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Economy of Latvia

Population: 2.0 million in 2013¹

GDP: $31 billion in 2013²

GDP per capita: $15,375 nominal³ ($23,028 PPP⁴) in 2013

GDP growth rate: 4.1% in 2013⁵

Industries

GDP by Industry 2012⁶

Industry sector	Value added ($ millions) 2012	Percent of total
Other activities	9,208	36.1%
Wholesale, retail trade, restaurants and hotels	4,498	17.6%
Transport, storage and communication	4,205	16.5%
Manufacturing	3,604	14.1%
Construction	1,391	5.5%
Mining and utilities	1,311	5.1%
Agriculture, hunting, forestry, fishing	1,303	5.1%
Total value added	25,519	100%

Employment

Unemployment rate: 11.1% in 2013⁷

Employment by Industry 2013⁸

Employment sector	Employees (thousands) 2013	Percent of total
Wholesale trade, retail trade and repair of motor vehicles	133	14.9%
Manufacturing	126	14.1%
Education	95	10.6%
Transportation and storage	77	8.7%
Agriculture, forestry and fishing	72	8.0%
Construction	67	7.5%
Public administration and defence	61	6.9%
Human health and social work	48	5.3%
Professional, scientific and technical	34	3.8%
Accommodation and food service	27	3.0%
Administrative and support service	25	2.8%
Information and communication	24	2.7%
Real estate	23	2.5%
Arts, entertainment and recreation	22	2.4%
Finance and insurance	21	2.4%
Other service	17	1.9%
Electricity, gas, steam and air conditioning	12	1.3%
Water supply, sewerage and waste management	6	0.7%
Mining and quarrying	3	0.3%
Not elsewhere classified	1	0.1%
Activities of households as employers	1	0.1%
Extraterritorial organizations and bodies	0	0.0%
Total employment	894	100%

Corporations

Top 10 Corporations by Revenue 2013⁹

N/A

Households

Household Wealth: $37 billion (119% of GDP) in 2014¹⁰

Household Wealth per Adult: $20,930 in 2014¹⁰

Gini Coefficient: .348 in 2013¹¹

Government

Central Government

Central Government Revenue: $10.9 billion (35% of GDP) in 2013¹²

Central Government Expenditure: $10.9 billion (35% of GDP) in 2013¹²

Central Government Budget Balance: $0 billion (0% of GDP) in 2013¹²

Central Government Public Debt: $10.2 billion (33% of GDP) in Dec 2014* ¹³

Central Government 10 Year Bond Interest Rate: 0.89% on Feb 9, 2015¹⁴

* Public debt calculated using the exchange rate .883 EUR = 1 USD

Government Funds

N/A

Tax Structure

Individual Income Tax Rates and Thresholds in 2013¹⁵

24%: $0+

Corporate Tax Rate: 15% in 2014¹⁶

Monetary Policy

Money Supply (Euro area, M1): $6.58 trillion in Nov 2014* ¹⁷

Benchmark Interest Rate (Euro area): Main Refinancing rate = 0.05% in Sept 2014¹⁸

Total Reserves: $7.9 billion (25% of GDP) in 2013¹⁹

Exchange Rate: .883 Euros = 1 U.S. Dollar on Feb 9, 2015²⁰

Inflation: 0.0% in 2013²¹

* Money supply calculated using the exchange rate .883 EUR = 1 USD

Financial Institutions

Top 10 Financial Institutions by Assets 2013²²

N/A (data not available at Relbanks.com)

International Accounts

Exports: $12.7 billion (41% of GDP) in 2013²³

Imports: $15.6 billion (50% of GDP) in 2013²³

Trade Balance: -$2.9 billion (-9% of GDP) in 2013²³

Foreign Direct Investment Inflow: $880 million (3% of GDP) in 2013²⁴

Foreign Direct Investment Outflow: N/A

Foreign Aid Inflow: N/A

Foreign Aid Outflow: N/A

References