| Economy | Latvia |
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Economy - overview:
|
Latvia is a small, open economy with exports contributing significantly to its 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 electronic devices. The bulk of the country's economic activity, however, is in the services sector. Corruption continues to be an impediment to attracting FDI flows 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 softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. A rebound in the export sector contributed to the economy's first real quarterly GDP growth in over two years (2.9%) in the third quarter of 2010. 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 government of Prime Minister Valdis DOMBROVSKIS reduced the fiscal deficit to 8.5% of GDP in 2010, and to 5.4% of GDP in 2011. Riga plans to reduce the budget deficit to less than 3% of GDP in 2012 in order to meet its goal of joining the euro zone in 2014. 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. |
GDP (purchasing power parity):
|
$34.58 billion (2011 est.)
$33.25 billion (2010 est.)
$33.35 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$15,400 (2011 est.)
$14,800 (2010 est.)
$14,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$27.4 billion (2011 est.) |
GDP - real growth rate:
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4% (2011 est.)
-0.3% (2010 est.)
-18% (2009 est.) |
GDP - composition by sector:
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agriculture: 4.1%
industry: 21%
services: 74.9% (2011 est.) |
Investment (gross fixed):
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19.9% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 2.7%
highest 10%: 27.6% (2008) |
Distribution of family income - Gini index:
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35.7 (2008)
32 (1999) |
Inflation rate (consumer prices):
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4.3% (2011 est.)
-1.1% (2010 est.) |
Central bank discount rate:
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4% (31 December 2009)
6% (31 December 2008) |
Commercial bank prime lending rate:
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8% (31 December 2011 est.)
9.56% (31 December 2010 est.) |
Stock of money:
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$6.688 billion (31 December 2008)
$8.196 billion (31 December 2007) |
Stock of money - per capita:
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3,034 USD per capita |
Stock of quasi money:
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$5.572 billion (31 December 2008)
$5.113 billion (31 December 2007) |
Stock of quasi money - per capita:
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2,528 USD per capita |
Stock of domestic credit:
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$27.15 billion (31 December 2011 est.)
$26.03 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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12,315 USD per capita |
Stock of narrow money:
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$8.578 billion (31 December 2011 est.)
$7.186 billion (31 December 2010 est.) |
Stock of broad money:
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$13.51 billion (31 December 2011 est.)
$12.28 billion (31 December 2010 est.) |
Labor force:
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1.169 million (2011 est.) |
Labor force participation rate:
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53.02 % 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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13% (2011 est.)
18.4% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 33.8%
male: 38.3%
female: 27.9% (2009) |
Budget:
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revenues: $9.669 billion
expenditures: $11.15 billion (2011 est.) |
Budget revenues per capita:
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4,386 USD per capita |
Taxes and other revenues:
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35.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-5.4% of GDP (2011 est.) |
Public debt:
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44.8% of GDP (2011 est.)
44.7% of GDP (2010 est.)
note: data cover general Government Debt, and includes debt instruments issued (or owned) by Government entities, including sub-sectors of central government, state government, local government, and social security funds. |
Industries:
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processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics |
Industrial production growth rate:
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4% (2011 est.) |
Electricity - production:
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5.114 billion kWh (2008 est.) |
Electricity - production per capita:
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2,320 kWh per capita |
Electricity - consumption:
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6.836 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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3,101 kWh per capita |
Electricity - exports:
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2.605 billion kWh (2009 est.) |
Electricity - imports:
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1.654 billion kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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41,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
6.79 bbl/year per capita |
Oil - exports:
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3,457 bbl/day (2009 est.) |
Oil - imports:
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37,520 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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1.56 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
|
708 cu m per capita |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
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1.56 billion cu m (2009 est.) |
Natural gas - proved reserves:
|
void |
Agriculture - products:
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grain, rapeseed, potatoes, vegetables; pork, poultry, milk, eggs; fish |
Current account balance:
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-$244.4 million (2011 est.)
$871 million (2010 est.) |
Current account balance - per capita:
|
-110 USD per capita |
Exports:
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$10.3 billion (2011 est.)
$8.989 billion (2010 est.) |
Exports per capita:
|
4,672 USD per capita |
Exports - commodities:
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food products, wood and wood products, metals, machinery and equipment, textiles |
Exports - partners:
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Russia 15.2%, Lithuania 15.2%, Estonia 12.6%, Germany 8.2%, Sweden 5.9%, Poland 4.7% (2010) |
Imports:
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$12.6 billion (2011 est.)
$10.54 billion (2010 est.) |
Imports per capita:
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5,716 USD per capita |
Imports - commodities:
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machinery and equipment, consumer goods, chemicals, fuels, vehicles |
Imports - partners:
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Lithuania 16.3%, Germany 11.4%, Russia 10%, Poland 7.5%, Estonia 7%, Finland 4.8% (2010) |
Reserves of foreign exchange and gold:
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$7.37 billion (31 December 2011 est.)
$7.17 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
3,343 USD per capita |
Debt - external:
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$41.08 billion (31 December 2011 est.)
$39.55 billion (31 December 2010 est.) |
Debt - external - per capita:
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18,633 USD per capita |
Stock of direct foreign investment - at home:
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$13.07 billion (31 December 2011 est.)
$11.97 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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5,929 USD per capita |
Stock of direct foreign investment - abroad:
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$1.121 billion (31 December 2011 est.)
$1.011 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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509 USD per capita |
Market value of publicly traded shares:
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$1.252 billion (31 December 2010)
$1.824 billion (31 December 2009)
$1.609 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
568 USD per capita |
Currency (code):
|
lat (LVL) |
Exchange rates:
|
lati (LVL) per US dollar -
0.4995 (2011 est.)
0.5294 (2010 est.)
0.5056 (2009)
0.4701 (2008)
0.5162 (2007) |
Fiscal year:
|
calendar year |
|
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