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World > Europe > Latvia > Economy (Facts)

Latvia - Economy (Facts)
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.
GDP - real growth rate: 11.9% (2006 est.)
GDP (purchasing power parity): $36.49 billion (2006 est.)
GDP (official exchange rate): $16.5 billion (2006 est.)
GDP - per capita (PPP): $16,000 (2006 est.)
GDP - composition by sector: agriculture: 3.7%
industry: 26.3%
services: 70% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: 2.8%
highest 10%: 26.1% (1998)
Inflation rate (consumer prices): 6.8% (December 2006 est.)
Labor force: 1.136 million (2006 est.)
Labor force - by occupation: agriculture: 13%
industry: 19%
services: 68% (2005 est.)
Unemployment rate: 6.5% (December 2006 est.)
Budget: revenues: $6.172 billion
expenditures: $6.45 billion; including capital expenditures of NA (2006 est.)
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
Industrial production growth rate: 8.5% (2006 est.)
Electricity - production: 4.55 billion kWh (2004)
Electricity - consumption: 6.329 billion kWh (2004)
Electricity - exports: 707 million kWh (2005)
Electricity - imports: 2.855 billion kWh (2005)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 47,000 bbl/day (2004 est.)
Oil - exports: 6,765 bbl/day (2004)
Oil - imports: 39,190 bbl/day (2004)
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 1.91 billion cu m (2004 est.)
Agriculture - products: grain, sugar beets, potatoes, vegetables; beef, pork, milk, eggs; fish
Exports: $6.98 billion f.o.b. (2006 est.)
Exports - commodities: wood and wood products, machinery and equipment, metals, textiles, foodstuffs
Exports - partners: Lithuania 14.1%, Estonia 12.2%, Russia 11.6%, Germany 9.8%, UK 7.7%, Sweden 6.3%, Denmark 4.8% (2006)
Imports: $10.33 billion f.o.b. (2006 est.)
Imports - commodities: machinery and equipment, chemicals, fuels, vehicles
Imports - partners: Germany 15.4%, Lithuania 13%, Russia 8%, Estonia 7.7%, Poland 7.2%, Finland 5.7%, Sweden 5%, Belarus 4.7% (2006)
Debt - external: $18.9 billion (30 June 2006 est.)
Economic aid - recipient: $96.2 million (2002 est.)
Currency: Latvian Lats (LVL)

Current Latvian Lats Exchange Rates
Historical Latvian Lats Exchange Rates
Chart Latvian Lats Exchange Rates
Currency code: LVL
Exchange rates: lati per US dollar - 0.5597 (2006), - 0.5647 (2005), 0.5402 (2004), 0.5715 (2003), 0.6182 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Latvian Lats Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Latvian Lats Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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