Latvia - Economy
How is the economy of Latvia? Based on the information we have, Latvia has a high-income EU and eurozone member; economic contraction triggered by export decline and energy shocks; recovery driven by easing inflation, wage growth, and investments supported by EU funds; challenges from skilled labor shortages, capital market access, large informal sector, and green and digital transitions . Key agricultural products in this country include: wheat, milk, rapeseed, barley, oats, potatoes, rye, beans, peas, pork (2022).
More about the economy of Latvia
Labor force 978,000 (2023 est.)
Industrial production growth rate 0.71% (2023 est.)
Industries processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics
Population below poverty line 22.5% (2022 est.)
Taxes and other revenues 22.79% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency euros (EUR) per US dollar -
Exchange rates 2023 0.925 (2023 est.)
Exchange rates 2022 0.95 (2022 est.)
Exchange rates 2021 0.845 (2021 est.)
Exchange rates 2020 0.876 (2020 est.)
Exchange rates 2019 0.893 (2019 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $4.957 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $4.46 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $5.491 billion (2021 est.)
Current account balance
Current account balance 2023 -$1.752 billion (2023 est.)
Current account balance 2022 -$1.937 billion (2022 est.)
Current account balance 2021 -$1.579 billion (2021 est.)
Public debt
Public debt 2017 36.3% of GDP (2017 est.)
Budget
Revenues $12.075 billion (2022 est.)
Expenditures $13.672 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 2.82% of GDP (2023 est.)
Remittances 2022 3.2% of GDP (2022 est.)
Remittances 2021 3.34% of GDP (2021 est.)
Household income
Lowest 10% 2.6% (2021 est.)
Highest 10% 26.2% (2021 est.)
Average household expenditures
On food 19.1% of household expenditures (2022 est.)
On alcohol and tobacco 7.4% of household expenditures (2022 est.)
Imports
Imports 2023 $29.626 billion (2023 est.)
Imports 2022 $31.213 billion (2022 est.)
Imports 2021 $26.681 billion (2021 est.)
Imports (partners) Lithuania 22%, Estonia 10%, Germany 9%, Poland 9%, Russia 6% (2022)
Comodities Imports force natural gas, refined petroleum, electricity, cars, packaged medicine (2022)
Exports
Imports 2023 $29.626 billion (2023 est.)
Imports 2022 $31.213 billion (2022 est.)
Imports 2021 $26.681 billion (2021 est.)
Exports (partners) Lithuania 18%, Estonia 10%, Germany 6%, Russia 6%, Sweden 5% (2022)
Comodities Exports force wood, wheat, natural gas, electricity, broadcasting equipment (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $71.154 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $71.355 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $69.308 billion (2021 est.)
GDP (official exchange rate) $43.627 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $37,800 (2023 est.)
Real GDP per capita 2022 $38,000 (2022 est.)
Real GDP per capita 2021 $36,800 (2021 est.)
GDP - composition, by sector of origin
Agriculture 4.2% (2023 est.)
Industry 20.9% (2023 est.)
Services 63.1% (2023 est.)
GDP - composition, by end use
Household consumption 61.1% (2023 est.)
Government consumption 19.7% (2023 est.)
Investment in fixed capital 24.1% (2023 est.)
Investment in inventories -1.1% (2023 est.)
Exports of goods and services 64.1% (2023 est.)
Imports of goods and services -67.9% (2023 est.)
Unemployment rate
Unemployment rate 2023 6.53% (2023 est.)
Unemployment rate 2022 6.82% (2022 est.)
Unemployment rate 2021 7.51% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 12.5% (2023 est.)
Male 14.2% (2023 est.)
Female 10.3% (2023 est.)
All Important Facts about Latvia

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Latvia is found in Northern Europe