note: adopted 1920, restored 1990; the song was first performed in 1873 while Latvia was a part of Russia; the anthem was banned during the Soviet occupation from 1940 to 1990
Economy ::Latvia
Economy - overview:
Latvia's economy experienced GDP growth of more than 10% per year during 2006-07 but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. GDP plunged 18% in 2009 - the three former Soviet Baltic republics had the world's worst declines that year - and another 1.8% in 2010. The IMF, EU, and other donors provided assistance to Latvia as part of an agreement to defend the currency's peg to the euro and reduce the fiscal deficit to about 5% of GDP over time. DOMBROVSKIS' government enacted major speding cuts to reduce the fiscal deficit to 7.8% of GDP in 2010, and plans to cut the deficit further in 2011. 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.
GDP (purchasing power parity):
$32.2 billion (2010 est.) country comparison to the world: 105 $32.79 billion (2009 est.)
$39.99 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$23.39 billion (2010 est.)