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, although the state still holds sizable stakes in a few large enterprises. Latvia officially joined the World Trade Organization in February 1999. Preparing for EU membership over the next few years continues as a top foreign policy goal. 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.
GDP:
purchasing power parity - $20 billion (2002 est.)
GDP - real growth rate:
4.5% (2002 est.)
GDP - per capita:
purchasing power parity - $8,300 (2002 est.)
GDP - composition by sector:
agriculture: 4.5%
industry: 26%
services: 69.5% (2001)
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)
Inflation rate (consumer prices):
2% (2002 est.)
Labor force:
1.1 million (2001 est.)
Labor force - by occupation:
agriculture 15%, industry 25%, services 60% (2000 est.)
Unemployment rate:
7.6% (2001 est.)
Budget:
revenues: $2.4 billion
expenditures: $2.6 billion, including capital expenditures of $NA (2002 est.)
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:
5.7% (2002 est.)
Electricity - production:
4.365 billion kWh (2001)
Electricity - production by source:
fossil fuel: 29.1%
hydro: 70.9%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
6.046 billion kWh (2001)
Electricity - exports:
703 million kWh (2001)
Electricity - imports:
2.69 billion kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
44,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
grain, sugar beets, potatoes, vegetables; beef, pork, milk, eggs; fish
Exports:
$2.3 billion f.o.b. (2002)
Exports - commodities:
wood and wood products, machinery and equipment, metals, textiles, foodstuffs
Exports - partners:
Germany 17%, UK 16%, Sweden 10%, Lithuania 8%, Russia 6% (2000)
Imports:
$3.9 billion f.o.b. (2002)
Imports - commodities:
machinery and equipment, chemicals, fuels, vehicles
Imports - partners:
Germany 17%, Russia 9%, Lithuania 8%, Finland 8%, Sweden 7% (2000)
Debt - external:
$3.4 billion (2000 est.)
Economic aid - recipient:
$96.2 million (1995)
Currency:
Latvian lat (LVL)
Currency code:
LVL
Exchange rates:
lati per US dollar - 0.6182 (2002), 0.6279 (2001), 0.6065 (2000), 0.5852 (1999), 0.5898 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Latvia on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Latvia Economy 2003 should be addressed to the CIA.
