| Economy - overview: |
In 2000, Latvia's transitional economy recovered from the 1998 Russian financial crisis, largely due to the SKELE government's budget stringency and a gradual reorientation of exports toward EU countries, lessening Latvia's trade dependency on Russia. Latvia officially joined the World Trade Organization in February 1999 - the first Baltic state to join - and was invited at the Helsinki EU Summit in December 1999 to begin accession talks in early 2000. Unemployment fell to 7.8% in 2000, down from 9.6% in 1999, and 9.2% in 1998. Privatization of large state-owned utilities and the shipping industry faced more delays in 2000, and political instability will continue to delay completion of the privatization process over the next year. Latvia projects 6% GDP growth, 2.5%-3.0% inflation, and a 1.7% fiscal deficit in 2001. Preparing for EU membership over the next few years remains a top foreign policy goal.
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| GDP: |
purchasing power parity - $17.3 billion (2000 est.)
|
| GDP - real growth rate: |
5.5% (2000 est.)
|
| GDP - per capita: |
purchasing power parity - $7,200 (2000 est.)
|
| GDP - composition by sector: |
agriculture:
5%
industry:
33%
services:
62% (1999)
|
| Population below poverty line: |
NA%
|
| Household income or consumption by percentage share: |
lowest 10%:
2.9%
highest 10%:
25.9% (1998)
|
| Inflation rate (consumer prices): |
2.7% (2000)
|
| Labor force: |
1.4 million (2000 est.)
|
| Labor force - by occupation: |
agriculture 10%, industry 25%, services 65% (2000 est.)
|
| Unemployment rate: |
7.8% (2000 est.)
|
| Budget: |
revenues:
$1.33 billion
expenditures:
$1.27 billion, including capital expenditures of $NA (1998 est.)
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| Industries: |
buses, vans, street and railroad cars, synthetic fibers, agricultural machinery, fertilizers, washing machines, radios, electronics, pharmaceuticals, processed foods, textiles; note - dependent on imports for energy, raw materials, and intermediate products
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| Industrial production growth rate: |
6.3% (2000 est.)
|
| Electricity - production: |
3.996 billion kWh (1999)
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| Electricity - production by source: |
fossil fuel:
31.78%
hydro:
68.22%
nuclear:
0%
other:
0% (1999)
|
| Electricity - consumption: |
4.316 billion kWh (1999)
|
| Electricity - exports: |
400 million kWh (1999)
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| Electricity - imports: |
1 billion kWh (1999)
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| Agriculture - products: |
grain, sugar beets, potatoes, vegetables; beef, milk, eggs; fish
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| Exports: |
$2.1 billion (f.o.b., 2000)
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| Exports - commodities: |
wood and wood products, machinery and equipment, metals, textiles, foodstuffs
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| Exports - partners: |
Germany 16%, UK 11%, Sweden 11%, Russia 7% (1999)
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| Imports: |
$3.2 billion (f.o.b., 2000)
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| Imports - commodities: |
machinery and equipment, chemicals, fuels
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| Imports - partners: |
Russia 15%, Germany 10%, Finland 9%, Sweden 7% (1999)
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| Debt - external: |
$800 million (2000 est.)
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| Economic aid - recipient: |
$96.2 million (1995)
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| Currency: |
Latvian lat (LVL)
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| Exchange rates: |
lati per US dollar - 0.614 (January 2001), 0.607 (2000), 0.585 (1999), 0.590 (1998), 0.581 (1997), 0.551 (1996)
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| Fiscal year: |
calendar year
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