The Baltic country of Latvia is located at the crossroads of northern and eastern Europe, on the east coast of the Baltic Sea. The Republic of Latvia is bounded by Estonia to the north, Russia and Belarus to the east and Lithuania to the south, and has a maritime border with Sweden to the west. Other neighbouring countries include Finland, Poland and Germany. The strategic location of Latvia has been the major influence on the country's diverse historical and cultural experiences. Today, it is this location which forms the basis for Latvia's economic success.
Name of country |
Republic of Latvia |
Country code |
LV |
Size of Area |
64 589 km2 |
Population (2007) |
2.3 million |
Capital City |
Riga |
Ethnic Composition
(beginning of 2008) |
59.2% Latvian, 28.0% Russian, 3.7% Belarusian, 2.5% Ukrainian, 2.4% Polish, 1.3% Lithuanian, 0.5% Jewish, 2.4% other nationalities |
Language |
Latvian (official); Russian, English and German are also widely spoken |
Political system |
Republic, parliamentary democracy |
Head of State |
President Mr. Valdis Zatlers |
Head of Government |
Prime Minister Mr. Ivars Godmanis |
Political Parties |
People's Party (Tautas Partija) - 23; New Era Party (Jaunais Laiks) - 18 seats, Union of Greens and Farmers ( Zaļo un Zemnieku Savienība) - 18, (Saskaņas Centrs) - 17; Latvian First Party (Latvijas Pirmā Partija) - 10, For Fatherland and Freedom (Tēvzemei un Brīvībai/LNNK) - 8, For Human Rights in United Latvia (Par Cilvēka Tiesībām Vienotā Latvijā )- 6. |
Membership in International Organizations |
Member of NATO since 2004; Member of WTO since 1998 |
EU Membership |
Since 2004 |
ECONOMIC INDICATORS |
|
GDP(2007)
GDP(2006) |
19859.70 million EUR
15895.99 million EUR |
Growth of GDP(2007)
Growth of GDP(2006) |
10.3%
12.2% |
GDP per capita(2007)
GDP per capita(2006) |
8725 EUR
6948 EUR |
Private Consumption
(percentage of GDP, 2007) |
64.8% |
Public Consumption
(percentage of GDP, 2007) |
18.2% |
Capital Account Balance
(2007) |
409.93 million EUR |
Gross Fixed Capital Formation
(percentage of GDP, 2007) |
32.5% |
Growth of Industrial Production
(percentage of GDP, 2007) |
0.5% |
Government Revenue
(percentage of GDP, 2007) |
38.0% |
Government Expenditure
(percentage of GDP, 2007) |
38.0% |
Inflation Rate (2007) |
10.1% |
Rate of Real Wage Growth (2007) |
19.9% |
Unemployment Rate (2007) |
6.0% |
Fiscal Balance
(percentage of GDP) (2007) |
-1.3% |
Current Accounts (2007) |
-4734.21 million EUR; |
Exports (2007) |
5771.20 million EUR |
Imports (2007) |
10076.84 million EUR |
Government Debt (2007) |
1893.85 million EUR |
Foreign Exchange Reserves (2007) |
714.57 million EUR |
Exchange Rate to EURO, fixed rate as of 2006 |
1 EUR = 0.702804 LVL |
Credit Ratings:
S&P
Moody's
Fitch Ratings
(as at October 2008) |
BBB+
A2
BBB |
