Economic growth and the increase in wealth are driven by domestic consumption and foreign trade. Despite a decline in population, the stability of Latvia's domestic consumption is ensured by the redistribution of tax revenue and the flow of EU funds. In turn, the growth in Latvia's wealth, which has continued even during the pandemic, is being driven by Latvian companies capable of exporting their products and services.

Latvia's financial services export income was over half a billion USD per year in 2014 and 2015. As a result of the reforms implemented by the Krišjānis Kariņš government, the servicing of foreign companies in Latvian banks was effectively terminated, and between 2018 and 2020, financial services exports (and their impact on GDP) decreased by 750 million dollars over three years. The Latvian economy did not directly feel the negative impact of these "reforms" because it was offset by an increase in exports generated by sectors unrelated to government policy, such as construction, wood processing, agriculture, the food industry, and others. For example, Latvia's construction services exports brought in 420 million dollars in 2020. This was double the 2016 figure. In terms of construction services export income per capita (223 US dollars), Latvia ranked 7th in Europe in 2020.