Latvia | GDP, PPP (current international $)
This indicator provides values for gross domestic product (GDP) expressed in current international dollars, converted by purchasing power parity (PPP) conversion factor.
GDP is the sum of gross value added by all resident producers in the country plus any product taxes and minus any subsidies not included in the value of the products. PPP conversion factor is a spatial price deflator and currency converter that eliminates the effects of the differences in price levels between countries.
From April 2020, “GDP: linked series (current LCU)” [NY.GDP.MKTP.CN.AD] is used as underlying GDP in local currency unit so that it’s in line with time series of PPP conversion factors for GDP, which are extrapolated with linked GDP deflators. Statistical concept and methodology: Typically, higher income countries have higher price levels, while lower income countries have lower price levels (Balassa-Samuelson effect). Market exchange rate-based cross-country comparisons of GDP at its expenditure components reflect both differences in economic outputs (volumes) and prices. Given the differences in price levels, the size of higher income countries is inflated, while the size of lower income countries is depressed in the comparison. PPP-based cross-country comparisons of GDP at its expenditure components only reflect differences in economic outputs (volume), as PPPs control for price level differences between the countries. Hence, the comparison reflects the real size of the countries.
For more information on underlying GDP in local currency, please refer to the metadata for “GDP: linked series (current LCU)” [NY.GDP.MKTP.CN.AD]. For more information on underlying PPP conversion factor, please refer to the metadata for "PPP conversion factor, GDP (LCU per international $)" [PA.NUS.PPP].
For the concept and methodology of PPP, please refer to the International Comparison Program (ICP)’s website (https://www.worldbank.org/en/programs/icp).
Publisher
The World Bank
Origin
Republic of Latvia
Records
63
Source
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| 1995 | 13712401278.232 |
| 1996 | 14274144869.215 |
| 1997 | 15783361316.025 |
| 1998 | 17035304613.816 |
| 1999 | 17703496314.025 |
| 2000 | 19036465478.774 |
| 2001 | 21141932580.963 |
| 2002 | 23289297251.173 |
| 2003 | 25308143623.913 |
| 2004 | 27788283403.993 |
| 2005 | 31150317379.25 |
| 2006 | 35176514739.387 |
| 2007 | 40130864612.149 |
| 2008 | 42617061830.414 |
| 2009 | 36461137241.582 |
| 2010 | 37140956327.296 |
| 2011 | 39646381265.509 |
| 2012 | 43311586458.397 |
| 2013 | 45564452972.434 |
| 2014 | 47483513479.836 |
| 2015 | 49384358752.254 |
| 2016 | 52362211192.174 |
| 2017 | 55691171159.272 |
| 2018 | 59505432397.623 |
| 2019 | 62800661019.178 |
| 2020 | 62367871376.136 |
| 2021 | 65523035965.145 |
| 2022 | 74846923036.931 |
Latvia | GDP, PPP (current international $)
This indicator provides values for gross domestic product (GDP) expressed in current international dollars, converted by purchasing power parity (PPP) conversion factor.
GDP is the sum of gross value added by all resident producers in the country plus any product taxes and minus any subsidies not included in the value of the products. PPP conversion factor is a spatial price deflator and currency converter that eliminates the effects of the differences in price levels between countries.
From April 2020, “GDP: linked series (current LCU)” [NY.GDP.MKTP.CN.AD] is used as underlying GDP in local currency unit so that it’s in line with time series of PPP conversion factors for GDP, which are extrapolated with linked GDP deflators. Statistical concept and methodology: Typically, higher income countries have higher price levels, while lower income countries have lower price levels (Balassa-Samuelson effect). Market exchange rate-based cross-country comparisons of GDP at its expenditure components reflect both differences in economic outputs (volumes) and prices. Given the differences in price levels, the size of higher income countries is inflated, while the size of lower income countries is depressed in the comparison. PPP-based cross-country comparisons of GDP at its expenditure components only reflect differences in economic outputs (volume), as PPPs control for price level differences between the countries. Hence, the comparison reflects the real size of the countries.
For more information on underlying GDP in local currency, please refer to the metadata for “GDP: linked series (current LCU)” [NY.GDP.MKTP.CN.AD]. For more information on underlying PPP conversion factor, please refer to the metadata for "PPP conversion factor, GDP (LCU per international $)" [PA.NUS.PPP].
For the concept and methodology of PPP, please refer to the International Comparison Program (ICP)’s website (https://www.worldbank.org/en/programs/icp).
Publisher
The World Bank
Origin
Republic of Latvia
Records
63
Source