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General profile: Latvia

GENERAL INFORMATION FOR 2024
Exchange rate
Population
Population
Exchange rates
GDP
GDP
1.872 Millions
0.924 EUR/US$
43 238 Millions current US$
Land area¹
Land area
CPI growth (%)
CPI growth
GDP growth
GDP growth
(u) 62 230 km²
..
-0.30 %
INTERNATIONAL MERCHANDISE TRADE
More data on UNCTADstat
-8.8 %
Merchandise exports growth rate in 2024
Total merchandise trade
(millions of US$)
2005
2010
2015
2024
Merchandise exports
5 161
9 532
12 286
20 666
Merchandise imports
8 697
11 691
14 719
23 736
Merchandise trade balance
-3 536
-2 159
-2 432
-3 070
Export structure by product group in 2024
(as % of total exports)
2 %2 %55 %55 %7 %7 %12 %12 %23 %23 %
Top 5 partners in 2024
(exports, millions of US$)
3 8172 1461 2841 1831 1393 8172 1461 2841 1831 139
INTERNATIONAL TRADE IN SERVICES
More data on UNCTADstat
Total trade in services²
(millions of US$)
2005
2010
2015
2024
Services exports
(e) 2 467
4 038
4 904
8 365
Services imports
1 602
2 321
2 620
5 914
Services trade balance
(e) 865
1 717
2 284
2 451
Services exports by main category²
(as % of total services)
2005
2010
2015
2024
Transport
(e) 49.7
45.3
43.8
32.0
Travel
(e) 13.8
15.9
18.3
16.0
Other services
(e) 28.0
35.3
36.2
51.0
TRADE INDICES
More data on UNCTADstat
116125127129122117115110104100999697897561696657104103102103102101101100102100100100991011029910010396
ECONOMIC TRENDS
More data on UNCTADstat
-0.3 %
Gross domestic product growth rate in 2024
Economic indicators
(millions of US$ unless otherwise specified)
2005
2010
2015
2024
GDP, current
16 307
23 476
26 345
43 238
GDP per capita, current US$
7 280
11 191
13 320
23 099
Real GDP growth, y-on-y, %
11.62
-3.66
3.78
-0.30
Current account balance, % of GDP
-12.18
1.76
-0.13
-2.14
Exchange rate (/US$)
0.804
0.755
0.901
0.924
GDP by expenditure in 2023
(as % of total GDP)
59.320.424.067.070.759.320.424.067.070.7
FDI AND EXTERNAL FINANCIAL RESOURCES
More data on UNCTADstat
+0.3 %
FDI outflows as % of GDP in 2024
Financial flows
(millions of US$ unless otherwise specified)
2005
2010
2015
2024
FDI inflows
706.36
419.84
738.93
1 211.18
FDI outflows
128.09
41.06
71.01
145.04
Personal remittances, % of GDP
2.32
5.36
5.07
3.09
Financial flows trends
(millions of US$)
1 335.81 234.81 294.21 317.41 088.31 142.61 237.31 274.11 234.91 335.81 553.51 604.41 498.61 505.71 257.41 586.71 920.4550.5480.1379.1218.6157.5112.6273.7252.21 2111 3731 4683 3359949269607422557398979021 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
2024
Balance, % of GDP
(e) -15.10
-2.00
-1.19
-2.57
Balance, % of imports
(e) -25.25
-3.52
-1.86
-3.80
Normalized balance
(e) -0.145
-0.018
-0.009
-0.019
Trade openness²
(sum of imports and exports as % of GDP)
1331381601371241251281291231261301301331301129097102106104
LIVING AREA
Population by living area in 2024
(% of population)
Urban 69%Urban 69%Rural 31%Rural 31%
OTHER INDICATORS
More data on UNCTADstat
0.009 %
Share of the total world merchant fleet in 2024
Maritime transport indicators
 
2005
2010
2015
2024
Merchant fleet, national flag (thousands of DWT)
356
180
83
204
Container port throughput (TEU)
..
256 252
359 420
..
Information economy indicators
(as % of)
2005
2010
2015
2024
Share of ICT goods, % of total exports
2.11
5.77
11.24
7.56
Share of ICT goods, % of total imports
5.98
6.41
9.94
7.31
Share of workforce involved in the ICT sector
..
2.05
3.28
..
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.
u
Estimated. Data refers to 2020.
Symbols for missing values:
0
Zero means that the amount is nil or negligible
..
No value reported or collected
_
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: 02 December 2025