Source
Central bank

Bank of Latvia

International Reserves

USD 3.3 billion (2016)

International Monetary Fund (IMF), data retrieved January 2017

Gross Domestic Product - GDP

USD 29.6 billion (2017, estimate)

GDP (Purchasing Power Parity)

Intl$ 53.7 billion (2017, estimate)

Real GDP growth
2006 2007 2008 2009 2010 2011 2012
11.9% 10% -3.6% -14.4% -3.8% 6.2% 4%
2013 2014 2015 2016* 2017*    
2.9% 2% 2.7% 2.5% 3.4%    

*Estimate

GDP per capita - current prices

USD 15,072.3 (2017, estimate)

GDP per capita - PPP

Intl$ 27,315.5 (2017, estimate)

GDP (PPP) - share of world total
1980 1990 2000 2010 2017*
N/A N/A 0.05% 0.04% 0.04%

*Estimate

 
 
Source
GDP - composition by sector
  • agriculture: 3.3% 
  • industry: 23.2% 
  • services: 73.6%

(2016 estimate)

Gross domestic expenditure on R&D; (% of GDP)

N/A

Inflation
2013 2014 2015 2016* 2017*
0.0% 0.7% 0.2% 0.2% 1.7%

*Estimate

Unemployment rate
2013 2014 2015 2016* 2017*
11.9% 10.8% 9.9% 9.4% 9.2%

*Estimate

Household saving rates

-12.7% (Total, 2015)

 

Public debt (General government gross debt as a % of GDP)
2013 2014 2015 2016* 2017*
35.9% 38.6% 34.9% 35.1% 34.7%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2013 2014 2015 2016* 2017*
-0.6% -1.7% -1.8% -1.2% -1.2%

*Estimate

Government bond ratings

Standard & Poor's:  A-

Moody's: A3

Standard & Poor's / Moody's (Updated January 2017)

Market value of publicly traded shares
2013 2014 2015
N/A N/A N/A
Largest companies

N/A

 
 
Source
Current account balance

USD -0.4 billion (2017 estimate)

Current account balance by percentage of GDP

-1.2% (2017 estimate)

Exports as percent of GDP (Exports of goods and services)

59.0% (2015)

Shares in world total merchandising export

0.07% (2015)

Shares in world total commercial services export

0.09% (2015)

Total exports

USD 11.2 billion (2016 estimate)

Export commodities

Foodstuffs, wood and wood products, metals, machinery and equipment, textiles

Total imports

USD 13.6 billion (2016 estimate)

 
 
Source
Import commodities

Machinery and equipment, consumer goods, chemicals, fuels, vehicles

Exports - major partners

Lithuania 17.8%, Russia 11.5%, Estonia 11.1%, Germany 6.3%, Poland 5.6%, Sweden 5.2%, UK 5%, Denmark 4% (2015)

Imports - major partners

Lithuania 16.9%, Germany 11.2%, Poland 10.5%, Russia 8.1%, Estonia 7.7%, Finland 5.2%, Netherlands 4% (2015)

FDI inflows
2013 2014 2015
USD 903 million USD 595 million USD 643 million
FDI outflows
2013 2014 2015
USD 411 million USD 286 million USD 16 million
Value of cross-border M&A, by country of purchaser
2012 2013 2014 2015
N/A N/A N/A N/A
Cross-border M&A deals worth over $3 billion completed in 2014

N/A

Cross-border M&A deals worth over $3 billion completed in 2015

N/A

Best countries for doing business

Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking: 14 out of 190 countries (2017)

Subcategories:

Starting a business: 22 out of 190 countries

Enforcing Contracts: 23 out of 190 countries

Registering Property: 23 out of 190 countries

Getting Credit: 7 out of 190 countries

Protecting Minority Investors: 42 out of 190 countries

Trading Across Borders: 25 out of 190 countries

Paying Taxes: 15 out of 190 countries

Dealing with Construction Permits: 23 out of 190 countries

Getting Electricity: 42 out of 190 countries

Resolving Insolvency: 44 out of 190 countries

Global competitiveness ranking

49 out of 138 countries

(2016-2017)

Index of Economic Freedom

Ranking: 36 / Score: 70.41 (Mostly free) (2016)

(100=totally free 0=totally repressed)

 
 
Source
Time zone

UTC+2

Total area

64,589 sq km

Capital

Riga 

Currency

Lati (LVL)

Government type

Parliamentary republic

Languages

Latvian (official) 56.3%, Russian 33.8%, other 0.6% (includes Polish, Ukrainian, and Belarusian), unspecified 9.4% (2011 est.)

Religions

Lutheran 19.6%, Orthodox 15.3%, other Christian 1%, other 0.4%, unspecified 63.7% (2006)

Total population
1990 2000 2010 2016* 2021*
N/A 2.382 million 2.121 million 1.976 million 1.947 million

*Estimate   

 
 
Source
Urban population as % of total population
1960 1980 2000 2015
53% 67% 68% 67%
Population median age

43.3 years (2016 estimate)

Population growth rate

-1.07% (2016 estimate)

Life expectancy

74.5 years (2016 estimate)

Literacy

Total population: 99.9%
Male: 99.9%
Female: 99.9% (2015 est.)

(age 15 and over can read and write)

% of population living on less than $3.10 a day

1.3% (2012)

Inequality of wealth distribution (Gini index)

35.5 (2012)

(0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights: 1
Civil Liberties: 2 (2017)                         

(1 represents the most free, 7 the least free rating)

Source
Total telephone subscribers as % of population

Fixed 17.53%   Mobile 127.50% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)

Internet users as % of total population

79.20% (2015)

Mercer Cost of living index

Riga: 114th (2016)

CO2 emissions

3.5 (2013)

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