Latvia - Economic Indicators

Eastern Europe, bordering the Baltic Sea, between Estonia and Lithuania

57 00 N, 25 00 E

Europe

slightly larger than West Virginia

498 km

maritime; wet, moderate winters

low plain

highest point: Gaizina Kalns 312 m

peat, limestone, dolomite, amber, hydropower, timber, arable land

arable land 18.6%; permanent crops 0.1%; permanent pasture 10.5%

12 sq km

largest concentration of people is found in and around the port and capital city of Riga; small agglomerations are scattered throughout the country

large percentage of agricultural fields can become waterlogged and require drainage

while land, water, and air pollution are evident, Latvia's environment has benefited from a shift to service industries after the country regained independence; improvements have occurred in drinking water quality, sewage treatment, household and hazardous waste management, as well as reduction of air pollution; nature protection; management of water resources and protection of the Baltic Sea

most of the country is composed of fertile low-lying plains with some hills in the east

1,944,643 (July 2017 est.)

Latvian 62%, Russian 25.4%, Belarusian 3.3%, Ukrainian 2.2%, Polish 2.1%, Lithuanian 1.2%, other 3.8% (2017 est.)

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

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

-1.08% (2017 est.)

9.7 births/1,000 population (2017 est.)

14.5 deaths/1,000 population (2017 est.)

-6.1 migrant(s)/1,000 population (2017 est.)

largest concentration of people is found in and around the port and capital city of Riga; small agglomerations are scattered throughout the country

RIGA (capital) 621,000 (2015)

27.2 years (2014 est.)

18 deaths/100,000 live births (2015 est.)

1.51 children born/woman (2017 est.)

5.9% of GDP (2014)

3.21 physicians/1,000 population (2015)

5.8 beds/1,000 population (2013)

urban: 99.8% of population

rural: 98.3% of population

total: 99.3% of population

urban: 0.2% of population

rural: 1.7% of population

total: 0.7% of population (2015 est.)

urban: 90.8% of population

rural: 81.5% of population

total: 87.8% of population

urban: 9.2% of population

rural: 18.5% of population

total: 12.2% of population (2015 est.)

0.7% (2016 est.)

6,600 (2016 est.)

<500 (2016 est.)

23.6% (2016)

5.3% of GDP (2014)

parliamentary republic

110 municipalities (novadi, singular - novads) and 9 cities

4 May 1990 (declared independence from the Soviet Union); 6 September 1991 (recognized by the Soviet Union)

Independence Day (Republic of Latvia Proclamation Day), 18 November (1918); note - 18 November 1918 was the date Latvia established its statehood and its concomitant independence from Soviet Russia; 4 May 1990 was the date it declared the restoration of Latvian statehood and its concomitant independence from the Soviet Union

civil law system with traces of socialist legal traditions and practices

has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction

18 years of age; universal

Alliance of Regions or LRA [Martins BONDARS]

For Latvia from the Heart or NSL [Inguna SUDRABA]

Social Democratic Party "Harmony" or SC [Nils USAKOVS]

National Alliance "All For Latvia!"-"For Fatherland and Freedom/LNNK" or NA [Gaidis BERZINS, Raivis DZINTARS]

Union of Greens and Farmers or ZZS [Augusts BRIGMANIS]

Unity [Andris PIEBALGS]

Latvian Employers' Confederation or LDDK [Vitalijs GAVRILOVS]

Farmers' Parliament or ZSA [Juris LAZDINS]

Free Trade Union Confederation of Latvia or LBAS [Egils BALDZENS]

Australia Group, BA, BIS, CBSS, CD, CE, EAPC, EBRD, ECB, EIB, EMU, ESA (cooperating state), EU, FAO, IAEA, IBRD, ICAO, ICC (NGOs), ICCt, ICRM, IDA, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO (correspondent), ITU, ITUC (NGOs), MIGA, NATO, NIB, NSG, OAS (observer), OIF (observer), OPCW, OSCE, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UNHCR, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO

three horizontal bands of maroon (top), white (half-width), and maroon; the flag is one of the older banners in the world; a medieval chronicle mentions a red standard with a white stripe being used by Latvian tribes in about 1280

white wagtail (bird); national colors: maroon, white

Latvia is a small, open economy with exports contributing more than half of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality.

Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the slowing world economy. Triggered by the collapse of the second largest bank, GDP plunged by more than 14% in 2009 and, despite strong growth since 2011, the economy took until 2017 return to pre-crisis levels in real terms. Strong investment and consumption, the latter stoked by rising wages, helped the economy grow by more than 4% in 2017, while inflation rose to 3%. Continued gains in competitiveness and investment will be key to maintaining economic growth, especially in light of unfavorable demographic trends, including the emigration of skilled workers, and one of the highest levels of income inequality in the EU.

In the wake of the 2008-09 crisis, the IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011, although, the austerity measures imposed large social costs. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 80% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia also joined the euro zone in 2014 and the OECD in 2016.

$53.47 billion (2017 est.)

$51.49 billion (2016 est.)

$50.5 billion (2015 est.)

$30.18 billion (2017 est.)

3.8% (2017 est.)

2% (2016 est.)

2.7% (2015 est.)

$27,300 (2017 est.)

$26,100 (2016 est.)

$25,400 (2015 est.)

20.9% of GDP (2017 est.)

21.4% of GDP (2016 est.)

21.3% of GDP (2015 est.)

grain, rapeseed, potatoes, vegetables; pork, poultry, milk, eggs; fish

processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics

2.4% (2017 est.)

990,000 (2017 est.)

9% (2017 est.)

9.6% (2016 est.)

25.5% (2015 est.)

34.5 (2015 est.)

35.4 (2014 est.)

33.6% of GDP (2017 est.)

-1% of GDP (2017 est.)

38.9% of GDP (2017 est.)

40.1% of GDP (2016 est.)

calendar year

3% (2017 est.)

0.1% (2016 est.)

0% (31 December 2017 est.)

0.05% (31 December 2015 est.)

4.6% (31 December 2017 est.)

4.5% (31 December 2016 est.)

$12.77 billion (31 December 2017 est.)

$10.71 billion (31 December 2016 est.)

$15.25 billion (31 December 2017 est.)

$12.97 billion (31 December 2016 est.)

$17.12 billion (31 December 2017 est.)

$15.11 billion (31 December 2016 est.)

$6.76 billion (31 December 2016 est.)

$6.799 billion (31 December 2015 est.)

$7.127 billion (31 December 2014 est.)

$-100 million (2017 est.)

$409 million (2016 est.)

$12.34 billion (2017 est.)

$11.35 billion (2016 est.)

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

Lithuania 17.3%, Estonia 11.5%, Russia 11.4%, Germany 6.8%, Sweden 5.7%, UK 5.3%, Poland 5%, Denmark 4.4% (2016)

$15.13 billion (2017 est.)

$13.28 billion (2016 est.)

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

Lithuania 16.9%, Germany 12.3%, Poland 10.4%, Estonia 7.9%, Russia 7.4%, Finland 4.3%, Netherlands 4.3% (2016)

$3.595 billion (31 December 2017 est.)

$3.514 billion (31 December 2016 est.)

$40.02 billion (31 March 2016 est.)

$38.19 billion (31 March 2015 est.)

$16.22 billion (31 December 2017 est.)

$15.36 billion (31 December 2016 est.)

$2.755 billion (31 December 2017 est.)

$2.485 billion (31 December 2016 est.)

lati (LVL) per US dollar -

0.91 (2017 est.)

0.9 (2016 est.)

0.9 (2015 est.)

0.9 (2014 est.)

0.75 (2013 est.)

5.342 billion kWh (2015 est.)

6.712 billion kWh (2015 est.)

3.795 billion kWh (2016 est.)

4.828 billion kWh (2016 est.)

2.935 million kW (2015 est.)

39.1% of total installed capacity (2015 est.)

0% of total installed capacity (2015 est.)

54.1% of total installed capacity (2015 est.)

6.7% of total installed capacity (2015 est.)

0 bbl/day (2016 est.)

0 bbl/day (2016 est.)

0 bbl/day (2016 est.)

0 bbl (1 January 2017 est.)

0 bbl/day (2016 est.)

37,680 bbl/day (2016 est.)

22,640 bbl/day (2016 est.)

54,060 bbl/day (2016 est.)

0 cu m (2014 est.)

2.2 billion cu m (2015 est.)

0 cu m (2014 est.)

1.306 billion cu m (2015 est.)

0 cu m (2014 est.)

7.6 million Mt (2015 est.)

several national and regional commercial TV stations are foreign-owned, 2 national TV stations are publicly owned; system supplemented by privately owned regional and local TV stations; cable and satellite multi-channel TV services with domestic and foreign broadcasts available; publicly owned broadcaster operates 4 radio networks with dozens of stations throughout the country; dozens of private broadcasters also operate radio stations (2007)

.lv

YL (2016)

42 (2013)

1 (2013)

gas 928 km; refined products 415 km (2013)

300 km (navigable year-round) (2010)

1.7% of GDP (2017)

1.47% of GDP (2016)

1.05% of GDP (2015)

0.94% of GDP (2014)

0.94% of GDP (2013)

National Armed Forces (Nacionalie Brunotie Speki): Land Forces (Latvijas Sauszemes Speki), Navy (Latvijas Juras Speki, includes Coast Guard (Latvijas Kara Flote)), Latvian Air Force (Latvijas Gaisa Speki), Latvian Home Guard (Latvijas Zemessardze) (2017)

18 years of age for voluntary male and female military service; no conscription; under current law, every citizen is entitled to serve in the armed forces for life (2016)

Russia demands better Latvian treatment of ethnic Russians in Latvia; boundary demarcated with Latvia and Lithuania; the Latvian parliament has not ratified its 1998 maritime boundary treaty with Lithuania, primarily due to concerns over oil exploration rights; as a member state that forms part of the EU's external border, Latvia has implemented the strict Schengen border rules with Russia

transshipment and destination point for cocaine, synthetic drugs, opiates, and cannabis from Southwest Asia, Western Europe, Latin America, and neighboring Baltic countries; despite improved legislation, vulnerable to money laundering due to nascent enforcement capabilities and comparatively weak regulation of offshore companies and the gaming industry; CIS organized crime (including counterfeiting, corruption, extortion, stolen cars, and prostitution) accounts for most laundered proceeds