latvia gdp

5 Amazing facts about Latvia GDP and its Economy

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Latvia GDP

Latvia country overview

Before we start to discuss Latvia GDP, first we discuss Latvia country overview, Latvia is officially known as the Republic of Latvia.

Latvia GDP
Latvia GDP

It is located in Nothern Europe. Its capital and largest city name are Riga. Its official language is Latvian. In ethnic groups, 62% Latvians, 24% Russians, and other ethnic groups peoples exist Latvia.

When we talk about religion, 80% Christianity, 18% no religion, and other religions exist in Latvia. In a government system, its government system is the Unitary parliamentary constitutional republic.

Latvia’s president’s name is Egils Levits. Its prime minister’s name is Krisjanis Karins. Its total area is 64,580 km2. Its area rank is 122nd in the world.

Latvia’s total population is 1,907,700 in the year 2020. Its population rank is 147th in the world. Its population density is 29 / km2 which is considered the very low population density in the world. Its population density rank is 147th in the world.

Latvia Economy

Latvia’s currency is called the Euro. Latvia’s economy is generally considered a developing or advanced economy country and also a high-income economy. 

The inflation rate in Latvia is 0.6% in the year 2020. 25% of its population lives below the poverty line. In Human Development Index, its HDI rate is 0.854 which is considered the very high HDI in the world.

Its HDI rank is 39th in the year 2018. The unemployment rate in Latvia is 8.8% in the year 2020. Its gross external debt is $40 billion in the year 2016. Latvia’s total foreign reserves are $4.6 billion in the year 2017.  

Latvia GDP

Latvia’s total GDP is $38 billion (nominal) and $63 billion (PPP) in the year 2021. Its GDP rank is 95th (nominal) and 102nd (PPP) in the year 2019.

Its GDP growth rate is 5.2% in the year 2021. Its GDP per capita is $19,900 (nominal) and %32,900 (PPP) in the year 2021.

Its GDP per capita rank is 43rd (nominal) and 47th (PPP) in the year 2019. When we talk about its GDP by sector, so agriculture is 4%, the industry is 22.5%, and services are 74% in the year 2017.  

Latvia’s Exports 

Latvia’s total exports are $12.8 billion in the year 2017. Its main export goods are food products, wood products, metals, machinery, textiles, and others.

Its main export partners are Russia, Lithuania, Germany, the United Kingdom, Poland, and others.

Latvia’s Imports

Its total imports are $15.8 billion in the year 2017. Its main import goods are machinery, food products, fuels, chemicals, and others. Its main import partners are Lithuania, Germany, Russia, Finland, Italy, and others.

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