| variable | 1990-1999 | 2000-2007 | 2008-2009 | 2010-2019 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| real gdp growth | 1.92 | 7.84 | -9.85 | 2.58 | -0.9 | 0.0 | 2.1 | 2.2 | 2.4 |
| CPI % | 25.6 | 6.56 | 1.05 | 1.58 | 9.1 | 1.3 | 3.8 | 3.0 | 2.7 |
| Unemployment rate | 11.39 | 10.01 | 18.55 | 10.39 | 6.5 | 6.9 | 6.9 | 6.7 | 6.5 |
| Debt/GDP % | 13.23 | 14.43 | 42.9 | 41.66 | 44.4 | 46.2 | 46.9 | 47.4 | 48.5 |
| Current account balance/GDP % | 0.01 | -13.03 | 4.8 | -0.62 | -3.8 | -1.5 | -3.4 | -3.6 | -3.6 |
Data derived from World Economic Outlook Database. To see main macroeconomic indicator in graphs click here
Several eastern Baltic tribes merged in medieval times to form the ethnic core of the Latvian people (ca. 8th-12th centuries A.D.). The region subsequently came under the control of Germans, Poles, Swedes, and finally Russians. A Latvian republic emerged following World War I, but the USSR annexed it in 1940 -- an action never recognized by the US and many other countries. Latvia reestablished its independence in 1991 after the breakup of the Soviet Union. Although the last Russian troops left in 1994, the status of the Russian minority (some 25% of the population) remains of concern to Moscow. Latvia joined both NATO and the EU in 2004; it joined the euro zone in 2014 and the OECD in 2016.
Area: 64,589 sq km km2
Climate: maritime; wet, moderate winters
Natural resources: peat, limestone, dolomite, amber, hydropower, timber, arable land
Groups: Latvian 62.7%, Russian 24.5%, Belarusian 3.1%, Ukrainian 2.2%, Polish 2%, Lithuanian 1.1%, other 1.8%, unspecified 2.6% (2021 est.)
Languages: Latvian (official) 56.3%, Russian 33.8%, other 0.6% (includes Polish, Ukrainian, and Belarusian), unspecified 9.4% (2011 est.)
Religions: Lutheran 36.2%, Roman Catholic 19.5%, Orthodox 19.1%, other Christian 1.6%, other 0.1%, unspecified/none 23.5% (2017 est.)
Capital: Riga
Government type: parliamentary republic
Chief of state: President Edgars RINKEVICS (since 8 July 2023)
Head of government: Prime Minister Evika SILINA (since 15 September 2023)
Description: Parliament (Saeima) - unicameral
high-income EU and eurozone member; weak recovery following economic contraction, with slight increase in private consumption and uncertain trade environment; challenges from skilled-labor shortages, capital market access, large informal sector, and green and digital transitions
processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics
GDP by sector: Agriculture: 4.1% (2024 est.), Industry: 19.9% (2024 est.), Services: 63.1% (2024 est.)
Export partners: Lithuania 19%, Estonia 6%, Russia 6%, Germany 6%, Sweden 5% (2023)
Export commodities: wood, wheat, broadcasting equipment, packaged medicine, natural gas (2023)
Import partners: Lithuania 18%, Germany 11%, Poland 10%, Estonia 8%, Finland 5% (2023)
Import commodities: refined petroleum, cars, packaged medicine, broadcasting equipment, natural gas (2023)
Eastern Europe, bordering the Baltic Sea, between Estonia and Lithuania
Military expenditure: 2025: 3.7% of GDP (2025 est.)
Information derived from worldfactbook.io (Lupon Media), open successor to the CIA World Factbook. Data sourced from World Bank, IMF, UN and other international organizations.