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 deficit - 11.5% of GDP in 2005 - remains a major concern. A
growing perception that many of Latvia's banks facilitate illicit
activity could damage the country's vibrant financial sector.
GDP (purchasing power parity):
$31.46 billion (2005 est.)
GDP (official exchange rate):
$14.43 billion (2005 est.)
GDP - real growth rate:
10.2% (2005 est.)
GDP - per capita (PPP):
$13,700 (2005 est.)
GDP - composition by sector: agriculture: 4% industry: 26.1% services: 69.9% (2005 est.)
Labor force: 1.11 million (2005 est.)
Labor force - by occupation: agriculture: 15% industry: 25% services: 60% (2000 est.)
Unemployment rate:
7.5% (2005 est.)