Latvia FlagLatvia

For Fatherland And Freedom.

 

General


Population: 2,165,165 (2014), 2,178,443 (2013)
Land Area: 64,589 sq km
Natural Resources: Peat, limestone, dolomite, amber, hydropower, wood, arable land
Capital: Riga
Political System: Parliamentary Democracy
State Leader: Andris Berzins (July 8th 2011)
Head of Government: Laimdota Straujuma (January 22nd 2014)
Languages: Latvian, Russian, Lithuanian
Currency: Euro (EUR)
Major Religions: Lutheran 19.6% Orthodox 15.3%, Other Christian 1%, Other 0.4%, Unspecified 63.7%
Major Ethnicities: Latvian 57.7%, Russian 29.6%, Belarusian 4.1%, Ukrainian 2.7%, Polish 2.5%, Lithuanian 1.4%, Other 2%
Life Expectancy: 73.44 years (2014), 73.19 years (2013)

Economy


GDP Official Exchange Rate: 30.38 billion (2013), 27.19 billion (2012)
GDP Purchasing Power Parity: 38.87 billion (2013), 37.4 billion (2012)
GDP Per Capita (PPP): 19,100 (2013), 18,100 (2012)
GDP Growth Rate: 4% (2013), 4.5% (2012)
GDP Structure: Agriculture 4.9%, Industry 25.7%, Services 69.4% (2013)
Labour Force By Occupation: Agriculture 8.8%, Industry 24%, Services 67.2% (2010)
Industries: Buses, vans, street and railroad cars, synthetic fibers, agricultural machinery, fertilizers, washing machines, radios, electronics, pharmaceuticals, processed foods, textiles
Agriculture Products: Grain, sugar beets, potatoes; beef, pork, milk, eggs; fish
Human Development Index: 0.810 (48th)(2014), 0.814 (44th)(2013)
Tourism Revenue: 343 million (2004)
Unemployment Rate: 9.8% (2013)

MilitaryLatvia Map


Army Size: 5 238 (2004)
Budget: 1.2% of GDP (2005)

Current Situation

 

Latvia is located in the Northern Baltic Europe. Latvia is bordered by Belarus, Estonia, Lithuania and Russia. Latvia has a very high growth rate, however its inflation is also equally high. Latvia's high growth rate is explained by increased inner consumption and not by increased trade, thus is not sustainable unless serious action is undertaken. The government however has pledged to stabilize the situation and Latvia hopes to adopt the Euro currency in 2012. Latvia was hit hard by the global recession, the GDP growth rate has been negative for the past two years.

(2013) The move to the euro zone has been postponed to 2014, economic growth has returned to Latvia despite a slowdown in the rest of the euro area countries.

(2014) Latvia's economy continues it's relatively strong growth by European standards. Latvia adopted the Euro as its currency at the beginning of 2014. Laimdota Staujuma was selected as the new Prime Minister of Latvia at the start of 2014 to replace Valdis Dombrovskis who resigned his post.

Thoughts & Comments

 

Sources

CIA World Factbook: Latvia
Wikipedia: Latvia
http://hdrstats.undp.org/en/countries/profiles/LVA.html

Updated on: October 13th, 2014