Latvia

Business Context Overview

EU Member State; euro area member
Flag - Latvia
1.9M
Approx. 1.9 million inhabitants.
Population
€43–46B
Approx. €43–46 billion.
GDP (Nominal)
€22,000–€24,000
Approx. €22,000–€24,000.
GDP per Capita
1.5–2.5%
Approx. 1.5–2.5%.
GDP Growth
2.0–3.0%
Approx. 2.0–3.0%.
Inflation
6.5–7.0%
Approx. 6.5–7.0%.
Unemployment Rate
Euro (EUR)
Euro (EUR)
Currency
46–49%
Approx. 46–49% of GDP.
Public Debt

Economic Structure

Finland Latvia combines a strategic Baltic location with strengths in logistics, wood products, and export-oriented services.

Transport and logistics
Wood processing
Manufacturing
ICT and business services
Food processing

Economic Outlook

Latvia is expected to return to moderate growth, supported by regional trade, EU funds, and domestic demand. Key structural priorities include productivity, energy security, and investment in higher-value sectors.

Business Environment (High-Level)

Latvia offers a business environment shaped by Transport and logistics, Wood processing, Manufacturing, with commercial activity supported by Wood and wood products, Machinery and regional market integration.

20% on distributed profits under Latvia’s system.

21%

€740/month as of January 2025.

EU Member State; euro area member.

Typically around 4–6 days. Latvia offers a relatively efficient business environment and competitive labor costs within the euro area.

Main Export Products

  • Wood and wood products
  • Machinery
  • Food products
  • Metals
  • Transport-related goods and services

Main Export Partners

  • Lithuania
  • Estonia
  • Germany
  • Sweden
  • Poland
  • Finland Latvia combines a strategic Baltic location with strengths in logistics, wood products, and export-oriented services.

Data & Transparency

Data Sources:

  • IMF
  • World Bank
  • Eurostat
  • Central Statistical Bureau of Latvia
  • OECD
  • European Commission

Last Updated: April 2026

Unlock the full profile and access all relevant business information.

Stay in the discussion. For credible follow-ups about Latvia.

Unlock Full Profile

Legal Disclaimer

This profile is based on publicly available data and AI-supported analysis. It does not constitute official or legally binding information. Users are required to verify all data with relevant authorities before making decisions. We are not a governmental body, public authority, or official representative of any country unless explicitly stated.