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Latvia:
Economy

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Economy - overview
Definition
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)
Definition - World rank and map
$39.73 billion (2007 est.)
GDP (official exchange rate)
Definition
$27.34 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
10.2% (2007 est.)
GDP - per capita
Definition - World rank and map
$17,400 (2007 est.)
GDP - composition by sector
Definition
agriculture: 3.3%
industry: 22%
services: 74.7% (2007 est.)
Labor force
Definition
1.167 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 13%
industry: 19%
services: 68% (2005 est.)
Unemployment rate
Definition - World rank and map
5.7% (2007 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: 2.5%
highest 10%: 29.1% (2003)
Distribution of family income - Gini index
Definition - World rank and map
37.7 (2003)
Inflation rate (consumer prices)
Definition - World rank and map
10.1% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
31.6% of GDP (2007 est.)
Budget
Definition
revenues: $10.47 billion
expenditures: $10.29 billion (2007 est.)
Public debt
Definition - World rank and map
7.4% of GDP (2007 est.)
Agriculture - products
Definition
grain, sugar beets, potatoes, vegetables; beef, pork, milk, eggs; fish
Industries
Definition
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
Definition - World rank and map
5.4% (2007 est.)
Electricity - production
Definition - World rank and map
4.778 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
6.09 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
2,712.2 kWh (2005)
Electricity - exports
Definition
707 million kWh (2005)
Electricity - imports
Definition
2.855 billion kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
34,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
15.1 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
6,765 bbl/day (2004)
Oil - imports
Definition - World rank and map
39,190 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
1.861 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
829 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
1.861 billion cu m (2005)
Current account balance
Definition - World rank and map
-$6.381 billion (2007 est.)
Exports
Definition - World rank and map
$8.143 billion f.o.b. (2007 est.)
Exports - commodities
Definition
wood and wood products, machinery and equipment, metals, textiles, foodstuffs
Exports - partners
Definition
Lithuania 15.1%, Estonia 13.7%, Russia 12.9%, Germany 8.3%, Sweden 7.5%, UK 6.6% (2006)
Imports
Definition - World rank and map
$14.82 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and equipment, chemicals, fuels, vehicles
Imports - partners
Definition
Germany 15%, Lithuania 13.9%, Russia 8.7%, Estonia 8%, Poland 7%, Finland 5%, Sweden 4.9% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$5.758 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$33.53 billion (31 December 2007)
Stock of direct foreign investment - at home
Definition
$8.62 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$699 million (2007 est.)
Market value of publicly traded shares
Definition
$2.705 billion (2006)
Economic aid - recipient
Definition
$162 million (2004)
Currency (code)
Definition
lat (LVL)
Exchange rates
Definition
lati per US dollar - 0.5162 (2007), 0.5597 (2006), 0.5647 (2005), 0.5402 (2004), 0.5715 (2003)
Fiscal year
Definition
calendar year


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