Latvia - Agriculture, value added (current US$)

The latest value for Agriculture, value added (current US$) in Latvia was $1,354,422,000 as of 2020. Over the past 25 years, the value for this indicator has fluctuated between $1,370,694,000 in 2019 and $273,791,300 in 1998.

Definition: Agriculture corresponds to ISIC divisions 1-5 and includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4. Data are in current U.S. dollars.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1995 $453,966,000
1996 $403,957,400
1997 $324,254,800
1998 $273,791,300
1999 $275,578,900
2000 $355,388,200
2001 $369,071,000
2002 $429,955,600
2003 $463,267,700
2004 $605,852,700
2005 $633,085,200
2006 $702,315,000
2007 $1,019,804,000
2008 $1,059,428,000
2009 $847,743,900
2010 $971,968,600
2011 $1,013,234,000
2012 $973,198,300
2013 $958,598,100
2014 $1,111,341,000
2015 $952,756,500
2016 $915,396,700
2017 $1,082,904,000
2018 $1,237,312,000
2019 $1,370,694,000
2020 $1,354,422,000

Limitations and Exceptions: Among the difficulties faced by compilers of national accounts is the extent of unreported economic activity in the informal or secondary economy. In developing countries a large share of agricultural output is either not exchanged (because it is consumed within the household) or not exchanged for money. Agricultural production often must be estimated indirectly, using a combination of methods involving estimates of inputs, yields, and area under cultivation. This approach sometimes leads to crude approximations that can differ from the true values over time and across crops for reasons other than climate conditions or farming techniques. Similarly, agricultural inputs that cannot easily be allocated to specific outputs are frequently "netted out" using equally crude and ad hoc approximations.

Statistical Concept and Methodology: Gross domestic product (GDP) represents the sum of value added by all its producers. Value added is the value of the gross output of producers less the value of intermediate goods and services consumed in production, before accounting for consumption of fixed capital in production. The United Nations System of National Accounts calls for value added to be valued at either basic prices (excluding net taxes on products) or producer prices (including net taxes on products paid by producers but excluding sales or value added taxes). Both valuations exclude transport charges that are invoiced separately by producers. Total GDP is measured at purchaser prices. Value added by industry is normally measured at basic prices.

Aggregation method: Gap-filled total

Periodicity: Annual

General Comments: Note: Data for OECD countries are based on ISIC, revision 4.

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts