CSB revises GDP data since 1995 and publishes a detailed GDP assessment for 2022

On September 30 a revised estimate of gross domestic product (GDP) for 1995 – 2023 as well as a more detailed GDP data for 2022 were published on the official statistics portal stat.gov.lv

In line with the harmonised European revision policy, on September 30 Central Statistical Bureau (CSB), like most EU countries, has carried out a benchmark revision of GDP data¹ and, in line with the CSB revision policy guidelines, a revised estimate of GDP for 2022 and more detailed GDP data have been published.

During the benchmark revision all time-series of national accounts data from 1995 onwards have been revised. The impact on the GDP result at current prices ranges from -5.3 % to -2.1 % in 1995-2009 and from -3.7 % to -2.0 % in 2010-2021.

Although the benchmark revision has significantly reduced GDP at current prices, the impact on the GDP growth rates is less prominent: from -1.8 percentage points (in 2009) to +0.9 percentage points (in 2005 and 2006). From 2012 to 2021, the impact of revision ranges from -0.1 percentage point to +0.3 percentage points.

At the same time, a detailed calculation of GDP for 2022 was made using annual data sources. 2022 was marked by high economic uncertainty: the beginning of the year was still marked by COVID-19 pandemic, and on February 24 Russia invaded Ukraine, causing turmoil in global markets and leaving a significant impact on the Latvian economy.

The revision of annual GDP data affects quarterly GDP time-series. Based on the revised GDP estimate for 2022, also GDP estimate for 2023 was recalculated and, accordingly, also all quarterly data.

A more detailed description of revisions is available in metadata on the official statistics portal.

Methodological information:

Revisions of the GDP data are carried out to improve the quality of GDP data by updating or introducing new, more detailed data sources into the calculations, as well as to address shortcomings in the methodology used previously. These can be either refinements of the methodology at national level or new methodological guidelines at European level. These revisions contribute to the accuracy, reliability and comparability of GDP data for both domestic and international use.

In case of Latvia, benchmark revision incorporates methodological changes related to work on action points set by Eurostat, the statistical office of the European Union, both in the framework of verification cycle of GNI own resources and in the framework of general government excessive deficit procedure. Other minor changes have been made to the methodology and data sources used.

All national accounts data tables published on the official statistics portal will be gradually revised according to the release calendar.

On 30 September 2025, GDP data for 2023 recalculated from annual data sources will be published.

¹ A benchmark revision– a coordinated data revision at European level, which can lead to significant data revisions across the whole GDP time series. It has to be carried out at least once every five years to incorporate new data sources and/or methodological changes.

Media requests:
Communication Section
E-mail: media@csp.gov.lv
Phone: +371 27880666

More information on the annual data revision:
Inese Medne
Annual National Accounts Section
E-mail: Inese.Medne@csp.gov.lv
Phone: +371 6736679

More information on the quarterly data revision:
Gita Ķiņķevska
Quarterly National Accounts Section
E-mail: Gita.Kinkevska@csp.gov.lv
Phone: +371 67366791