Latvia Economic Statistics and Indicators

31, Oct 2020, EDT. 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.
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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 %.