Latvia in Facts

Latvia – a great place for business!

Location

On the world map, Latvia is to be found on the east coast of the Baltic Sea at the crossroads of northern and eastern Europe. Latvia, a parliamentary republic is bordered by Estonia to the north, Russia and Belarus to the east, Lithuania to the south and has a maritime border with Sweden to the west.

Basic facts
 
Name of country
Republic of Latvia
Country code
LV
Size of area
64,573 km2
Population (as of January 2015)
1.953 million
Capital city
Riga
Ethnic composition (beginning 2016)
61.8% Latvians, 25.6% Russians, 3.4% Belarusians, 2.3% Ukrainians, 2.1% Poles, 1.2% Lithuanians, 0.3% Jews, 0.3% Roma, 0.1% Germans, 0.1% Estonians, 2.8% other nationalities
Language
Latvian (official); Russian, English and German are also widely spoken
Political system
Republic, parliamentary democracy
Head of state
President (Mr) Raimonds Vējonis (elected in 2015 by Parliament for a four-year term)
Head of governmentPrime Minister (Mr) Māris Kučinskis
Political parties in Saeima represented in the 6 fractions of Parliament of Latvia (elected 2014)
- Social democrats party "Harmony" (Sociāldemokrātiskā partija "Saskaņa"): 24 seats
- Unity (Vienotība): 23 seats
- Greens and Farmers Union (Zaļo un Zemnieku savienība): 21 seats
- National Alliance "All For Latvia!" "For Fatherland and Freedom/ LNNK" (Nacionālā apvienība "Visu Latvijai!" – "Tēvzemei un Brīvībai/ LNNK"): 17 seats
- Latvia’s Regional Alliance (Latvijas Reģionu Apvienība): 8 seats
- For Latvia from the Heart (No sirds Latvijai): 7 seats
Membership in international organizationsMember of NATO since 2004
Memebr of EU since 2004
Member of WTO since 1998
 
Economic indicators
 
GDP (2016)
GDP (2015)
EUR 25.021 billion
EUR 24.368 billion
Growth of GDP (2016)
Growth of GDP (2015)
2.0 %
2.7 %
GDP per capita (2016)
GDP per capita (2015)
EUR 12,762
EUR 12,324
Private Consumption (percentage of GDP, 2015)
60.3 %
Public Consumption (percentage of GDP, 2015)
18 %
Capital Account Balance (2016) 
EUR 249.7 million
Gross Fixed Capital Formation (percentage of GDP, 2015) 
22.8 %
Growth of Industrial Production (as % of previous period, calendar adjusted data, 2015) 
4,9 %
Government Revenue (percentage of GDP, 2015)  
35.9 %
Government Expenditure (percentage of GDP, 2015)
37.2 %
Inflation rate (2016)
0.1 %
Rate of Wage Growth (2016)
4,7 %
Unemployment Rate (2016)
9.6 %
Fiscal Balance (percentage of GDP) (2015) 
-1.3 %
Current Account (2016)
EUR 369.5 million
Exports of goods and services (2016)
EUR 14.51 billion
Imports of goods and services (2016)
EUR 14.37 billion
General Government Debt (2015)
EUR 8.872 billion
Currency
Euro (EUR)
Credit Ratings (as at February 2017):
Fitch Ratings
Moody’s
Standard & Poor’s
R&I

A- (Outlook: Stable)
A3 (Outlook: Stable) 
A- (Outlook: Stable)
BBB+ (Outlook: Stable)

Additional information

Central Statistical Bureau of Latvia: www.csb.gov.lv/en
Central Bank of Latvia: www.bank.lv/en
Latvian Institute: www.latvia.eu
www.fitchratings.com
www.moodyseurope.com
www.standardandpoors.com
www.r-i.co.jp