Latvia Economic Statistics and Indicators

19, Nov 2018, EST. Welcome to the Latvia economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.

Economic Indicators For: Latvia › Change country
National or Regional Currency: Lats, LVL
Year of data: 2015 › Change year
Number of Indicators Listed: 39
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 2,165,165 (July 2014 est.)
Area: total: 64,589 sq km ; land: 62,249 sq km ; water: 2,340 sq km
Natural Resources: peat, limestone, dolomite, amber, hydropower, timber, arable land
Capital: name: Riga ; geographic coordinates: 56 57 N, 24 06 E ; time difference: UTC+2 (7 hours ahead of Washington, DC, during Standard Time) ; daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October

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 remains committed to fiscal prudence and reducing the fiscal deficit. 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.
More on the Latvia Economy
More on the Latvia Export, Import and Trade

Economic Indicator Listing
  For Latvia in year 2015 Indicator Value
GDP Growth (Constant Prices, National Currency) 2.736 %
GDP (Current Prices, National Currency)LVL 24.376 Billion.
GDP (Current Prices, US Dollars)US$ 27.048 Billion
GDP Deflator 113.652 (Index, Base Year as per country's accounts = 100)
GDP Per Capita (Constant Prices, National Currency)LVL 10,798.85 .
GDP Per Capita (Current Prices, National Currency)LVL 12,273.13 .
GDP Per Capita (Current Prices, US Dollars)US$ 13,618.57
GDP (PPP), US DollarsUS$ 49.081 Billion
GDP Per Capita (PPP), US DollarsUS$ 24,712.17
GDP Share of World Total (PPP) 0.043 %
Implied PPP Conversion Rate 0.497
Investment (% of GDP) 22.168 %
Gross National Savings (% of GDP) 20.568 %
Inflation, Average Consumer Prices (Indexed to Year 2000) 100.001 (Index, Base Year 2000 = 100)
Inflation (Average Consumer Price Change %) 0.214 %
Inflation, End of Year (Indexed to Year 2000) 99.29 (Index, Base Year 2000 = 100)
Inflation (End of Year Change %) 0.404 %
Import Volume of All Items Including Goods and Services (Percent Change) 1.626 %
Import Volumes of Goods Only (Percent Change) 1.626 %
Export Volume of All Items Including Goods and Services (Percent Change) 0.951 %
Export Volumes of Goods Only (Percent Change) 0.951 %
Unemployment Rate (% of Labour Force) 9.877 %
Employment 0.896 Million
Population 1.986 Million
General government revenue (National Currency)LVL 8.823 Billions.
General government revenue (% of GDP) 36.194 %
General government total expenditure (National Currency)LVL 9.194 Billions.
General government total expenditure (% of GDP) 37.717 %
Total Government Net Lending/ Borrowing (National Currency)LVL -0.371 Billions.
Total Government Net Lending/ Borrowing (% of GDP) -1.523 %
General Government Structural Balance (National Currency)LVL -0.342 Billion.
General Government Structural Balance (% Potential GDP) -1.396 %
Fiscal Year Gross Domestic Product, Current PricesLVL 24.376 Billions.
Current Account Balance (US Dollars)US$ -0.433 Billion
Current Account Balance (% GDP) -1.601 %
Economic Indicators for Latvia 2015

GDP (Constant Prices, National Currency) for Latvia in year 2015 is LVL 21.448 Billion.

GDP Growth (Constant Prices, National Currency) for Latvia in year 2015 is 2.736 %.

GDP (Current Prices, National Currency) for Latvia in year 2015 is LVL 24.376 Billion.

GDP (Current Prices, US Dollars) for Latvia in year 2015 is US$ 27.048 Billion.

GDP Deflator for Latvia in year 2015 is 113.652 (Index, Base Year as per country's accounts = 100).

GDP Per Capita (Constant Prices, National Currency) for Latvia in year 2015 is LVL 10,798.85 .

GDP Per Capita (Current Prices, National Currency) for Latvia in year 2015 is LVL 12,273.13 .

GDP Per Capita (Current Prices, US Dollars) for Latvia in year 2015 is US$ 13,618.57 .

GDP (PPP), US Dollars for Latvia in year 2015 is US$ 49.081 Billion.

GDP Per Capita (PPP), US Dollars for Latvia in year 2015 is US$ 24,712.17 .

GDP Share of World Total (PPP) for Latvia in year 2015 is 0.043 %.

Implied PPP Conversion Rate for Latvia in year 2015 is 0.497 .

Investment (% of GDP) for Latvia in year 2015 is 22.168 %.

Gross National Savings (% of GDP) for Latvia in year 2015 is 20.568 %.

Inflation, Average Consumer Prices (Indexed to Year 2000) for Latvia in year 2015 is 100.001 (Index, Base Year 2000 = 100).

Inflation (Average Consumer Price Change %) for Latvia in year 2015 is 0.214 %.

Inflation, End of Year (Indexed to Year 2000) for Latvia in year 2015 is 99.29 (Index, Base Year 2000 = 100).

Inflation (End of Year Change %) for Latvia in year 2015 is 0.404 %.

Import Volume of All Items Including Goods and Services (Percent Change) for Latvia in year 2015 is 1.626 %.

Import Volumes of Goods Only (Percent Change) for Latvia in year 2015 is 1.626 %.

Export Volume of All Items Including Goods and Services (Percent Change) for Latvia in year 2015 is 0.951 %.

Export Volumes of Goods Only (Percent Change) for Latvia in year 2015 is 0.951 %.

Unemployment Rate (% of Labour Force) for Latvia in year 2015 is 9.877 %.

Employment for Latvia in year 2015 is 0.896 Million .

Population for Latvia in year 2015 is 1.986 Million .

General government revenue (National Currency) for Latvia in year 2015 is LVL 8.823 Billions.

General government revenue (% of GDP) for Latvia in year 2015 is 36.194 %.

General government total expenditure (National Currency) for Latvia in year 2015 is LVL 9.194 Billions.

General government total expenditure (% of GDP) for Latvia in year 2015 is 37.717 %.

Total Government Net Lending/ Borrowing (National Currency) for Latvia in year 2015 is LVL -0.371 Billions.

Total Government Net Lending/ Borrowing (% of GDP) for Latvia in year 2015 is -1.523 %.

General Government Structural Balance (National Currency) for Latvia in year 2015 is LVL -0.342 Billion.

General Government Structural Balance (% Potential GDP) for Latvia in year 2015 is -1.396 %.

Fiscal Year Gross Domestic Product, Current Prices for Latvia in year 2015 is LVL 24.376 Billions.

Current Account Balance (US Dollars) for Latvia in year 2015 is US$ -0.433 Billion.

Current Account Balance (% GDP) for Latvia in year 2015 is -1.601 %.

* Source: IMF
Aggregate Indicators for Latvia
Indicators
  Geography (Location, geographic coordinates, map references, area, terrain, elevation extremes, borders, coastline and maritime claims) for Latvia
  Climate and Environment (climate, environmental issues, environmental agreements, natural hazards) for Latvia
  Natural Resources, Agricultural Products, Land Use and Water Use for Latvia
  Nationality, Ethnic Groups, Languages and Religions for Latvia
  Telephone Statistics: Number of Fixed Lines, Mobile Phone Penetration Rate for Latvia
  Age Structure, Median Age, Gender and Urbanization for Latvia
  Population Growth Rate, Birth Rate, Death Rate, Net Migration Rate for Latvia
  Life Expectancy Rate, Infant Mortality Rate and Total Fertility Rate for Latvia
  HIV, AIDS and Other Major Infectious Disease Rates for Latvia
  Literacy Rate, Educational Expenditure and School Life Expectancy for Latvia
  Gross Domestic Product (PPP, Official Exchange Rate, Real Growth Rate and Per Capita) for Latvia
  Industries and Industrial Growth Production Rate for Latvia
  Labor Force by Occupation for Latvia
  Poverty Line, Gini Index, Household Income and Consumption for Latvia
  National Budget and Public Debt for Latvia
  Bank Rates (Commercial Bank Prime Lending Rate, Central Bank Discount Rate) for Latvia
  Stock of Money, Stock of Quasi Money, Stock of Domestic Credit for Latvia
  Stock Market Capitalization: Market Value of Publicly Traded Shares for Latvia
  Trade Statistics, Export Statistics, Export Partners and Products, Import Statistics, Import Partners and Products for Latvia
  Foreign Exchange Reserves and Gold Reserves for Latvia
  FDI Statistics (Foreign Direct Investment at Home/ Inbound FDI, Foreign Direct Investment Abroad/ Outbound FDI) for Latvia
  Exchange Rate Statistics for Latvia
  Electricity Production, Electricity Consumption, Electricity Exports and Electricity Imports for Latvia
  Oil Production, Proven Oil Reserves, Oil Consumption, Oil Exports and Oil Imports for Latvia
  Natural Gas Production, Proven Natural Gas Reserves, Natural Gas Consumption, Natural Gas Exports and Natural Gas Imports for Latvia
  Television and Radio Statistics (TV Stats, Radio Stats) for Latvia
  Internet Statistics (Internet Users, Internet Hosts, Country TLD) for Latvia
  Airport Statistics (Paved Runway Airports, Unpaved Runway Airports, Heliports) for Latvia
  Transport Statistics (Railways, Roadways, Waterways, Ports and Terminals, Airports, Merchant Marine) for Latvia
  Military Statistics (Military Expenditure, Military Branches, Service Age and Obligation, Manpower Available and Fit for Military Service) for Latvia
  Disputes, Refugees, Human Trafficking and Illicit Drug Production for Latvia
* Source: CIA
Internet Indicators for Latvia
Indicators
  Number of Internet Users for Latvia
  Internet Penetration Rate for Latvia
  Number of Facebook Accounts for Latvia
  Facebook Penetration Rate for Latvia
* Source: IWS
Economic Freedom Indicators for Latvia
Indicators
  Economic Freedom World Rank for Latvia
  Government Spending for Latvia
  Monetary Freedom for Latvia
  Investment Freedom for Latvia
  Financial Freedom for Latvia
  Property Rights for Latvia
  Economic Freedom Regional Ranking for Latvia
  Freedom from Corruption for Latvia
  Labor Freedom for Latvia
  Tariff Rate for Latvia
  Income Tax Rate for Latvia
  Corporate Tax Rate for Latvia
  Tax Burden % of GDP for Latvia
  Government Expenditure % of GDP for Latvia
  Business Freedom for Latvia
  Trade Freedom for Latvia
  Fiscal Freedom for Latvia
  2016 Score for Latvia
* Source: HFO
Latvia Economic Indicators in other Years
  Latvia Economic Indicators for Year 2021 (Forecast)
  Latvia Economic Indicators for Year 2020 (Forecast)
  Latvia Economic Indicators for Year 2019 (Forecast)
  Latvia Economic Indicators for Year 2018 (Forecast)
  Latvia Economic Indicators for Year 2017 (Forecast)
  Latvia Economic Indicators for Year 2016 (Forecast)
Latvia Economic Indicators for Year 2015 (Current)
  Latvia Economic Indicators for Year 2014
  Latvia Economic Indicators for Year 2013
  Latvia Economic Indicators for Year 2012
  Latvia Economic Indicators for Year 2011
  Latvia Economic Indicators for Year 2010
  Latvia Economic Indicators for Year 2009
  Latvia Economic Indicators for Year 2008
  Latvia Economic Indicators for Year 2007
  Latvia Economic Indicators for Year 2006
  Latvia Economic Indicators for Year 2005
  Latvia Economic Indicators for Year 2004
  Latvia Economic Indicators for Year 2003
  Latvia Economic Indicators for Year 2002
  Latvia Economic Indicators for Year 2001
  Latvia Economic Indicators for Year 2000
  Latvia Economic Indicators for Year 1999
  Latvia Economic Indicators for Year 1998
  Latvia Economic Indicators for Year 1997
  Latvia Economic Indicators for Year 1996
  Latvia Economic Indicators for Year 1995
  Latvia Economic Indicators for Year 1994
  Latvia Economic Indicators for Year 1993
  Latvia Economic Indicators for Year 1992
  Latvia Economic Indicators for Year 1991
  Latvia Economic Indicators for Year 1990
  Latvia Economic Indicators for Year 1989
  Latvia Economic Indicators for Year 1988
  Latvia Economic Indicators for Year 1987
  Latvia Economic Indicators for Year 1986
  Latvia Economic Indicators for Year 1985
  Latvia Economic Indicators for Year 1984
  Latvia Economic Indicators for Year 1983
  Latvia Economic Indicators for Year 1982
  Latvia Economic Indicators for Year 1981
  Latvia Economic Indicators for Year 1980


Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International