| Economy | Latvia |
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Economy - overview:
|
Latvia's economy experienced GDP growth of more than 10% per year during 2006-07; but entered a recession as a result of unsustainable current account deficit and large debt exposure amid the softening world economy. The IMF, EU, and other donors provided assistance to Latvia as part of a package to defend the currency's peg to the euro and reduce public spending by about 5% of GDP. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises. Latvia officially joined the World Trade Organization in February 1999. EU membership, a top foreign policy goal, came in May 2004. The current account deficit and inflation remain major concerns. |
GDP (purchasing power parity):
|
$38.98 billion (2008 est.)
$40.86 billion (2007)
$37.04 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$17,800 (2008 est.)
$18,100 (2007 est.)
$16,300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$33.9 billion (2008 est.) |
GDP - real growth rate:
|
-5% (2008 est.)
10.3% (2007 est.)
12.2% (2006 est.) |
GDP - composition by sector:
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agriculture: 3.3%
industry: 22.3%
services: 74.4% (2008 est.) |
Investment (gross fixed):
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30.2% of GDP (2008 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 2.5%
highest 10%: 29.1% (2003) |
Distribution of family income - Gini index:
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36 (2005) |
Inflation rate (consumer prices):
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10.5% (2008 est.) |
Central bank discount rate:
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6% (31 December 2007) |
Commercial bank prime lending rate:
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16.8% (31 December 2008) |
Stock of money:
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$6.148 billion (31 December 2008) |
Stock of money - per capita:
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2,756 USD per capita |
Stock of quasi money:
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$4.815 billion (31 December 2008) |
Stock of quasi money - per capita:
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2,158 USD per capita |
Stock of domestic credit:
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$30.49 billion (31 December 2008) |
Stock of domestic credit - per capita:
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13,664 USD per capita |
Labor force:
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1.169 million (2008 est.) |
Labor force participation rate:
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52.39 % of population |
Labor force - by occupation:
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agriculture: 12.1%
industry: 25.8%
services: 61.8% (2005 est.) |
Unemployment rate:
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5.5% (2008 est.) |
Budget:
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revenues: $12.33 billion
expenditures: $12.84 billion (2008 est.) |
Budget revenues per capita:
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5,526 USD per capita |
Public debt:
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17% of GDP (year-end 2008) |
Industries:
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buses, vans, street and railroad cars; synthetic fibers, agricultural machinery, fertilizers, washing machines, radios, electronics, pharmaceuticals, processed foods, textiles; note - dependent on imports for energy and raw materials |
Industrial production growth rate:
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-3.2% (2008 est.) |
Electricity - production:
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4.734 billion kWh (2006 est.) |
Electricity - production per capita:
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2,122 kWh per capita |
Electricity - consumption:
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6.424 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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2,879 kWh per capita |
Electricity - exports:
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1.676 billion kWh (2007 est.) |
Electricity - imports:
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4.671 billion kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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35,180 bbl/day (2006 est.) |
Oil - consumption - per capita:
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5.75 bbl/year per capita |
Oil - exports:
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10,070 bbl/day (2005) |
Oil - imports:
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45,340 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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2.04 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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915 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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2.04 billion cu m (2007 est.) |
Natural gas - proved reserves:
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void |
Agriculture - products:
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grain, sugar beets, potatoes, vegetables; beef, pork, milk, eggs; fish |
Current account balance:
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-$2.1 billion (2008 est.) |
Current account balance - per capita:
|
-941 USD per capita |
Exports:
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$8.364 billion f.o.b. (2008 est.) |
Exports per capita:
|
3,749 USD per capita |
Exports - commodities:
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wood and wood products, machinery and equipment, metals, textiles, foodstuffs |
Exports - partners:
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Lithuania 15.1%, Estonia 13.8%, Russia 13%, Germany 8.3%, Sweden 7.4%, UK 6.5% (2007) |
Imports:
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$14.19 billion f.o.b. (2008 est.) |
Imports per capita:
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6,359 USD per capita |
Imports - commodities:
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machinery and equipment, chemicals, fuels, vehicles |
Imports - partners:
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Germany 15.1%, Lithuania 13.8%, Russia 8.7%, Estonia 8%, Poland 6.9%, Finland 5.1%, Sweden 4.9% (2007) |
Reserves of foreign exchange and gold:
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$5.09 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
2,281 USD per capita |
Debt - external:
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$43.9 billion (31 December 2008 est.) |
Debt - external - per capita:
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19,673 USD per capita |
Stock of direct foreign investment - at home:
|
$11.21 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
5,024 USD per capita |
Stock of direct foreign investment - abroad:
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$879 million (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
394 USD per capita |
Market value of publicly traded shares:
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$2.144 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
961 USD per capita |
Economic aid - donor:
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void |
Economic aid - recipient:
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$162 million (2004) |
Economic aid - recipient per capita:
|
73 USD per capita |
Currency (code):
|
lat (LVL) |
Exchange rates:
|
lati (LVL) per US dollar - 0.4701 (2008 est.), 0.5162 (2007), 0.5597 (2006), 0.5647 (2005), 0.5402 (2004) |
Fiscal year:
|
calendar year |
|
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