The commercial industrial gas market in Latvia reached $46 million in 2015. This is up from $27 million in 2005, indicating an average annual growth rate of 5.4% p.a. for the decade.
In the period of 2005 to 2015 the rate of GDP grew by 9.8% p.a., or 3.2% if adjusted for inflation. Like many European countries, the global recession heavily impacted Latvia’s economy and lasted for three years, with GDP dropping by -14.3% p.a. in 2009. There was an economic recovery in the country, largely attributed to the help of a $10 billion bailout from the International Monetary Fund, with the economy positing positive growth rates since 2010.
Report Data: 2015
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