Latvia in Facts

Latvia – a great place for business!

Location

Located on the east coast of the Baltic Sea, Latvia is at the crossroads of northern and eastern Europe. A parliamentary republic, Latvia borders  Estonia to the north, Russia and Belarus to the east, and Lithuania to the south, and it borders the Baltic Sea to the west across from Sweden. 

Basic facts
 
Name of country
Republic of Latvia
Country code
LV
Size of area
64,573 km2
Population (as of January 2015)
1.99 million
Capital city
Riga
Ethnic composition (2014)
61.6 % Latvian, 25.8 % Russian, 3.4 % Belarusian, 2.2 % Ukrainian, 2.1 % Polish, 1.2 % Lithuanian, 0.3 % Romanies, 3.4 % 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 (100 seats)
- 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 organizations
Member of NATO since 2004
Memebr of EU since 2004
Member of WTO since 1998
Planned full OECD membership in 2016
Economic indicators
 
GDP (2015)
GDP (2014)
EUR 24.378 billion
EUR 23.581 billion
Growth of GDP (2015)
Growth of GDP (2014)
2.7 %
2.4 %
GDP per capita (2015)
GDP per capita (2014)
EUR 12,329
EUR 11,824
Private Consumption (percentage of GDP, 2015)
60.3 %
Public Consumption (percentage of GDP, 2015)
18 %
Capital Account Balance (2015) 
EUR 684.01 million
Gross Fixed Capital Formation (percentage of GDP, 2015) 
22.8 %
Growth of Industrial Production (as % of previous period, calendar adjusted data, 2015) 
3.4 %
Government Revenue (percentage of GDP, 2015)  
35.9 %
Government Expenditure (percentage of GDP, 2015)
37.2 %
Inflation rate (2015)
0.2 %
Rate of Wage Growth (2015)
7.4 %
Unemployment Rate (2015)
9.9 %
Fiscal Balance (percentage of GDP) (2015) 
-1.3 %
Current Account (2015)
EUR -299.6 million
Exports of goods and services (2015)
EUR 14.324 billion
Imports of goods and services (2015)
EUR 14.672 billion
General Government Debt (2015)
EUR 8.872 billion
Foreign Exchange Reserves (March 2016)EUR 3.092 billion
Currency
Euro (EUR)
Long Term Investment Ratings (as at March 2016):
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