| Economy - overview | Latvia's economy experienced average GDP growth of more than 7.0% over the past several years. In 2006 it reached 10.2% real GDP growth. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises. Latvia officially joined the World Trade Organization in February 1999. EU membership, a top foreign policy goal, came in May 2004. The current account deficit - more than 15% of GDP in 2006 - and inflation remain major concerns. |
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| GDP | 1.2% (2005 est.) |
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| GDP - real growth rate | 11.9% (2006 est.) |
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| GDP - composition by sector | agriculture: 3.7%
industry: 26.3%
services: 70% (2006 est.) |
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| Population below poverty line | NA% |
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Household income or consumption
by percentage share | lowest 10%: 2.8%
highest 10%: 26.1% (1998) |
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Distribution of family income
- Gini index | 35 (2003) |
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| Labor force | 1.136 million (2006 est.) |
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| Labor force - by occupation | agriculture: 13%
industry: 19%
services: 68% (2005 est.) |
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| Unemployment rate | 6.5% (December 2006 est.) |
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| Budget | revenues: $6.172 billion
expenditures: $6.45 billion; including capital expenditures of $NA (2006 est.) |
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| Industries | buses, vans, street and railroad cars; synthetic fibers, agricultural machinery, fertilizers, washing machines, radios, electronics, pharmaceuticals, processed foods, textiles; note - dependent on imports for energy and raw materials |
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| Industrial production growth rate | 8.5% (2006 est.) |
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Electricity -
production | 4.55 billion kWh (2004) |
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Electricity -
production by source | fossil fuel: 29.1%
hydro: 70.9%
nuclear: 0%
other: 0% (2001) |
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Electricity -
consumption | 6.329 billion kWh (2004) |
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Electricity -
exports | 707 million kWh (2005) |
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Electricity -
imports | 2.855 billion kWh (2005) |
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| Oil - production | 0 bbl/day (2004 est.) |
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| Oil - consumption | 47,000 bbl/day (2004 est.) |
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| Oil - exports | 0 bbl/day (2004) |
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| Oil - imports | 0 bbl/day (2004) |
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| Agriculture - products | grain, sugar beets, potatoes, vegetables; beef, pork, milk, eggs; fish |
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| Exports | $6.98 billion f.o.b. (2006 est.) |
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| Exports - commodities | wood and wood products, machinery and equipment, metals, textiles, foodstuffs |
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| Exports - partners | Lithuania 11%, Estonia 10.8%, Germany 10.2%, UK 10.2%, Russia 7.9%, Sweden 7.8%, Denmark 5.3%, Poland 5.3% (2005) |
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| Imports | $10.33 billion f.o.b. (2006 est.) |
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| Imports - commodities | machinery and equipment, chemicals, fuels, vehicles |
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| Imports - partners | Germany 13.9%, Lithuania 13.6%, Russia 8.5%, Estonia 7.9%, Poland 6.4%, Finland 5.9%, Belarus 5.8%, Sweden 5.1% (2005) |
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| Debt - external | $18.9 billion (30 June 2006 est.) |
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| Economic aid - recipient | $96.2 million (2002 est.) |
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| Currency code | LVL |
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| Exchange rates | lati per US dollar - 0.5597 (2006), - 0.5647 (2005), 0.5402 (2004), 0.5715 (2003), 0.6182 (2002) |
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| Fiscal year | calendar year |
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