Countries
Latvia
Key Economic Indicators
$80.98 billion
$43,394
-0.05%
1.27%
6.57%
$43.521 billion (2024 est.)
<strong>note:</strong> data cover general government debt, and includes debt ins
$-687,874,801
Economic Overview
<p>high-income EU and eurozone member; weak recovery following economic contraction, with slight increase in private consumption and uncertain trade environment; challenges from skilled-labor shortages, capital market access, large informal sector, and green and digital transitions</p>
All Economic Data
Agricultural products
wheat, milk, rapeseed, barley, oats, potatoes, rye, beans, peas, chicken (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
7.1% of household expenditures (2023 est.)
On food:
19.6% of household expenditures (2023 est.)
Budget
Expenditures:
$15.432 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$14.58 billion (2023 est.)
Currency
code:
EUR
name:
euro (EUR) [€]
Current account balance
$-687,874,801
Current account balance 2022:
-$2.082 billion (2022 est.)
Current account balance 2023:
-$1.663 billion (2023 est.)
Current account balance 2024:
-$923.266 million (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
euros (EUR) per US dollar -
Exchange rates 2020:
0.876 (2020 est.)
Exchange rates 2021:
0.845 (2021 est.)
Exchange rates 2022:
0.95 (2022 est.)
Exchange rates 2023:
0.925 (2023 est.)
Exchange rates 2024:
0.924 (2024 est.)
Exports
$28.54 billion
Exports 2022:
$29.364 billion (2022 est.)
Exports 2023:
$28.294 billion (2023 est.)
Exports 2024:
$28.117 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
wood, wheat, broadcasting equipment, packaged medicine, natural gas (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Lithuania 19%, Estonia 6%, Russia 6%, Germany 6%, Sweden 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.51 billion
GDP - composition, by end use
Exports of goods and services:
66.5% (2023 est.)
Government consumption:
20.2% (2023 est.)
Household consumption:
62.7% (2023 est.)
Imports of goods and services:
-70.2% (2023 est.)
Investment in fixed capital:
24.7% (2023 est.)
Investment in inventories:
-0.1% (2023 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
4.1% (2024 est.)
Industry:
19.9% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
63.1% (2024 est.)
GDP (official exchange rate)
$43.521 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$23,409
Gini Index coefficient - distribution of family income
35.1 (2018)
Gini Index coefficient - distribution of family income 2022:
33.7 (2022 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$42.78 billion
GNI per capita
$21,630
Gross domestic investment
21 % of GDP
Household income or consumption by percentage share
Highest 10%:
25.8% (2022 est.)
Lowest 10%:
2.6% (2022 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$29.24 billion
Imports 2022:
$31.206 billion (2022 est.)
Imports 2023:
$29.875 billion (2023 est.)
Imports 2024:
$29.234 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, cars, packaged medicine, broadcasting equipment, natural gas (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Lithuania 18%, Germany 11%, Poland 10%, Estonia 8%, Finland 5% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-4% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics
Inflation rate (consumer prices)
1.27%
Inflation rate (consumer prices) 2022:
17.3% (2022 est.)
Inflation rate (consumer prices) 2023:
8.9% (2023 est.)
Inflation rate (consumer prices) 2024:
1.3% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
954,900 (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
946,983 persons
Labor force - by occupation
agriculture:
6.66%
industry:
21.84%
services:
71.5%
Population below poverty line
22.5% (2022 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Note:
<strong>note:</strong> data cover general government debt, and includes debt instruments issued (or owned) by government entities, including sub-sectors of central government, state government, local government, and social security funds
Public debt 2017:
36.3% of GDP (2017 est.)
Real GDP (purchasing power parity)
$80.98 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$70.817 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$72.838 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$72.516 billion (2024 est.)
Real GDP growth rate
-0.05%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
1.8% (2022 est.)
Real GDP growth rate 2023:
2.9% (2023 est.)
Real GDP growth rate 2024:
-0.4% (2024 est.)
Real GDP per capita
$43,394
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$37,700 (2022 est.)
Real GDP per capita 2023:
$38,800 (2023 est.)
Real GDP per capita 2024:
$38,900 (2024 est.)
Remittances
$1.34 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
3.4% of GDP (2022 est.)
Remittances 2023:
2.9% of GDP (2023 est.)
Remittances 2024:
3.1% of GDP (2024 est.)
Reserves of foreign exchange and gold
$5.14 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$4.46 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$4.957 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$5.141 billion (2024 est.)
Revenue (excl grants)
32 % of GDP
Tax revenue
17 % of GDP
Taxes and other revenues
16.7% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
6.57%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
6.9% (2022 est.)
Unemployment rate 2023:
6.5% (2023 est.)
Unemployment rate 2024:
6.8% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
11.9% (2024 est.)
Male:
13% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
12.5% (2024 est.)
Economic Rankings
Inflation Rate
#34
GDP per Capita
#51
Unemployment Rate
#70
Imports
#80
Exports
#81
Reserves
#98
GDP (Nominal)
#99
GDP (PPP)
#108
Gini Index
#110
GDP Growth Rate
#157
Quick Facts
Industries
processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics
Agricultural products
wheat, milk, rapeseed, barley, oats, potatoes, rye, beans, peas, chicken (2023)
Labor force
954,900 (2024 est.)
Exports - partners
Lithuania 19%, Estonia 6%, Russia 6%, Germany 6%, Sweden 5% (2023)
Imports - partners
Lithuania 18%, Germany 11%, Poland 10%, Estonia 8%, Finland 5% (2023)
Exchange rates
euros (EUR) per US dollar -
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