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Latvia Economy 2010
http://www.workmall.com/wfb2010/latvia/latvia_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

Economy - overview:
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. GDP plunged nearly 18% in 2009 - the three former Soviet Baltic republics had the world's worst declines last year. The IMF, EU, and other donors provided assistance to Latvia as part of an agreement to defend the currency's peg to the euro and reduce the fiscal deficit to 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- and budget-deficits remain major concerns.

GDP (purchasing power parity):
$32.4 billion (2009 est.)

$39.42 billion (2008 est.)
$41.32 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$24.2 billion (2009 est.)

GDP - real growth rate:
-17.8% (2009 est.)

-4.6% (2008 est.)
10% (2007 est.)

GDP - per capita (PPP):
$14,500 (2009 est.)

$17,600 (2008 est.)
$18,300 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 3.6%
industry: 24%
services: 72.4% (2009 est.)

Labor force:
1.205 million (2009 est.)

Labor force - by occupation:
agriculture: 12.1%
industry: 25.8%
services: 61.8% (2005 est.)

Unemployment rate:
16.6% (2009 est.)

7.452% (2008 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 27.4% (2004)

Distribution of family income - Gini index:
36 (2005)

32 (1999)

Investment (gross fixed):
26.2% of GDP (2009 est.)

Budget:
revenues: $9.501 billion
expenditures: $12.15 billion (2009 est.)

Public debt:
32.5% of GDP (2009 est.)

19.5% of GDP (2008 est.)

Inflation rate (consumer prices):
3.3% (2009 est.)

15.4% (2008 est.)

Central bank discount rate:
6% (31 December 2008)

6% (31 December 2007)

Commercial bank prime lending rate:
11.85% (31 December 2008)

Stock of money:
$6.688 billion (31 December 2008)

$8.196 billion (31 December 2007)

Stock of quasi money:
$5.572 billion (31 December 2008)

$5.113 billion (31 December 2007)

Stock of domestic credit:
$28.96 billion (31 December 2008)

$27.56 billion (31 December 2007)

Market value of publicly traded shares:
$1.609 billion (31 December 2008)

$3.111 billion (31 December 2007)
$2.705 billion (31 December 2006)

Agriculture - products:
grain, sugar beets, potatoes, vegetables; beef, pork, milk, eggs; fish

Industries:
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:
-17.5% (2009 est.)

Electricity - production:
4.62 billion kWh (2007 est.)

Electricity - consumption:
6.822 billion kWh (2007 est.)

Electricity - exports:
2.123 billion kWh (2008 est.)

Electricity - imports:
4.643 billion kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
39,000 bbl/day (2008 est.)

Oil - exports:
5,873 bbl/day (2007 est.)

Oil - imports:
43,400 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
2.05 billion cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
2.05 billion cu m (2008 est.)

Current account balance:
$1.64 billion (2009 est.)

$-4.492 billion (2008 est.)

Exports:
$6.721 billion (2009 est.)

$9.634 billion (2008 est.)

Exports - commodities:
wood and wood products, machinery and equipment, metals, textiles, foodstuffs

Exports - partners:
Lithuania 15.5%, Russia 14.7%, Estonia 13.2%, Germany 7.7%, Sweden 6.2%, Denmark 4.3% (2008)

Imports:
$8.849 billion (2009 est.)

$15.65 billion (2008 est.)

Imports - commodities:
machinery and equipment, chemicals, fuels, vehicles

Imports - partners:
Lithuania 16.1%, Germany 12.9%, Russia 10.7%, Poland 7%, Estonia 7%, Sweden 4.4%, Finland 4.3% (2008)

Reserves of foreign exchange and gold:
$5.03 billion (31 December 2009 est.)

$5.248 billion (31 December 2008 est.)

Debt - external:
$38.01 billion (31 December 2009 est.)

$42.26 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$11.46 billion (31 December 2009 est.)

$11.21 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$1.103 billion (31 December 2009 est.)

$1.083 billion (31 December 2008 est.)

Exchange rates:
lati (LVL) per US dollar - 0.5157 (2009), 0.4701 (2008), 0.5162 (2007), 0.5597 (2006), 0.5647 (2005)


NOTE: The information regarding Latvia on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Latvia Economy 2010 information contained here. All suggestions for corrections of any errors about Latvia Economy 2010 should be addressed to the CIA.



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