Latvia Latvia

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Latvia, is a country located at Northern Europe, it has an area of 64,590 Km2 and it may be considered quite a small country.

Latvia, with a population of 1,871,882 people, it is one of the least populous country in the world and it has a moderate population density, 29 people per km2.

It's capital is Riga and its currency is Euros

Latvia is holding the 96 position by nominal GDP. Its national debt in 2023 was 17,581 millions of euros (19,011 millions of dollars), ( 43.6% debt-to-GDP ratio) and its public debt per capita is €9,392 euros per inhabitant$10,156 dollars per inhabitant.

The last annual rate of CPI published in Latvia was on June of 2024 and it was 1.4%.

In terms of the human development index (HDI) of Latvia, which is the index used by the United Nations to measure the progress of a country, was 0.863 points in 2021, leaving it in 39th place in the table of 191 countries published.

If the reason to visit Latvia are business, you must know it's in the 19th of the Doing Business ranking , which provides objective measures of business regulations for local firms.

In the tables at the bottom of the page, you can see more information about the economy and demography of Latvia, if you want to see information about other countries click here

Riga: Monthly Temp.
Riga: Monthly Rainfall
Latvia Economy
Gouvernement
Qu. GDP Per Capita [+]2024Q15,539K
Annual GDP [+]2023€40,348M
Annual GDP [+]2023$43,627M
GDP per capita [+]2023€21,440
GDP per capita [+]2023$23,307
Quarterly GDP [+]2024Q1€10,368M
Debt (M.€.) [+]202317,581
Debt ($M) [+]202319,011
Debt (%GDP) [+]202343.60%
Debt Per Capita [+]2023€9,392
Debt Per Capita [+]2023$10,156
Deficit (M.€) [+]2023-893
Deficit ($M) [+]2023-966
Deficit (%GDP) [+]2023-2.20%
Expenditure (M.€) [+]202316,525.3
Expenditure ($M) [+]202317,868.8
Education Expenditure (M.€) [+]20211,874.2
Education Expenditure ($M) [+]20212,216.7
Education Expenditure (%Bud.) [+]202112.65%
Gov. Health Exp. (M.€) [+]20221,899,066,000.0
Gov. Health Exp.($M) [+]20221,999,716,498.0
Gov. Health Exp. (%Bud.) [+]202114.19%
Defence Expenditure (M.€) [+]2022786.9
Defence Expenditure ($M) [+]2022828.6
Defence Expenditure (%Bud.) [+]20225.16%
Expenditure (%GDP) [+]202341.00%
Expenditure Per Capita [+]2023€8,828
Expenditure Per Capita [+]2023$9,546
Education Expenditure P.C [+]2021€995
Education Expenditure P.C [+]2021$1,155
Gov. Health Exp. P.C. [+]2022€1,010
Gov. Health Exp. P.C. [+]2022$1,064
Defence Expenditure P.C. [+]2022€417
Defence Expenditure P.C. [+]2022$450
Moody's Rating [+]01/26/2024A3
S&P Rating [+]05/31/2024A
Fitch Rating [+]04/10/2020A-
Corruption Index [+]202259
Competitiveness Ranking [+]201941º
Fragile States Index [+]201844.9
RTI Raking [+]2022106º
Innovation Ranking [+]201834º
Labour
Unemployment Rate [+]May 20246.7%
Unemployment rate [+]2024Q17.2%
Unemployed [+]2024Q169K
NMW [+]2024$773.5
NMW [+]2024€700.0
Average Wage [+]2023$20,067
Average Wage [+]2023€18,559
Human Capital Ranking [+]201728º
Markets
US Dollar exchange rate [+]07/19/20240.9183
Stock ExchangeYTD % [+]07/19/2024-19.67%
Prices
CPI (overall index) [+]June 20241.4%
HICP [+]June 20241.5%
PPI Year on Year [+]May 2024-6.7%
Money Market
Key rates [+]06/12/20244.25%
Business
Doing Business [+]202019º
IPI Year on Year [+]April 2024-7.8%
Passengers vehicles Year [+]December 202216,739
Annual Vehicles/ 1,000 p. [+]December 202211.20
Vehicles / 1,000 people [+]2021457.35
Taxes
Tax Revenue (%GDP) [+]202230.5%
Standard VAT [+]07/01/201221.00%
Top tax rate + SSC [+]202231.4%
Trade
Annual arrivals [+]20191,934,800
Exports [+]2023€20,954.5M
Exports [+]2023$22,446.0M
Exports % GDP [+]202351.93%
Imports [+]2023€25,323.4M
Imports [+]2023$27,114.4M
Imports % GDP [+]202362.76%
Trade balance [+]2023€-4,368.9M
Trade balance [+]2023$-4,668.4M
Trade balance % GDP [+]2023-10.83%
Retail Sales YoY [+]December 20232.4%
Socio-Demography
Global AgeWatch Ranking [+]201535º
Density [+]202329
Global Peace Ranking [+]202327º
Crude divorce rate [+]20222.90‰
Remittance received ($M) [+]20171,090.0
% Immigrant [+]202012.65%
% Emigrant [+]202020.07%
Birth Rate [+]20237.70‰
Remittance sent ($M) [+]2017335.2
Crude death rate [+]202314.90‰
Fertility Rate [+]20221.47
Crude marriage rate [+]20226.30‰
% risk of poverty [+]202322.5%
Population [+]20231,871,882
Immigrant stock [+]2020239,422
Emigrant stock [+]2020380,010
HDI [+]20210.863
Gender Gap Ranking [+]202313º
Life expectancy [+]202375.90
Suicides [+]2021254
Suicide rate [+]202113.64
Number of homicides [+]202267
Rate Homicides per 100.000 [+]20223.62
Energy and Environment
CO2 Tons per capita [+]20223.61
Consumption GWh [+]20225,982
Generation GWh [+]20224,045
Others
COVID-19 - Deaths [+]07/07/20247,475
COVID-19 - Confirmed [+]07/07/2024977,765
Fully vaccinated [+]07/11/20221,305,976
COVID-19 - Deaths per million population [+]07/07/20243,993.31
Doses administered [+]07/11/20222,895,716