Latvia: Economy

Economic Trivia

Exports contribute nearly a third of GDP.

Trade Source: United Nations Comtrade
Note: Top 3 trade partners are calculated by imports + exports.

Top 3 Trade Partners (2014): Lithuania, Estonia, and Germany
Top 3 Exported Goods (2014): Wood, Electrical Machinery, and Oil & Mineral Fuels

Top Industries Source: CIA World Factbook

Processed Foods; Processed Wood Products; Textiles; Processed Metals

Gross Domestic Product (GDP) Source: The World Bank

GDP, PPP (current international) $46,949,430,385 (2014)
GDP Growth Rate (annual %) 2.359% (2014)
GDP Per Capita, PPP (current international) $23,548 (2014)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 107/193 (2014)

Economic Indicators Source: The World Bank

Inflation, consumer prices (annual %) 0.631% (2014)
External debt stocks, total (DOD, current US$) $38,255,247,000 (2011)
Total tax rate (% of commercial profits) 35.9% (2015)
Real Interest Rate (5 year average %) 5.427% (2013)
Manufacturing, value added (% of GDP) 12.167% (2014)
Current Account Balance (BoP, current US$) ($627,278,813) (2014)
Click on a row to display its 5-year graph on the right.

Labor and Employment Source: The World Bank

Labor Force, Total 1,036,589 (2014)
Employment in Agriculture (% of total employment) 7.3% (2014)
Employment in Industry (% of total employment) 24.1% (2014)
Employment in Services (% of total employment) 68.6% (2014)
Unemployment Rate 10% (2014)
Click on a row to display its 5-year graph on the right.
Imports of goods and services (current US$) $19,320,273,318 (2014)
Exports of goods and services (current US$) $18,617,083,720 (2014)
Total Merchandise Trade (% of GDP) 103.059% (2014)
FDI, net inflows (BoP, current US$) $878,198,413 (2014)
Commercial Service Exports (current US$) $5,065,258,261 (2014)
Click on a row to display its 5-year graph on the right.

How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Latvia’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.

Due to unavailable data the following indicators have been omitted:
  • Exports
  • FDI, net inflows
  • GDP Growth Rate
  • GDP Per Capita
  • Inflation
  • Unemployment

Glossary