Latvia GDP is very significant for the Latvia Economy, which records a constant increase in its growth rate. The agricultural sector contributes 4% of the GDP; the industrial sector contributes nearly 22% of the total GDP, while the service sector accounts for 74% of the Latvia GDP.
Latvia GDP between 1996 to 1998
Important development were noticeable in the Latvia GDP in between 1996 to 1998 when the GDP increased by 6%. There has been continuous improvement in the economic condition of Latvia, although the GDP was partly affected by the financial crisis in Latvia and Russia.
Growth of Latvia GDP
The Ministry of Economics of Latvia aimed to achieve 7% growth in the Gross Domestic Product by 2001. In reality the GDP of Latvia increased by 8.2% in the year 2001, which was much ahead of the set target. The year 2004 witnessed an even further growth in the Latvia GDP, while the rate of inflation in the country remained within control. This rapid and huge growth rate in the GDP of Latvia was made possible by the well framed fiscal policies and measures. The Latvia GDP increased by 8.2 % in 2004 as a result of continuous national demand. It has been estimated by the International Monetary Fund that the Gross Domestic Product of Latvia will record a growth rate of 10.5 % in the year 2007.
In spite of the fact that Latvia GDP remains unpredictable, it will continue to be one of the highest among the European countries