Latvia

Continent

Europe

Capital

Riga

Population

1,801,246

Sub-Zones

118

General Information

Basic details about Latvia

Population:: 1,801,246
Area:: 64,589 sq km
Currency:: euros
Languages:: Latvian, Russian 33.8, other 0.6, Ukrainian, and Belarusian), unspecified 9.4

Economic Overview

Key economic indicators for Latvia

GDP:: $69.479 billion
GDP per Capita:: $37,000
GDP Growth:: 1.71%
Inflation:: 8.94%
Unemployment:: 6.53%
Public Debt:: 36.3% of GDP
Credit Rating:: A+ (2020)

Political System

Governance structure of Latvia

Government Type:: parliamentary republic
Head of State:: President Edgars RINKEVICS (since 8 July 2023)
Head of Government:: Prime Minister Evika SILINA (since 15 September 2023)
Judiciary:: Supreme Court (consists of the Senate with 36 judges); Constitutional Court (consists of 7 judges)
Administrative Divisions:: 36 municipalities (novadi, singular - novads) and 7 state cities (valstpilsetu pasvaldibas, singular valstspilsetas pasvaldiba)

Major Political Parties

Not specified

International Relations

Global position and alliances

UN Member:: Yes
EU Member:: Yes
Diplomatic Presence:: 2306 Massachusetts Avenue NW, Washington, DC 20008

Major Alliances and Organizations

EUNATO

Economic Sectors & Trade

Detailed economic breakdown

Major Economic Sectors

Agriculture

3.8% (2023 est.)

Industry

22.3% (2023 est.)

Services

61.6% (2023 est.)note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

Trade Volume

Exports:: $28.294 billion
Imports:: $29.875 billion

Major Trading Partners

Lithuania 19

Estonia 6

Russia 6

Germany 6

Sweden 5

Economic Outlook

Latvia has a 1.71% GDP growth rate with 8.94% inflation. The economy is characterized by a strong agriculture sector.