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Latvia Economy 2011
http://www.theodora.com/wfb2011/latvia/latvia_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES
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Page last updated on January 12, 2011

Economy - overview:
Latvia's economy experienced GDP growth of more than 10% per year during 2006-07 but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. GDP plunged 18% in 2009 - the three former Soviet Baltic republics had the world's worst declines that year - and another 1.8% in 2010. The IMF, EU, and other donors provided assistance to Latvia as part of an agreement to defend the currency's peg to the euro and reduce the fiscal deficit to about 5% of GDP over time. DOMBROVSKIS' government enacted major speding cuts to reduce the fiscal deficit to 7.8% of GDP in 2010, and plans to cut the deficit further in 2011. 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.

GDP (purchasing power parity):
$32.2 billion (2010 est.)
country comparison to the world: 105

$32.79 billion (2009 est.)
$39.99 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$23.39 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.8% (2010 est.)
country comparison to the world: 204

-18% (2009 est.)
-4.2% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$14,500 (2010 est.)
country comparison to the world: 80

$14,700 (2009 est.)
$17,800 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 4.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 20.6%
[see also: GDP - composition by sector - industry country ranks ]
services: 75.2% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
1.178 million (2009 est.)
country comparison to the world: 139
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 12.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 25.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 61.8% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
19.1% (2010 est.)
country comparison to the world: 164

17.1% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.4% (2004)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
36 (2005)
country comparison to the world: 84

32 (1999)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
15.7% of GDP (2009 est.)
country comparison to the world: 125
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $8.028 billion
[see also: Budget - revenues country ranks ]
expenditures: $9.863 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
46.2% of GDP (2010 est.)
country comparison to the world: 58

36.6% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
-1.2% (2010 est.)
country comparison to the world: 5

3.5% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4% (31 December 2009)
country comparison to the world: 75

6% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
16.23% (31 December 2009 est.)
country comparison to the world: 76

11.85% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.769 billion (31 December 2010 est)

$5.893 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$11.17 billion (31 December 2010 est.)

$11.46 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$27.59 billion (31 December 2010 est.)
country comparison to the world: 70

$27.76 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.824 billion (31 December 2009)
country comparison to the world: 99

$1.609 billion (31 December 2008)
$3.111 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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

Industrial production growth rate:
-1.8% (2009 est.)
country comparison to the world: 160
[see also: Industrial production growth rate country ranks ]

Electricity - production:
4.62 billion kWh (2007 est.)
country comparison to the world: 114
[see also: Electricity - production country ranks ]

Electricity - consumption:
6.822 billion kWh (2007 est.)
country comparison to the world: 101
[see also: Electricity - consumption country ranks ]

Electricity - exports:
2.123 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
4.643 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 157
[see also: Oil - production country ranks ]

Oil - consumption:
40,000 bbl/day (2009 est.)
country comparison to the world: 103
[see also: Oil - consumption country ranks ]

Oil - exports:
5,873 bbl/day (2007 est.)
country comparison to the world: 102
[see also: Oil - exports country ranks ]

Oil - imports:
43,400 bbl/day (2007 est.)
country comparison to the world: 93
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 162
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 168
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
2.05 billion cu m (2008 est.)
country comparison to the world: 80
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 165
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
2.05 billion cu m (2008 est.)
country comparison to the world: 46
[see also: Natural gas - imports country ranks ]

Current account balance:
$1.62 billion (2010 est.)
country comparison to the world: 42

$2.53 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$7.894 billion (2010 est.)
country comparison to the world: 93

$7.223 billion (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Lithuania 15.19%, Estonia 13.57%, Russia 13.17%, Germany 8.13%, Sweden 5.7% (2009)

Imports:
$9.153 billion (2010 est.)
country comparison to the world: 94

$8.906 billion (2009 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Lithuania 16.36%, Germany 11.34%, Russia 10.68%, Poland 8.11%, Estonia 7.69% (2009)

Reserves of foreign exchange and gold:
$7.17 billion (31 December 2010 est.)
country comparison to the world: 60

$6.907 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$37.28 billion (31 December 2010 est.)
country comparison to the world: 59

$41.58 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$11.71 billion (31 December 2010 est.)
country comparison to the world: 79

$11.61 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.097 billion (31 December 2010 est.)
country comparison to the world: 71

$1.037 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
lati (LVL) per US dollar - 0.5422 (2010), 0.5056 (2009), 0.4701 (2008), 0.5162 (2007), 0.5597 (2006)


NOTE: The information regarding Latvia on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Latvia Economy 2011 information contained here. All suggestions for corrections of any errors about Latvia Economy 2011 should be addressed to the CIA.


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