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 (at the beginning of 2017)
1.93 million
Capital city
Riga
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
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)
- Concord Centre (Social Democratic Party "Harmony Centre" (Saskaņas centrs)): 23 seats
- Unity (Vienotība): 20 seats
- Union of Greens and Farmers (Green/agrarian and conservative political alliance Latvian Farmers' Union (Latvijas Zemnieku Savienība, LZS) and Latvian Green Party (Latvijas Zaļā Partija, LZP)): 21 seats
- National Alliance "All For Latvia!" "For Fatherland and Freedom/ LNNK" (Nacionālā apvienība "Visu Latvijai!" – "Tēvzemei un Brīvībai/ LNNK"): 16 seats
- Latvia’s Regional Alliance (Latvijas Reģionu Apvienība): 7 seats
- Unaffiliated members of parliament: 13 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 27.0 billion
EUR 25.0 billion
Growth of GDP (2017)
Growth of GDP (2016)
4.6 %
2.1 %
GDP per capita (2017)
GDP per capita (2016)
EUR 13,926
EUR 12,779
Private Consumption (percentage of GDP, 2017)
68.3 %
Public Consumption (percentage of GDP, 2017)
9.4 %
Capital Account Balance (2017) 
EUR 215 million
Gross Fixed Capital Formation (percentage of GDP, 2017) 
20.9 %
Growth of Industrial Production (as % of previous period, calendar adjusted data, 2016) 
8.5 %
Government Revenue (percentage of GDP, 2016)  
37.2 %
Government Expenditure (percentage of GDP, 2016)
37.8 %
Inflation rate (2017)
2.9 %
Rate of Wage Growth (2017)
7.9 %
Unemployment Rate (2017)
8.7 %
Fiscal Balance (percentage of GDP) (2016) 
0.0576 %
Current Account (2017)
EUR 191 million
Exports of goods and services (2017)
EUR 16.52 billion
Imports of goods and services (2017)
EUR 16.49 billion
Accumulated FDI (2017)EUR 14.6 billion
Accumulated FDI per capita (2017)EUR 7.489
General Government Debt (2016)
EUR 10.8 billion
Currency
Euro (EUR)
Credit Ratings (as at February 2018):
Fitch Ratings
Moody’s
Standard & Poor’s
R&I

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