In 2023, Latvia's GDP composition showcased a diverse structure: Services led with 43.98%, followed by Wholesale, retail trade, restaurants, and hotels at 16.82%. Mining, Manufacturing, and Utilities comprised 16.17%, Transport, storage, and communication made up 13.71%, while Construction and Agriculture contributed 5.34% and 3.97% respectively. Notable year-on-year variations highlighted the resilience of the Services sector, whereas sectors like Agriculture experienced modest growth. Over the past five years, the average annual growth rate showcased a strong Services sector with a stable trajectory in Wholesale and Retail trades.
Future trends indicate potential growth in the technology-driven sectors within Services, influenced by digital transformation. Sustainable practices may recalibrate Agriculture and Manufacturing with an increased focus on eco-friendly initiatives. Observations should be maintained on geopolitical influences and global economic conditions that might redirect trade and consumption patterns, impacting Latvia's sectoral GDP composition.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 43.98 | 2016 | |
| 2 | 2 Wholesale, retail trade, restaurants and hotels | 16.82 | 2016 | |
| 3 | 3 Mining, Manufacturing, Utilities | 16.17 | 2016 | |
| 4 | 4 Transport, storage and communication | 13.71 | 2016 | |
| 5 | 5 Construction | 5.34 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 3.97 | 2016 |
