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Latvia – short facts

• Latvia is located in Baltic region, borders Estonia in the north, Lithuania in the south, the Baltic Sea with the Gulf of Riga in the west, Russia in the east, and Belarus in the southeast. L
• Lan area: 24,903 sq mi (64,500 sq km)
• total area: 24,938 sq mi (64,589 sq km)
• Population (2013): 2,178,443 (growth rate: –0.598%)
• Capital: Riga, 711,000
• Monetary unit: (formerly Latvian lats)
• Languages: Latvian, Russian

Economic summary:

• GDP/PPP (2012): $37.04 billion; per capita $18,100.
• Real growth rate: 4.5%
• Inflation: 2.5%
• Unemployment: 14.3%
• Labor force (2011): 1.022 million
• Major trading partners: Germany, Sweden, Lithuania, Estonia, Russia, Finland, Poland, Italy (2011).

Economic environment

Latvia is a relatively small nation with a dynamic, though recently troubled, economy and a stable political environment.

The Latvian economy is based on service industries including transportation, information technology, and financial services. At the same time the construction industry plays an important role, as do wood, food, metalworking, and light industries (e.g., textiles). Tourism is growing rapidly.

Latvians have a strong work ethics and are highly motivated. The labor force in Latvia is well educated. Over 85% of Latvians speak Russian and 70% of people under age 40 speak English.

Labor costs in Latvia are attractive. The average hourly labor costs of industrial workers as:

If you have questions about different type of entities in Latvia, do not hesitate to contact us.