Global news and insight for corporate financial professionals
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.
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.
USD 5.49 billion (2021)
International Monetary Fund (IMF), data retrieved January 2022
USD 37.20 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
USD 65.05 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
| 2017 | 2018 | 2019 | 2020* | 2021* |
| 3.3% | 4% | 2% | –3.6% | 4.5% |
*Estimate
USD 19,538.90 (2021 estimate)
IMF - World Economic Outlook, October 2021
USD 34,169.19 (2021 estimate)
IMF - World Economic Outlook, October 2021
(2020 estimate)
0.6% (2019)
OECD, retrieved January 2022
| 2017 | 2018 | 2019 | 2020* | 2021* |
| 2.9% | 2.6% | 2.7% | 0.1% | 2.6% |
*Estimate
| 2017 | 2018 | 2019 | 2020* | 2021* |
| 8.7% | 7.4% | 6.3% | 8.1% | 7.7% |
*Estimate
| 2017 | 2018 | 2019 | 2020* | 2021* |
| 39% | 37.1% | 37% | 43.5% | 47.6% |
*Estimate
| 2017 | 2018 | 2019 | 2020* | 2021* |
| 0.3% | 0.2% | 0.5% | –3% | –7.8% |
*Estimate
Standard & Poor's: A+
Moody's: A3
Standard & Poor's / Moody's (January 2022)
USD -0.38 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
-1% (2021 estimate)
IMF - World Economic Outlook, October 2021
60.3% (2020)
World Bank - World Development Indicators (updated Feb 2022)
0.09% (2020)
0.1% (2020)
Lumber, broadcasting equipment, whiskey and other hard liquors, wheat, packaged medicines (2019)
Refined petroleum, broadcasting equipment, cars, packaged medicines, aircraft (2019)
Lithuania 16%, Estonia 10%, Russia 9%, Germany 7%, Sweden 6%, United Kingdom 6% (2019)
Russia 21%, Lithuania 14%, Germany 9%, Poland 7%, Estonia 7% (2019)
| 2019 | 2020 | 2021 |
| USD 967 million | USD 874 million | USD 873 million |
| 2019 | 2020 | 2021 |
| USD 205 million | USD –105 million | USD 268 million |
| 2018 | 2019 | 2020 | 2021 |
| –3.5 million | –1.2 million | 3.1 million | –23 million |
N/A
N/A
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: 19 out of 190 countries (2020)
Subcategories:
Starting a Business: 26 out of 190 countries
Dealing with Construction Permits: 56 out of 190 countries
Getting Electricity: 61 out of 190 countries
Registering Property: 25 out of 190 countries
Getting Credit: 15 out of 190 countries
Protecting Minority Investors: 45 out of 190 countries
Paying Taxes: 16 out of 190 countries
Trading across Borders: 28 out of 190 countries
Enforcing Contracts: 15 out of 190 countries
Resolving Insolvency: 55 out of 190 countries
World Bank - Doing Business 2020
88 out of 141 (2019)
Ranking: 18 / Score: 74.8 (Mostly Free)
(100=totally free 0=totally repressed)
The Heritage Foundation - 2022 Index of Economic Freedom
Latvian (official) 56.3%, Russian 33.8%, other 0.6% (includes Polish, Ukrainian, and Belarusian), unspecified 9.4%; note - data represent language usually spoken at home (2011 est.)
Lutheran 36.2%, Roman Catholic 19.5%, Orthodox 19.1%, other Christian 1.6%, other 0.1%, unspecified/none 23.5% (2017 est.)
| 1990 | 2000 | 2010 | 2015 | 2020 |
| 2.7 million | 2.4 million | 2.1 million | 2.0 million | 1.9 million |
| 1960 | 1980 | 2000 | 2020 |
| 53% | 67.1% | 68.1% | 68.3% |
Total population: 99.9%
Male: 99.9%
Female: 99.9% (2018)
Definition: age 15 and over can read and write
0.7% (last available estimate, 2019)
34.5 (last available estimate, 2019)
(0=perfect equality, 100=absolute inequality)
Total score: 88/100
Status: Free
Political Rights: 37/40
Civil Liberties: 51/60 (2022)
(1 represents the most free, 7 the least free rating)
Fixed: 11.2%
Mobile: 108.8% (2020)
(fixed-telephone subscribers and mobile-cellular subscribers)
(fixed-telephone subscribers and mobile-cellular subscribers)