| People | Latvia |
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Economy - overview:
|
Latvia's economy experienced GDP growth of more than 10% per year during 2006-07. 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 - more than 22% of GDP in 2007 - and inflation - at nearly 10% per year - remain major concerns. |
GDP (purchasing power parity):
|
$40.04 billion (2007 est.) |
GDP (official exchange rate):
|
$27 billion (2007 est.) |
GDP - real growth rate:
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10.3% (2007 est.) |
GDP - per capita (PPP):
|
$17,700 (2007 est.) |
GDP - composition by sector:
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agriculture: 3.5%
industry: 21.3%
services: 75.2% (2007 est.) |
Investment (gross fixed):
|
35.8% of GDP (2007 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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37.7 (2003) |
Inflation rate (consumer prices):
|
9.6% (2007 est.) |
Labor force:
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1.136 million (2006 est.) |
Labor force participation rate:
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50.59 % of population |
Labor force - by occupation:
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agriculture: 13%
industry: 19%
services: 68% (2005 est.) |
Unemployment rate:
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5.9% (2007 est.) |
Budget:
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revenues: $8.975 billion
expenditures: $8.88 billion (2007 est.) |
Budget revenues per capita:
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3,998 USD per capita |
Public debt:
|
8.8% of GDP (2007 est.) |
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:
|
5.9% (2007 est.) |
Electricity - production:
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4.778 billion kWh (2005) |
Electricity - production per capita:
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2,128 kWh per capita |
Electricity - consumption:
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6.09 billion kWh (2005) |
Electricity - consumption - per capita:
|
2,713 kWh per capita |
Electricity - exports:
|
707 million kWh (2005) |
Electricity - imports:
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2.855 billion kWh (2005) |
Oil - production:
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0 bbl/day (2005 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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34,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
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5.53 bbl/year per capita |
Oil - exports:
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6,765 bbl/day (2004) |
Oil - imports:
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39,190 bbl/day (2004) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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1.861 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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829 cu m per capita |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
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1.861 billion cu m (2005) |
Natural gas - proved reserves:
|
void |
Agriculture - products:
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grain, sugar beets, potatoes, vegetables; beef, pork, milk, eggs; fish |
Current account balance:
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-$5.839 billion (2007 est.) |
Current account balance - per capita:
|
-2,600 USD per capita |
Exports:
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$7.551 billion f.o.b. (2007 est.) |
Exports per capita:
|
3,363 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 14.2%, Estonia 12.3%, Russia 11.5%, Germany 9.8%, UK 7.6%, Sweden 6.3%, Denmark 4.8% (2006) |
Imports:
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$13.7 billion f.o.b. (2007 est.) |
Imports per capita:
|
6,102 USD per capita |
Imports - commodities:
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machinery and equipment, chemicals, fuels, vehicles |
Imports - partners:
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Germany 15.5%, Lithuania 12.9%, Russia 8%, Estonia 7.7%, Poland 7.2%, Finland 5.7%, Sweden 5%, Belarus 4.7% (2006) |
Reserves of foreign exchange and gold:
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$5.16 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
2,299 USD per capita |
Debt - external:
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$29.85 billion (30 June 2007) |
Debt - external - per capita:
|
13,294 USD per capita |
Stock of direct foreign investment - at home:
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$6.418 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$442 million (2006 est.) |
Market value of publicly traded shares:
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$2.705 billion (2006) |
Economic aid - donor:
|
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:
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lati per US dollar - 0.5162 (2007), 0.5597 (2006), 0.5647 (2005), 0.5402 (2004), 0.5715 (2003) |
Fiscal year:
|
calendar year |
|
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