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Latvia GDP and Economic Data

Country Report 2017 - Includes Latvia real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Latvia economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Latvia best banks and safest banks are also available.

Household Tax Rates

The tax wedge is the ratio of total labor taxes to total labor costs. It is often lower for families with children and single parents with children than for individuals or couples without children. The tax wedge has an impact on employment growth.

 
 
Source
Central bank

Bank of Latvia

Source
International Reserves

USD 3.3 billion (2016)

International Monetary Fund (IMF), data retrieved January 2017

Source
Gross Domestic Product - GDP

USD 29.6 billion (2017, estimate)

Source
GDP (Purchasing Power Parity)

Intl$ 53.7 billion (2017, estimate)

Source
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

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GDP per capita - current prices

USD 15,072.3 (2017, estimate)

Source
GDP per capita - PPP

Intl$ 27,315.5 (2017, estimate)

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

*Estimate

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

(2016 estimate)

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

N/A

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

*Estimate

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

*Estimate

Source
Household saving rates

-12.7% (Total, 2015)

 

Source
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

Source
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

Source
Government bond ratings

Standard & Poor's:  A-

Moody's: A3

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

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

N/A

Source
 
 
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Current account balance

USD -0.4 billion (2017 estimate)

Source
Current account balance by percentage of GDP

-1.2% (2017 estimate)

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

59.0% (2015)

Source
Shares in world total merchandising export

0.07% (2015)

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Shares in world total commercial services export

0.09% (2015)

Source
Total exports

USD 11.2 billion (2016 estimate)

Source
Export commodities

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

Source
Total imports

USD 13.6 billion (2016 estimate)

Source
 
 
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Import commodities

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

Source
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)

Source
Imports - major partners

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

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

N/A

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

N/A

Source
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

Source
Global competitiveness ranking

49 out of 138 countries

(2016-2017)

Source
Index of Economic Freedom

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

(100=totally free 0=totally repressed)

Source
 
 
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Time zone

UTC+2

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Total area

64,589 sq km

Source
Capital

Riga 

Source
Currency

Lati (LVL)

Source
Government type

Parliamentary republic

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Languages

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

Source
Religions

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

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

*Estimate   

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

43.3 years (2016 estimate)

Source
Population growth rate

-1.07% (2016 estimate)

Source
Life expectancy

74.5 years (2016 estimate)

Source
Literacy

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

(age 15 and over can read and write)

Source
% of population living on less than $3.10 a day

1.3% (2012)

Source
Inequality of wealth distribution (Gini index)

35.5 (2012)

(0=perfect equality, 100=absolute inequality)

Source
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)

Source
Internet users as % of total population

79.20% (2015)

Source
Mercer Cost of living index

Riga: 114th (2016)

Source
CO2 emissions

3.5 (2013)

Source

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2013
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World's Best Subcustodian Banks

2013
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World’s Best Foreign Exchange Providers

2013
2012
2011
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2006
2005
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World's Best Banks By Region

2014
2013
2012
2011
2003

World's Best Banks

2014
2013
2013

World’s Best Trade Finance Banks

2014
2012
2011
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Best of…

2012
2009
2005

Additional Awards

2014
2013
2009
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