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.) |
| Debt - external | |
| Debt - external 2019 | $40.164 billion (2019 est.) |
| Debt - external 2018 | $42.488 billion (2018 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 | $12.931 billion (2020 est.) |
| Expenditures | $14.242 billion (2020 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 | 19.3% of household expenditures (2021 est.) |
| On alcohol and tobacco | 7.6% of household expenditures (2021 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 | 3.9% (2017 est.) |
| Industry | 22.4% (2017 est.) |
| Services | 73.7% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 61.8% (2017 est.) |
| Government consumption | 18.2% (2017 est.) |
| Investment in fixed capital | 19.9% (2017 est.) |
| Investment in inventories | 1.5% (2017 est.) |
| Exports of goods and services | 60.6% (2017 est.) |
| Imports of goods and services | -61.9% (2017 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
Want to know more about Latvia? Check all different factbooks for Latvia below.
