Latvia

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. GDP plunged 18% in 2009 - the three former Soviet Baltic republics had the world’s worst declines that year - and another 1.8% in 2010. The IMF, EU, and other donors provided assistance to Latvia as part of an agreement to defend the currency’s peg to the euro and reduce the fiscal deficit to about 5% of GDP over time. DOMBROVSKIS’ government enacted major speding cuts to reduce the fiscal deficit to 7.8% of GDP in 2010, and plans to cut the deficit further in 2011. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises. Latvia officially joined the World Trade Organization in February 1999. EU membership, a top foreign policy goal, came in May 2004.

$32.2 billion (2010 est.)

$32.79 billion (2009 est.)

$39.99 billion (2008 est.)

$23.39 billion (2010 est.)

-1.8% (2010 est.)

-18% (2009 est.)

-4.2% (2008 est.)

$14,500 (2010 est.)

$14,700 (2009 est.)

$17,800 (2008 est.)

1.178 million (2010 est.)

19.1% (2010 est.)

17.1% (2009 est.)

NA%

36 (2005)

32 (1999)

15.7% of GDP (2010 est.)

46.2% of GDP (2010 est.)

36.6% of GDP (2009 est.)

-1.2% (2010 est.)

3.5% (2009 est.)

4% (31 December 2009)

6% (31 December 2008)

16.23% (31 December 2009 est.)

11.85% (31 December 2008 est.)

$5.769 billion (31 December 2010 est)

$5.893 billion (31 December 2009 est)

$11.17 billion (31 December 2010 est.)

$11.46 billion (31 December 2009 est.)

$27.59 billion (31 December 2010 est.)

$27.76 billion (31 December 2009 est.)

$1.824 billion (31 December 2009)

$1.609 billion (31 December 2008)

$3.111 billion (31 December 2007)

grain, sugar beets, potatoes, vegetables; beef, pork, milk, eggs; fish

pharmaceuticals, plastics, synthetic fibers, agricultural machinery, fertilizers, soaps, paints, rubber, processed foods, textiles

-1.8% (2010 est.)

4.62 billion kWh (2007 est.)

6.822 billion kWh (2007 est.)

2.123 billion kWh (2008 est.)

4.643 billion kWh (2008 est.)

0 bbl/day (2009 est.)

40,000 bbl/day (2009 est.)

5,873 bbl/day (2007 est.)

43,400 bbl/day (2007 est.)

0 bbl (1 January 2010 est.)

0 cu m (2008 est.)

2.05 billion cu m (2008 est.)

0 cu m (2008 est.)

2.05 billion cu m (2008 est.)

$1.62 billion (2010 est.)

$2.53 billion (2009 est.)

$7.894 billion (2010 est.)

$7.223 billion (2009 est.)

wood and wood products, machinery and equipment, metals, textiles, foodstuffs

Lithuania 15.19%, Estonia 13.57%, Russia 13.17%, Germany 8.13%, Sweden 5.7% (2009)

$9.153 billion (2010 est.)

$8.906 billion (2009 est.)

machinery and equipment, chemicals, fuels, vehicles

Lithuania 16.36%, Germany 11.34%, Russia 10.68%, Poland 8.11%, Estonia 7.69% (2009)

$7.17 billion (31 December 2010 est.)

$6.907 billion (31 December 2009 est.)

$37.28 billion (31 December 2010 est.)

$41.58 billion (31 December 2009 est.)

$11.71 billion (31 December 2010 est.)

$11.61 billion (31 December 2009 est.)

$1.097 billion (31 December 2010 est.)

$1.037 billion (31 December 2009 est.)

lati (LVL) per US dollar - 0.5422 (2010), 0.5056 (2009), 0.4701 (2008), 0.5162 (2007), 0.5597 (2006)