Latvia in Facts

Latvia – a great place for business!


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
Size of area
64,573 km2
Population (at the beginning of 2017)
1.93 million
Capital city
Ethnic composition (beginning of 2017)
62.2% Latvians, 25.2% Russians, 3.2% Belarusians, 2.2% Ukrainians, 2.1% Poles, 1.2% Lithuanians, 0.3% Roma, 3.6% other nationalities
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) Arturs Krišjānis Kariņš
Political parties in Saeima represented in the 6 fractions of Parliament of Latvia (elected 2014)
- "Concord" Social Democratic Party (Sociāldemokrātiskā partija “Saskaņa”): 22 seats
- Who owns the state? KPV LV (Kam pieder valsts?, KPV LV): 15 seats
- The New Conservative Party (Jaunā konservatīvā partija, JKP): 16 seats
- National Alliance "All For Latvia!" – "For Fatherland and Freedom/LNNK" (Nacionālā apvienība „Visu Latvijai!” – „Tēvzemei un Brīvībai/LNNK”): 13 seats
- Union of Greens and Farmers (Zaļo un Zemnieku savienība, ZZS): 11 seats
New Unity (Jaunā vienotība): 8 seats
Unaffiliated members of parliament: 2 seats
Membership in international organizations

Member of OECD since 2016,
Member of  NATO since 2004;
Member of WTO since 1998
Memebr of EU since 2004

Economic indicators
GDP (2017
GDP (2016)
EUR 29.5 billion
EUR 27.0 billion
Growth of GDP (2018)
Growth of GDP (2017)
4.8 %
4.6 %
GDP per capita (2018)
GDP per capita (2017)
EUR 15 328
EUR 13 926
Private Consumption (percentage of GDP, 2018)
58.8 %
Public Consumption (percentage of GDP, 2018)
17.7 %
Capital Account Balance (2018) 
EUR 521 million
Gross Fixed Capital Formation (percentage of GDP, 2018) 
22.8 %
Growth of Industrial Production (as % of previous period, calendar adjusted data, 2018) 
2.0 %
Government Revenue (percentage of GDP, 2018)  
37.5 %
Government Expenditure (percentage of GDP, 2018)
38.5 %
Inflation rate (2018)
2.5 %
Rate of Wage Growth (2018)
8.4 %
Unemployment Rate (2018)
7.4 %
Fiscal Balance (percentage of GDP) (2016) 
1.001 %
Current Account (2018)
EUR -283 million
Exports of goods and services (2018)
EUR 17.38 billion
Imports of goods and services (2018)
EUR 17.56 billion
Accumulated FDI (2018)EUR 15.1 billion
Accumulated FDI per capita (2018)EUR 7 815
General Government Debt (2018)
EUR 10.6 billion
Euro (EUR)
Credit Ratings (as at April 2019):
Fitch Ratings
Standard & Poor’s

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

Additional information

Central Statistical Bureau of Latvia:
Central Bank of Latvia:
Latvian Institute: