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General profile: Latvia

GENERAL INFORMATION FOR 2022
Exchange rate
Population
Population
Exchange rates
GDP
GDP
1.851 Millions
0.950 EUR/US$
42 337 Millions current US$
Land area¹
Land area
CPI growth (%)
CPI growth
GDP growth
GDP growth
(q) 62 230 km²
17.24 %
2.00 %
INTERNATIONAL MERCHANDISE TRADE
More data on UNCTADstat
+15.8 %
Merchandise exports growth rate in 2022
Total merchandise trade
(millions of US$)
2005
2010
2015
2022
Merchandise exports
5 161
9 532
12 286
24 121
Merchandise imports
8 697
11 691
14 719
29 497
Merchandise trade balance
-3 536
-2 159
-2 432
-5 376
Export structure by product group in 2022
(as % of total exports)
2 %2 %52 %52 %13 %13 %13 %13 %20 %20 %
Top 5 partners in 2022
(exports, millions of US$)
4 2482 3671 4221 3341 2634 2482 3671 4221 3341 263
INTERNATIONAL TRADE IN SERVICES
More data on UNCTADstat
Total trade in services²
(millions of US$)
2005
2010
2015
2022
Services exports
(e) 2 467
4 038
4 851
7 371
Services imports
(e) 1 602
2 321
2 605
5 050
Services trade balance
(e) 865
1 717
2 246
2 321
Services exports by main category²
(as % of total services)
2005
2010
2015
2022
Transport
(e) 49.7
45.3
44.2
32.1
Travel
(e) 13.8
15.9
18.5
14.8
Other services
(e) 28.0
35.3
35.7
52.7
TRADE INDICES
More data on UNCTADstat
1381271211171121041009694938571586562524739322927241051041031021001021009998971001019999103979810198999695
ECONOMIC TRENDS
More data on UNCTADstat
+2.0 %
Gross domestic product growth rate in 2022
Economic indicators
(millions of US$ unless otherwise specified)
2005
2010
2015
2022
GDP, current
17 003
23 964
27 252
42 337
GDP per capita, current US$
7 614
11 403
13 681
22 877
Real GDP growth, y-on-y, %
10.72
-4.46
3.89
2.00
Current account balance, % of GDP
-11.68
1.72
-0.58
-6.24
Exchange rate (/US$)
0.804
0.754
0.901
0.950
GDP by expenditure in 2021
(as % of total GDP)
57.020.625.863.566.957.020.625.863.566.9
FDI AND EXTERNAL FINANCIAL RESOURCES
More data on UNCTADstat
+0.3 %
FDI outflows as % of GDP in 2022
Financial flows
(millions of US$ unless otherwise specified)
2005
2010
2015
2022
FDI inflows
706.36
419.84
738.93
1 507.97
FDI outflows
128.09
41.06
71.01
143.21
Personal remittances, % of GDP
2.23
5.25
4.90
..
Financial flows trends
(millions of US$)
1 317.41 088.31 142.61 237.31 274.11 234.91 335.81 553.51 604.41 498.61 505.71 257.41 586.71 920.4550.5480.1379.1218.6157.5112.6273.7252.11 5083 3221 0059259647462557398979021 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
2022
Balance, % of GDP
(e) -14.48
-1.96
-1.70
-5.65
Balance, % of imports
(e) -25.26
-3.52
-2.74
-7.63
Normalized balance
(e) -0.145
-0.018
-0.014
-0.040
Trade openness²
(sum of imports and exports as % of GDP)
142130119120124124119122125125128125109879296101100
LIVING AREA
Population by living area in 2022
(% of population)
Urban 69%Urban 69%Rural 31%Rural 31%
OTHER INDICATORS
More data on UNCTADstat
0.007 %
Share of the total world merchant fleet in 2022
Maritime transport indicators
 
2005
2010
2015
2022
Merchant fleet, national flag (thousands of DWT)
356
180
83
162
Liner shipping connectivity index (maximum 2006 = 100 for China)
..
8.08
8.02
10.34
Container port throughput (TEU)
..
256 252
359 420
..
Information economy indicators
(as % of)
2005
2010
2015
2022
Share of ICT goods, % of total exports
2.11
5.77
11.36
7.28
Share of ICT goods, % of total imports
5.99
6.42
10.00
7.24
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: 21 September 2023