Latvia is a small, open economy with exports contributing nearly a third of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia’s low birth rate and decreasing population are major challenges to its long-term economic vitality.
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. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011-14.
The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency’s peg to the euro in exchange for the government’s commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 99.8% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia joined the euro zone in 2014.
$49.08 billion (2015 est.)
$47.77 billion (2014 est.)
$46.67 billion (2013 est.)
note: data are in 2015 US dollars
$27.05 billion (2015 est.)
2.7% (2015 est.)
2.4% (2014 est.)
3% (2013 est.)
$24,700 (2015 est.)
$23,900 (2014 est.)
$23,100 (2013 est.)
note: data are in 2015 US dollars
20.6% of GDP (2015 est.)
21.5% of GDP (2014 est.)
21.7% of GDP (2013 est.)
household consumption: 62%
government consumption: 17.4%
investment in fixed capital: 23.3%
investment in inventories: 0.8%
exports of goods and services: 68%
imports of goods and services: -71.5% (2015 est.)
agriculture: 3.4%
industry: 23.2%
services: 73.4% (2015 est.)
grain, rapeseed, potatoes, vegetables; pork, poultry, milk, eggs; fish
processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics
3% (2015 est.)
993,500 (2015 est.)
agriculture: 8.8%
industry: 24%
services: 67.2% (2010 est.)
8.7% (2015 est.)
8.9% (2014 est.)
lowest 10%: 2.7%
highest 10%: 27.6% (2008)
35.2 (2010)
32 (1999)
revenues: $9.394 billion
expenditures: $9.707 billion (2015 est.)
33.8% of GDP (2015 est.)
-1.1% of GDP (2015 est.)
38.5% of GDP (2015 est.)
40% of GDP (2014 est.)
calendar year
0.2% (2015 est.)
0.7% (2014 est.)
0.05% (31 December 2013)
0.3% (31 December 2012)
4.5% (31 December 2015 est.)
4.6% (31 December 2014 est.)
$7.543 billion (31 December 2015 est.)
$8.969 billion (31 December 2014 est.)
$12.88 billion (31 December 2014 est.)
$13.41 billion (31 December 2013 est.)
$12.54 billion (31 December 2015 est.)
$15.46 billion (31 December 2014 est.)
$1.115 billion (31 December 2012 est.)
$1.076 billion (31 December 2011)
$1.252 billion (31 December 2010 est.)
-$433 million (2015 est.)
-$620 million (2014 est.)
$13.33 billion (2015 est.)
$13.41 billion (2014 est.)
foodstuffs, wood and wood products, metals, machinery and equipment, textiles
Lithuania 17.7%, Russia 14.7%, Estonia 11.2%, Germany 6.6%, Poland 6.2%, Sweden 5.1%, UK 4.7% (2014)
$16.4 billion (2015 est.)
$16.65 billion (2014 est.)
machinery and equipment, consumer goods, chemicals, fuels, vehicles
Lithuania 17%, Germany 11.7%, Poland 10.9%, Russia 7.7%, Estonia 7.7%, Finland 5.8%, Italy 4.1% (2014)
$7.507 billion (31 December 2014 est.)
$7.893 billion (31 December 2013 est.)
$40.5 billion (31 December 2014 est.)
$42.06 billion (31 December 2013 est.)
$17.45 billion (31 December 2015 est.)
$15.85 billion (31 December 2014 est.)
$2.714 billion (31 December 2015 est.)
$2.454 billion (31 December 2014 est.)
lati (LVL) per US dollar –
0.932 (2015 est.)
0.7525 (2014 est.)
0.7525 (2013 est.)
0.55 (2012 est.)
0.5012 (2011 est.)
LocSiteCompanyDomainSubomainCityFoundedShareholdersCEOSalesProfitAssetsMarket valueEmployees
1Latvenergo AS1.300.100.000
2Swedbank AS848.200.000
3Latvijas Valsts Meži AS801.300.000
4Ventspils Nafta AS644.600.000
5Latvijas Dzelzceļš VAS575.000.000
6Lattelecom SIA408.000.000
7Latvijas Gāze AS385.300.000
8SEB Banka AS365.900.000
9Kronospan Riga SIA336.200.000
10Latvijas Mobilais Telefons SIA320.600.000
11Uralchem Trading SIA292.300.000
12Latvijas Finieris AS273.800.000
13Grindeks AS249.900.000
14Rietumu Banka AS224.900.000
15Maxima Latvija SIA244.200.000
16Olainfarm AS220.400.000
17Rīgas Tirdzniecības Osta SIA199.300.000
18Rimi Latvia SIA198.800.000
19Mikrotīkls SIA192.700.000
20DND AS189.600.000
21Tele2 Holdings SIA189.500.000
22Starptautiskā Lidosta Rīga VAS184.600.000
23Agrolats Holding AS158.300.000
24Alfor SIA158.100.000
25Olympic Casino Latvia SIA153.100.000
26Ablv Bank AS150.600.000
27Cemex SIA137.700.000
28Elko Grupa, AS137.600.000
29Valsts Nekustamie Īpašumi VAS133.300.000
30Drogas AS126.800.000
31Citadele Banka AS117.700.000
32Latvijas Balzams AS115.700.000
33Rīgas Siltums AS109.200.000
34Valmieras Stikla Šķiedra AS108.600.000
35Recipe Plus AS100.600.000
36Kreiss SIA95.600.000
37Knauf SIA91.300.000
38Severstal Distribution SIA89.200.000
39Neste Latvija SIA87.500.000
40Samsung Electronics Baltics SIA83.800.000
41Delta Property SIA82.300.000
42Akz SIA80.400.000
43Alpha Osta SIA79.100.000
44Depo Diy SIA78.300.000
45Viesnīca Latvija AS76.600.000
46Baltic Container Terminal SIA76.600.000
47UPB AS73.000.000
48Plesko Real Estate SIA71.000.000
49Sentor Farm Aptiekas AS71.800.000
50Ventbunkers AS70.000.000
51Rīgas Ūdens SIA72.200.000
524 Finance AS70.400.000
53Lukoil Baltija R SIA68.000.000
54Joker Ltd, SIA65.800.000
55Jeld-wen Latvija SIA65.500.000
56Latvijas Autoceļu Uzturētājs AS64.900.000
57Baltcom TV SIA64.900.000
58Gjensidige Baltic AAS64.600.000
59Latvijas Attīstības Finanšu Institūcija Altum VAS63.600.000
60Gaujas Koks SIA63.500.000
61BTA Insurance Company S.A.63.500.000
62Tirdzniecības Centrs Pleskodāle SIA62.300.000
63Latvijas Gaisa Satiksme VAS60.600.000
64Expobank AS60.300.000
65Admirāļu Klubs SIA60.100.000
66Stora Enso Latvija AS58.000.000
67Re & Re SIA56.600.000
68Pata Ab SIA55.000.000
69Tieto Latvia SIA54.000.000
70Tolmets SIA53.800.000
71Strek SIA53.600.000
72Akg Thermotechnik Lettland SIA52.800.000
73Linstow SIA49.600.000
74Baltic Devon Mink SIA49.600.000
75Balticovo AS48.000.000
76Rīgas Universālais Termināls SIA47.200.000
77Cēsu Alus AS46.800.000
78Binders, Ceļu Būves Firma SIA45.900.000
79Aga SIA45.500.000
80Stora Enso Packaging SIA45.500.000
81Dīksna SIA43.300.000
82Baltikums Bank AS43.000.000
83Storent SIA42.400.000
84Latgran SIA41.300.000
85Ceļu Satiksmes Drošības Direkcija VAS39.200.000
86Pindstrup Latvia SIA38.500.000
87Latvijas Pasts VAS38.300.000
88Green Trace SIA
89Norvik Banka, AS
90Bite Latvija SIA
91Naftimpeks SIA
92Baltic Coal Terminal AS
93Bfiii Latvia SIA
94Paula Stradiņa Klīniskā Universitātes Slimnīca VAIS
95Akselss SIA
96A.C.B. AS
97Privatbank AS
98Nordea Finance Latvia SIA
99Unicredit Leasing SIA
100Statoil Fuel & Retail SIA
101Riga Fertilizer Terminal SIA
Sources: CIA Fact Book,