Economy Latvia
Economy - overview:
Latvia's transitional economy recovered from the 1998 Russian
financial crisis, largely due to the 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, 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 and internal government deficits remain major concerns, but
the government's efforts to increase efficiency in revenue
collection may lessen the budget deficit. A growing perception that
many of Latvia's banks facilitate illicit activity could damage the
country's vibrant financial sector.
GDP (purchasing power parity):
$26.53 billion (2004 est.)
GDP - real growth rate:
7.6% (2004 est.)
GDP - per capita:
purchasing power parity - $11,500 (2004 est.)
GDP - composition by sector: agriculture: 4.4% industry: 24.8% services: 70.8% (2004 est.)
Labor force:
1.17 million (2004 est.)
Labor force - by occupation:
agriculture 15%, industry 25%, services 60% (2000 est.)
Unemployment rate:
8.8% (2004 est.)
Population below poverty line:
NA