| COUNTRIES | Geographic.org | GEOLOGY | USA STATISTICS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Latvia Economy 2007
https://allcountries.org/wfb2007/latvia/latvia_economy.html
SOURCE: 2007 CIA WORLD FACTBOOK

Custom Search


. Feedback


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 (purchasing power parity):
$36.49 billion (2006 est.)

GDP (official exchange rate):
$16.5 billion (2006 est.)

GDP - real growth rate:
11.9% (2006 est.)

GDP - per capita (PPP):
$16,000 (2006 est.)

GDP - composition by sector:
agriculture: 3.7%
industry: 21.5%
services: 74.8% (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% (2006 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: 2.5%
highest 10%: 29.1% (2003)

Distribution of family income - Gini index:
37.7 (2003)

Inflation rate (consumer prices):
6.5% (2006 est.)

Investment (gross fixed):
34.4% of GDP (2006 est.)

Budget:
revenues: $7.198 billion
expenditures: $7.255 billion (2006 est.)

Public debt:
9.9% of GDP (2006 est.)

Agriculture - products:
grain, sugar beets, potatoes, vegetables; beef, pork, milk, eggs; fish

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:
4.778 billion kWh (2005)

Electricity - consumption:
6.09 billion kWh (2005)

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 (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
1.861 billion cu m (2005 est.)

Natural gas - exports:
0 cu m (2005 est.)

Natural gas - imports:
1.861 billion cu m (2005)

Current account balance:
$-4.279 billion (2006 est.)

Exports:
$6.051 billion f.o.b. (2006 est.)

Exports - commodities:
wood and wood products, machinery and equipment, metals, textiles, foodstuffs

Exports - partners:
Lithuania 14.2%, Estonia 12.3%, Russia 11.5%, Germany 9.8%, UK 7.6%, Sweden 6.3%, Denmark 4.8% (2006)

Imports:
$10.99 billion f.o.b. (2006 est.)

Imports - commodities:
machinery and equipment, chemicals, fuels, vehicles

Imports - partners:
Germany 15.5%, Lithuania 12.9%, Russia 8%, Estonia 7.7%, Poland 7.2%, Finland 5.7%, Sweden 5%, Belarus 4.7% (2006)

Economic aid - recipient:
$162 million (2004)

Reserves of foreign exchange and gold:
$4.51 billion (2006 est.)

Debt - external:
$22.94 billion (2006 est.)

Stock of direct foreign investment - at home:
$6.418 billion (2006 est.)

Stock of direct foreign investment - abroad:
$442 million (2006 est.)

Market value of publicly traded shares:
$2.705 billion (2006)

Currency (code):
Latvian lat (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


NOTE: The information regarding Latvia on this page is re-published from the 2007 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Latvia Economy 2007 information contained here. All suggestions for corrections of any errors about Latvia Economy 2007 should be addressed to the CIA.



- Please bookmark this page (add it to your favorites).
- If you wish to link to this page, you can do so by referring to the URL address below this line.

https://allcountries.org/wfb2007/latvia/latvia_economy.html

This page was last modified 29-Sep-09
Copyright © 1995-2009 ITA all rights reserved.