Latvia

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Introduction - Latvia:
Location - Latvia:
People - Latvia:
Government - Latvia:
Economy - Latvia:
Economy overview	Latvias 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: 26.3% services: 70% (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.)

Population below poverty line	NA%

Household income or consumption by percentage share	lowest 10%: 2.8% highest 10%: 26.1% (1998)

Distribution of family income gini index	35 (2003)

Inflation rate consumer prices	6.8% (December 2006 est.)

Investment gross fixed	31.4% of GDP (2006 est.)

Budget	revenues: $6.172 billion expenditures: $6.45 billion; including capital expenditures of $NA (2006 est.)

Public debt	11% 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	4.55 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 consumption	1.91 billion cu m (2004 est.)

Natural gas exports	0 cu m (2004 est.)

Natural gas imports	1.91 billion cu m (2004 est.)

Current account balance	-$2.538 billion (2006 est.)

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)

Reserves of foreign exchange and gold	$2.61 billion (2006 est.)

Debt external	$18.9 billion (30 June 2006 est.)

Economic aid recipient	$96.2 million (2002 est.)

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)

Communications - Latvia:
Transportation - Latvia:
Military - Latvia:

This page was last updated on 16 September, 2007
Source: CIA >>>

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home : Countries: Europe : Advanced : Republic : Small to 100 000 km2 : Population to 10 000 000 people

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Latvia

Latvia: Travel tips, articles, photos, gallery, cities database, population, pics, flags, statistics, free maps online

Back to Countries, Click to read the whole article: Latvia

Economy overview

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: 26.3% services: 70% (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.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 2.8% highest 10%: 26.1% (1998)

Distribution of family income gini index

35 (2003)

Inflation rate consumer prices

6.8% (December 2006 est.)

Investment gross fixed

31.4% of GDP (2006 est.)

Budget

revenues: $6.172 billion expenditures: $6.45 billion; including capital expenditures of $NA (2006 est.)

Public debt

11% 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

4.55 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 consumption

1.91 billion cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

1.91 billion cu m (2004 est.)

Current account balance

-$2.538 billion (2006 est.)

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)

agriculture: 3.7%
industry: 26.3%
services: 70% (2006 est.)

agriculture: 13%
industry: 19%
services: 68% (2005 est.)

lowest 10%: 2.8%
highest 10%: 26.1% (1998)

revenues: $6.172 billion
expenditures: $6.45 billion; including capital expenditures of $NA (2006 est.)