The paper is devoted to the Latvian multisectoral macroeconomic model, its theoretical structure, application and modelling results. The analysis of current trends and problems are presented in the paper. Latvian economy experienced extremely high annual growth rates in comparison with the EU member states. It determines a huge necessity for modelling tools that are capable to capture and reflect both macro and sectoral changes. The activities to update and improve the Latvian multisectoral macroeconomic model have not stopped and the process is still on. At current stage, the model is developed to be applicable to various and diverse modelling needs. However, a special attention is paid to manufacturing industry and its further importance in the economy. Year-by-year the service industry squeezes out the manufacturing sector.