Flag description: three horizontal bands of maroon (top), white (half-width), and maroon
Economy Latvia
Economy - overview: Latvia's transitional economy recovered from the 1998 Russian financial crisis, largely due to the SKELE government's budget stringency and a gradual reorientation of exports toward EU countries, lessening Latvia's trade dependency on Russia. The majority of companies, banks, and real estate have been privatized. Latvia officially joined the World Trade Organization in February 1999 - the first Baltic state to join - and was invited at the Helsinki EU Summit in December 1999 to begin accession talks in early 2000. Preparing for EU membership over the next few years remains a top foreign policy goal. The high current account deficit remains a major concern.
GDP: purchasing power parity - $18.6 billion (2001 est.)
GDP - real growth rate: 6.3% (2001 est.)
GDP - per capita: purchasing power parity - $7,800 (2001 est.)
GDP - composition by sector: agriculture: 5% industry: 24% services: 71% (2000)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: 2.9% highest 10%: 25.9% (1998)
Distribution of family income - Gini index: 32 (1999)