The commercial industrial gas market in Latvia reached $36.5 million in 2016. This is up from $23.5 million in 2006, indicating an average annual growth rate of 4.3% p.a. for the decade. Growth has been relatively steady and the Latvian market represents the largest in the Baltic region.
In 2016, Latvian GDP reached $27.7 billion, with average growth coming in at a comfortable 2.7% over the past 5 years. However, Latvian GDP declined in 2015 to the lowest level since 2010. Like many European countries, the global recession heavily impacted Latvia’s economy and lasted for two years. In 2009, GDP dropped by -14.3% p.a. With the help of a $10 billion bailout from the International Monetary Fund and the European Union recovery did ensue. However, GDP is yet to reach the pre-recessionary levels of 2007.
Report Data: 2018
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The joint venture company, Elme Messer Gaas is investing EUR 20m in a Latvian ASU.
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