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Europe
Latvia |
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| Last reviewed: 31 March 2009 |
Country information
ECONOMY
Basic Economic Facts
Source: Latvian Statistical Bureau and Eurostat
GDP: £20.9 bn (2008) *estimate
GDP per capita: £9,086 (2008) *estimate
Annual Growth: - 4.6% (2008)
Average monthly salary: £632 (2008)
Consumer Price Inflation (yoy): 9.6% (February 2009)
Average
Wage Inflation: 20.7% 2008
Unemployment: 12.3% January 2009
Major Industries: timber, textiles, transit, food processing
Major trading partners: the EU, Russia
Further information about Latvia's economy can be found at:
UK Trade & Investment Country Profile: Latvia.
The break-up of the Soviet Union led to real GDP falling by around 50% during 1990-93. Since then the economy had been in recovery with GDP increasing by around 12% over 2006. However, after enjoying years of rapid growth the global financial crisis has hit hard and as a result Latvia was forced to seek a loan from the International Monetary Fund, the World Bank and the European Union in December 2008.
