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Latvia in facts
On the world map, Latvia is located on the east coast of the Baltic Sea at the crossroads of Northern and Eastern Europe. Latvia, a parliamentary republic, is bordered by Estonia to the north, Russia and Belarus to the east, and Lithuania to the south, with a maritime border with Sweden to the west. The total length of Latvia’s coastline is 513 km.
Fast facts
| International memberships: | EU and NATO since 2004, WTO since 1998, OECD since 2016 |
| Capital: |
Riga |
| Other major cities: | Daugavpils, Liepaja, Jelgava, Jurmala, Ventspils, Rezekne, Valmiera, Jekabpils |
| Population as of 1 January 2023: | 1.883 million |
| Time: | Eastern European Time (GMT +2 hours) |
| Area: | 64 594 km2 |
| Language: | Latvian (official); Russian, English, and German are also widely spoken |
| Political system: | Republic, parliamentary democracy |
| Legal system: | Based on civil law |
| Currency: | Euro (EUR) |
Quick economy overview
| GDP at current prices (2023): | EUR 40.3 billion |
| GDP per capita (2023): | EUR 21 424 |
| GDP growth (2023): | -0.3 % |
| GDP growth forecast (2024): | 2.0 % |
| Inflation rate (2023): | 8.9 % |
| Accumulated FDI (2023): | EUR 24.5 billion |
| Accumulated FDI per capita (2023): | EUR 13 071 |
| Credit ratings (Standard & Poor’s / Moody’s / Fitch) | A+ / A3 / A- (investment grades) |
Main industries
In 2023, main industries according to their share in total gross value added, were manufacturing (13.5%), wholesale and retail trade (12.2%), and real estate activities (11.1%).
Export and import
Latvia is an open economy with close links to trading partners in the region. Latvia’s main trading partners are EU countries with 75.4% of total turnover by value of goods.
Broken down by country, the most significant export markets are Lithuania, Estonia, Germany, Sweden, and Russia. Most of Latvia’s exported goods are agricultural and food products (mainly cereal products), as well as wood and its articles, machinery and equipment, chemical industry products.
The main importers to Latvia are Lithuania, Germany, Poland, Estonia, and the Netherlands. Latvia’s main imported goods are machinery and equipment, agricultural and food products, vehicles, mineral products.
Contacts
Riga office
Address: 2 Perses Street, Riga, Latvia, LV-1442
Web: www.investinlatvia.org
For more information: invest@liaa.gov.lv
Phone: +371 25710113
For tailored advice contact our team of experts