Economy of Latvia
Population: 1.93 M (2018)
GDP per Capita: 17,861 USD (2018)
34,410 M.

GDP USD

(2018)

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21,090 M.

EXPORTS USD

(2018)

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21,160 M.

IMPORTS USD

(2018)

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36.90 %

PUBLIC DEBT

(2019)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 4.62 % (2018)
GDP of 2010 USD USD 31.30 B. (2018)
GDP Current USD USD 34.41 B. (2018)
GDP per Capita Current USD USD 17,861 (2018)
GDP per capita, PPP USD 26,219 (2018)
GDP per Capita, 2010 USD USD 16,269 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 17.79 % (2018)
Government Spending USD 6.12 B. (2018)
Government Debt % GDP 36.90 % (2019)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 137.22 (2018)
Trade Openness 122.79 % (2018)
Exports of Goods and Services % GDP 61.30 % (2018)
Exports Goods & Services USD 21.09 B. (2018)
Exports Annual Growth 3.95 % (2018)
Imports as % GDP 61.49 % (2018)
Total Imports USD 21.16 B. (2018)
Foreign Direct Investment % GDP 1.30 % (2018)
Foreign Direct Investment USD 0.42 B. (2018)
Current Account Balance % GDP USD -0.61 % (2018)
Current Account Balance USD -0.21 B. (2018)
Trade Balance % GDP -0.19 % (2018)
Trade Balance USD -0.06 B. (2018)
Foreign Exchange Reserves incl Gold USD 4.37 B. (2018)
Remittances % GDP 3.57 % (2018)
Remittances USD 584 M. (2018)
Balance of Payments USD 619 M. (2018)

Labor Market

Indicator Value
Labor Force 0.97 M. (2019)
Unemployment Rate 8.22 % (2019)
Unemployment Rate Females 5.63 % (2019)
Unemployment Rate Males 7.41 % (2019)
Youth Unemployment (ages 15-24) 15.51 % (2019)
Labor Force Participation Rate 60.74 % (2019)
Labor Force (Percent Female) 49.95 % (2019)
Female Labor Force Participation Rate 55.18 % (2019)
Male Labor Force Participation Rate 67.56 % (2019)
Dependent People 56.35 % (2018)

Agriculture Sector

Indicator Value
Forest Area 54.00 % (2016)
Forest Area km² 33,564 km² (2016)
Agricultural Land 31.06 % (2016)
Agricultural Land km² 19,310 km² (2016)
Employment 6.73 % (2019)
Value added % GDP 3.56 % (2018)
Agriculture Value added USD 1.23 B. (2018)
Crop Production Index 185.10 (2016)
Precipitation 641 mm (2014)
Arable Land 21 % (2016)
Cereal Yield 4,250 kg/hectare (2017)
Food production index 152 (2016)
Rural Population 32 % (2018)
Fertilizer use of Arable Land 104 kg/hectare (2016)
Livestock Production Index 109 (2016)
Economy of Latvia

According to the World Bank and its latest published data, the economy of the Latvia presents a growth rate of 4.62 % (2018) to the previous year.

With a population that reaches 1.93 M (2018) and a gross domestic product of USD 34.41 B. (2018), it translates a Gross Domestic Product per Capita of USD 17,861 placing its inhabitants on the threshold of an High-income country (according to the World Bank's updated classification).

Latvia also has a workforce of 0.97 M. (2019) with an unemployment rate of 8.22 % (2019), where women represent 5.63 % (2019) and men 7.41 % (2019), the unemployment rate for young people between 15-24 years old stood at 15.51 % (2019). The total number of dependent people stands at 56.35 % (2018).

The central government spent 17.79 % (2018) of its gross domestic product that year, which in absolute terms is USD 6.12 B. (2018). Its consolidated public debt reached 36.90 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Latvia exported USD 21.09 B. (2018), which represents 61.30 % (2018) of its gross domestic product, in that same sense its imports reached USD 21.16 B. (2018) with a direct foreign investment of USD 0.42 B. (2018).

Latvia has a forest area of 33,564 km² (2016), which represents 54.00 % (2016) of its total area, an average rainfall of 641 mm (2014) per year and a population of 32 % (2018) living in rural areas. With a total area of 19,310 km² (2016) available for agriculture and 6.73 % (2019) of its employments, the agricultural sector contributes to the economy of the Latvia about USD 1.23 B. (2018) (3.56 % (2018) of its GDP).