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Latvia Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Latvia Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

Economy - overview:
Latvia is a small, open economy with exports contributing nearly a third 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 softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011-12. 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. The government of Prime Minister Valdis DOMBROVSKIS remained committed to fiscal prudence and reducing the fiscal deficit from 7.7% of GDP in 2010, to 2.7% of GDP in 2012. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 99.8% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia intends to join the euro zone in 2014.

GDP (purchasing power parity):
$36.87 billion (2012 est.)
country comparison to the world: 107

$34.92 billion (2011 est.)
$33.11 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$28 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.6% (2012 est.)
country comparison to the world: 48

5.5% (2011 est.)
-0.9% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$18,100 (2012 est.)
country comparison to the world: 74

$16,800 (2011 est.)
$15,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
24.6% of GDP (2012 est.)
country comparison to the world: 50

22.7% of GDP (2011 est.)
22.9% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 62.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.3%
investment in fixed capital: 23.5%
investment in inventories: 2.8%
exports of goods and services: 61.6%
imports of goods and services: -65.5%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 25.7%
services: 69.3% (2012 est.)

Agriculture - products:
grain, rapeseed, potatoes, vegetables; pork, poultry, milk, eggs; fish

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

Industrial production growth rate:
8.8% (2012 est.)
country comparison to the world: 23
[see also: Industrial production growth rate country ranks ]

Labor force:
1.031 million (2012 est.)
country comparison to the world: 143
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 8.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24%
services: 67.2% (2010 est.)

Unemployment rate:
11.4% (2012 est.)
country comparison to the world: 121

12.8% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.6% (2008)

Distribution of family income - Gini index:
35.2 (2010)
country comparison to the world: 88

32 (1999)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $9.999 billion
[see also: Budget revenues country ranks ]
expenditures: $9.981 billion (2012 est.)

Taxes and other revenues:
35.7% of GDP (2012 est.)
country comparison to the world: 65
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.1% of GDP (2012 est.)
country comparison to the world: 45
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
40.7% of GDP (2012 est.)
country comparison to the world: 88

41.9% of GDP (2011 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.3% (2012 est.)
country comparison to the world: 56

4.4% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.5% (31 December 2011 est.)
country comparison to the world: 98

3.5% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.52% (31 December 2012 est.)
country comparison to the world: 136

6.39% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$9.099 billion (31 December 2012 est.)
country comparison to the world: 80

$8.01 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$12.09 billion (31 December 2012 est.)
country comparison to the world: 100

$12.12 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$18.39 billion (31 December 2012 est.)
country comparison to the world: 84

$20.65 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.076 billion (31 December 2011)
country comparison to the world: 106

$1.252 billion (31 December 2010)
$1.824 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-473.4 million (2012 est.)
country comparison to the world: 104

$-628.2 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$12.23 billion (2012 est.)
country comparison to the world: 87

$11.5 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Russia 18.2%, Lithuania 14.9%, Estonia 12.1%, Germany 7.5%, Poland 5.6%, Sweden 4.8% (2012)

Imports:
$15.15 billion (2012 est.)
country comparison to the world: 86

$14.74 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Lithuania 19.1%, Germany 11.6%, Russia 9.2%, Poland 8.2%, Estonia 7.6%, Italy 4.6%, Finland 4.4% (2012)

Reserves of foreign exchange and gold:
$7.523 billion (31 December 2012 est.)
country comparison to the world: 79

$6.383 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$39.43 billion (31 December 2012 est.)
country comparison to the world: 65

$38.07 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$14.14 billion (31 December 2012 est.)
country comparison to the world: 81

$13.07 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.992 billion (31 December 2012 est.)
country comparison to the world: 74

$1.844 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
lati (LVL) per US dollar -

0.5469 (2012 est.)
0.5012 (2011 est.)
0.5305 (2010 est.)
0.5056 (2009)
0.4701 (2008)


NOTE: 1) The information regarding Latvia on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Latvia Economy 2014 information contained here. All suggestions for corrections of any errors about Latvia Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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