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Latvia:
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Other pages in this profile of Latvia:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Latvia's economy experienced average GDP growth of more than 7.0% over the past several years. In 2006 it reached 10.2% real GDP growth. 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 15% of GDP in 2006 - and inflation remain major concerns. |
GDP (purchasing power parity) |
$36.49 billion (2006 est.) |
GDP (official exchange rate) |
$16.5 billion (2006 est.) |
GDP - real growth rate |
11.9% (2006 est.) |
GDP - per capita |
$16,000 (2006 est.) |
GDP - composition by sector |
agriculture: 3.7% industry: 21.5% services: 74.8% (2006 est.) |
Labor force |
1.136 million (2006 est.) |
Labor force - by occupation |
agriculture: 13% industry: 19% services: 68% (2005 est.) |
Unemployment rate |
6.5% (2006 est.) |
Population below poverty line |
NA% |
Household income or consumption by percentage share |
lowest 10%: 2.5% highest 10%: 29.1% (2003) |
Distribution of family income - Gini index |
37.7 (2003) |
Inflation rate (consumer prices) |
6.5% (2006 est.) |
Investment (gross fixed) |
34.4% of GDP (2006 est.) |
Budget |
revenues: $7.198 billion expenditures: $7.255 billion (2006 est.) |
Public debt |
9.9% of GDP (2006 est.) |
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 |
Electricity - production |
4.778 billion kWh (2005) |
Electricity - consumption |
6.09 billion kWh (2005) |
Electricity - exports |
707 million kWh (2005) |
Electricity - imports |
2.855 billion kWh (2005) |
Oil - production |
0 bbl/day (2004 est.) |
Oil - consumption |
47,000 bbl/day (2004 est.) |
Oil - exports |
6,765 bbl/day (2004) |
Oil - imports |
39,190 bbl/day (2004) |
Oil - proved reserves |
0 bbl (1 January 2006) |
Natural Gas - production |
0 cu m (2005 est.) |
Natural Gas - consumption |
1.861 billion cu m (2005 est.) |
Natural Gas - exports |
0 cu m (2005 est.) |
Natural Gas - imports |
1.861 billion cu m (2005) |
Current account balance |
$-4.279 billion (2006 est.) |
Exports |
$6.051 billion f.o.b. (2006 est.) |
Exports - commodities |
wood and wood products, machinery and equipment, metals, textiles, foodstuffs |
Exports - partners |
Lithuania 14.2%, Estonia 12.3%, Russia 11.5%, Germany 9.8%, UK 7.6%, Sweden 6.3%, Denmark 4.8% (2006) |
Imports |
$10.99 billion f.o.b. (2006 est.) |
Imports - commodities |
machinery and equipment, chemicals, fuels, vehicles |
Imports - partners |
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 |
$4.51 billion (2006 est.) |
Debt - external |
$22.94 billion (2006 est.) |
Economic aid - recipient |
$162 million (2004) |
Currency (code) |
Latvian lat (LVL) |
Exchange rates |
lati per US dollar - 0.5597 (2006), - 0.5647 (2005), 0.5402 (2004), 0.5715 (2003), 0.6182 (2002) |
Fiscal year |
calendar year |
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