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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


GDP by Industry 20126

Industry sectorValue added ($ millions) 2012Percent of total
Other activities9,20836.1%
Wholesale, retail trade, restaurants and hotels4,49817.6%
Transport, storage and communication4,20516.5%
Mining and utilities1,3115.1%
Agriculture, hunting, forestry, fishing1,3035.1%
Total value added25,519100%


Unemployment rate: 11.1% in 20137

Employment by Industry 20138

Employment sector Employees (thousands) 2013Percent of total
Wholesale trade, retail trade and repair of motor vehicles13314.9%
Transportation and storage778.7%
Agriculture, forestry and fishing728.0%
Public administration and defence616.9%
Human health and social work485.3%
Professional, scientific and technical343.8%
Accommodation and food service273.0%
Administrative and support service252.8%
Information and communication242.7%
Real estate232.5%
Arts, entertainment and recreation222.4%
Finance and insurance212.4%
Other service171.9%
Electricity, gas, steam and air conditioning121.3%
Water supply, sewerage and waste management60.7%
Mining and quarrying30.3%
Not elsewhere classified10.1%
Activities of households as employers10.1%
Extraterritorial organizations and bodies00.0%
Total employment894100%


Top 10 Corporations by Revenue 20139



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

Household Wealth per Adult: $20,930 in 201410

Gini Coefficient: .348 in 201311


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


Tax Structure

Individual Income Tax Rates and Thresholds in 201315

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


1. Source: World Bank Indicators (Population) Go back
2. Source: World Bank Indicators (GDP) Go back
3. Source: World Bank Indicators (GDP per capita) Go back
4. Source: World Bank Indicators (GDP per capita PPP) Go back
5. Source: World Bank Indicators (GDP growth rate) Go back
6. Source: United Nations Statistics Division (GDP by industry) Go back
7. Source: World Bank Indicators (Unemployment rate) Go back
8. Source: International Labor Organization, ILOSTAT, Downloads (Employment by economic activity) Go back
9. Source: Annual reports (Corporate data) Go back
10. Source: Credit Suisse Global Wealth Databook (Household wealth) Go back
11. Source: UN Human Development Report (Gini coefficient) Go back
12. Source: CIA World Factbook (Government budget) Go back
13. Source: IMF Dissemination Standards Bulletin Board, Access National Summary Data (Public debt) Go back
14. Source: Investing.com (Government bond yield) Go back
15. Source: PKF Tax Guide (Individual tax rates) Go back
16. Source: Tax Foundation (Corporate tax rate) Go back
17. Source: ECB Monetary developments (Money supply) Go back
18. Source: ECB Key interest rates (Benchmark interest rate) Go back
19. Source: World Bank Indicators (Total reserves) Go back
20. Source: Yahoo Finance (Exchange rate) Go back
21. Source: World Bank Indicators (Inflation rate) Go back
22. Source: Relbanks.com (Financial institutions by assets) Go back
23. Source: CIA World Factbook (Trade data) Go back
24. Source: World Bank Indicators (FDI data) Go back