-side real GDP of Latvia adjusted for purchasing power parity (PPP). It provides a standardized measure of Latvia's economic output and productivity that enables cross-country comparisons.
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 chained Purchasing Power Parities for Latvia is an internationally comparable measure of the country's economic output. It adjusts nominal GDP to account for differences in price levels between Latvia and other countries, allowing analysts to evaluate Latvia's economic performance relative to its global peers.
Methodology
The data is calculated by the World Bank using expenditure-side real GDP converted to international dollars using PPP rates.
Historical Context
This trend is used by economists, policymakers, and international organizations to assess Latvia's economic competitiveness and living standards relative to other countries.
Key Facts
- Latvia's Output-side Real GDP was $59.78 billion in 2021.
- Latvia's GDP per capita on a PPP basis was $31,790 in 2021.
- Latvia's economy grew by 4.5% in 2021 after contracting 3.8% in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the output-side real GDP of Latvia, which is the country's economic output adjusted for differences in purchasing power across countries.
Q: Why is this trend relevant for users or analysts?
A: This trend allows for internationally comparable assessments of Latvia's economic performance and living standards relative to other countries.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using expenditure-side real GDP converted to international dollars using purchasing power parity (PPP) rates.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and international organizations use this trend to evaluate Latvia's economic competitiveness and the living standards of its population compared to other countries.
Q: Are there update delays or limitations?
A: There can be lags of up to a year or more in the availability of this data due to the time required for collection and processing by the World Bank.
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Citation
U.S. Federal Reserve, Output-side Real GDP at chained Purchasing Power Parities for Latvia (RGDPOSLVA666NRUG), retrieved from FRED.