General profile: Latvia

GENERAL INFORMATION FOR 2021
Population
Population
Exchange rates
Exchange rate
GDP
GDP
1.874 Millions
0.845 EUR/US$
38 853 Millions current US$
Land area
Land area¹
CPI growth (%)
CPI growth
GDP growth
GDP growth
(q) 62 230 km²
3.24 %
4.25 %
INTERNATIONAL MERCHANDISE TRADE
More data on UNCTADstat
+27.5 %
Merchandise exports growth rate in 2021
Total merchandise trade
(millions of US$)
2005
2010
2015
2021
Merchandise exports
5 161
9 532
12 286
20 823
Merchandise imports
8 697
11 691
14 719
24 447
Merchandise trade balance
-3 536
-2 159
-2 432
-3 624
Export structure by product group in 2021
(as % of total exports)
3 %3 %60 %60 %6 %6 %13 %13 %18 %18 %
Top 5 partners in 2021
(exports, millions of US$)
3 4572 0681 4911 4161 4163 4572 0681 4911 4161 416
INTERNATIONAL TRADE IN SERVICES
More data on UNCTADstat
Total trade in services²
(millions of US$)
2005
2010
2015
2021
Services exports
2 467
4 038
4 845
5 697
Services imports
1 602
2 321
2 604
3 622
Services trade balance
865
1 717
2 241
2 076
Services exports by main category²
(as % of total services)
2005
2010
2015
2021
Transport
(e) 49.7
45.3
44.1
32.5
Travel
(e) 13.8
15.9
18.5
5.1
Other services
(e) 28.0
35.3
35.8
60.8
TRADE INDICES
More data on UNCTADstat
1381271211171121041009694938571586562524739322927241051041031021001021009998971001019999103979810198999695
ECONOMIC TRENDS
More data on UNCTADstat
+4.3 %
Gross domestic product growth rate in 2021
Economic indicators
(millions of US$ unless otherwise specified)
2005
2010
2015
2021
GDP, current
17 003
23 964
27 252
38 853
GDP per capita, current US$
7 614
11 403
13 681
20 734
Real GDP growth, y-on-y, %
10.72
-4.47
3.89
4.25
Current account balance, % of GDP
-11.68
1.72
-0.61
-2.92
Exchange rate (/US$)
0.804
0.754
0.901
0.845
GDP by expenditure in 2020
(as % of total GDP)
56.220.222.460.359.256.220.222.460.359.2
FDI AND EXTERNAL FINANCIAL RESOURCES
More data on UNCTADstat
+8.7 %
FDI outflows as % of GDP in 2021
Financial flows
(millions of US$ unless otherwise specified)
2005
2010
2015
2021
FDI inflows
706.36
419.84
738.93
5 324.70
FDI outflows
128.09
41.06
71.01
3 361.35
Personal remittances, % of GDP
2.24
5.27
4.90
..
Financial flows trends
(millions of US$)
1 088.31 142.61 237.31 274.11 234.91 335.81 553.51 604.41 498.61 505.71 257.41 586.71 920.4550.5480.1379.1218.6157.5112.6273.7252.15 3251 0139019647112557398979021 1111 468420-221 2642 3241 663706607280210105328FDI Inwards flowsFDI Inwards flowsFDI Inwards flowsMigrant's remittances receiptsMigrant's remittances receiptsMigrant's remittances receipts
TRADE IN GOODS AND SERVICES
More data on UNCTADstat
Trade balance indicators²
(as % and index)
2005
2010
2015
2021
Balance, % of GDP
-14.48
-1.96
-1.71
-2.08
Balance, % of imports
-25.26
-3.52
-2.76
-3.14
Normalized balance
-0.145
-0.018
-0.014
-0.016
Trade openness²
(sum of imports and exports as % of GDP)
130119120124124119122125125128125109879296101100
LIVING AREA
Population by living area in 2021
(% of population)
Urban 68%Urban 68%Rural 32%Rural 32%
OTHER INDICATORS
More data on UNCTADstat
0.005 %
Share of the total world merchant fleet in 2021
Maritime transport indicators
 
2005
2010
2015
2021
Merchant fleet, national flag (thousands of DWT)
356
180
83
111
Liner shipping connectivity index (maximum 2006 = 100 for China)
..
8.08
8.02
10.38
Container port throughput (TEU)
..
256 000
359 390
..
Information economy indicators
(as % of)
2005
2010
2015
2021
Share of ICT goods, % of total exports
1.95
5.77
11.36
8.89
Share of ICT goods, % of total imports
5.77
6.42
10.00
9.00
Share of workforce involved in the ICT sector
2.96
(r) 3.33
4.61
..
Source: UNCTADstat (http://unctadstat.unctad.org)
Notes:
1
Land area refers to the total area of a country excluding area under inland water bodies. It differs from the country area, that includes area under inland water bodies, but excludes offshore territorial waters.
2
Statistics presented correspond to the 6th edition of the IMF Balance of Payments and International Investment Position Manual (BPM6, 2009).
e
Estimated.
q
Estimated. Data refers to 2020.
r
Number of persons employed in full time equivalent units.Total business economy includes repair of computers, personal and household goods; except financial and insurance activities.
Symbols for missing values:
0
Zero means that the amount is nil or negligible
..
Not available or not separately reported
_
Not applicable
...
Not available, including no quotation
#
Non-relevant calculation
-
Not publishable
***
Negative accumulation of flows; Value included in regional and global totals
Abbreviations & acronyms:
DWT:
Dead weight tons
FDI:
Foreign direct investment
GDP:
Gross domestic product
ICT:
Information and communication technology
TEU:
Twenty foot equivalent unit
US$:
United States dollar
Disclaimer:
The designations employed and the presentation of the material on UNCTADstat do not imply the expression of any opinion whatsoever on the part of the secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries.
Where the designations "economy" or "country or area" appear in texts or tables, they cover regions, countries, territories, cities or areas.

UNCTAD strives for the highest level of accuracy and is committed to promptly correcting any errors on its part. It does not guarantee or make any express or implied representations regarding the accuracy, reliability, correctness, fitness for use for a particular purpose, or otherwise, whatsoever, of any of the tables in UNCTADstat.
Generation date: 20 October 2022