About Latvia

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Latvia in facts
 

Location

The Baltic country of Latvia is located at the crossroads of northern and eastern Europe, on the east coast of the Baltic Sea. A republic, Latvia is bordered by Estonia to the north, Russia and Belarus to the east and Lithuania to the south, and has a maritime border with Sweden to the west. Other neighbouring countries include FinlandPoland and GermanyLatvia's strategic location has been the major influence on the country’s diverse historical and cultural experiences. To this day, it is this location which underpins Latvia’s economic success.

Fact Sheet

Political system

Republic, parliamentary democracy

International membership

Member of EU and NATO since 2004
Member of WTO since 1998

Capital Rīga

Other major cities

DaugavpilsLiepāja, Jelgava, Jūrmala, Ventspils, Rēzekne

Population (01.2012) 2.04 million
Area 64 589 km2
Language Latvian (official); Russian, English and German are also widely spoken
Legal system Based on civil law
Currency 1 'Lats' (LVL) = 100 'santīms'
Average exchange rate (2011)

1 LVL = 1.423 EUR
pegged to EUR since 2005

GDP (2012) EUR 22.084 billion
GDP growth (2012) 5.6%
GDP per capita (2012) EUR 10 855
Inflation rate (2012) 2.3%
Accumulated FDI (2012) EUR 10.015 billion
Accumulated FDI per capita (2012) EUR 4 937

Source: Central Statistical Bureau of Latvia

Additional information at 
www.csb.lv – Central Statistic Bureau of Latvia
www.bank.lv – Central Bank of Latvia
www.li.lv – Latvian Institute
www.liaa.gov.lv – Investment and Development Agency of Latvia
www.exim.lv – Latvian Export and Import Directory, a database of Latvian exporters and business proposals

Investment Ratings (long term)*

Agency Foreign Currency
Fitch Ratings BBB (Outlook: Positive)
Moody’s Baa2 (Outlook: Positive)
Standard&Poor’s BBB+ (Outlook: Stable)
R&I BBB (Outlook: Stable)

*As at April 2013

Additional information on ratings of particular industries and/or banks
www.fitchratings.com
www.moodys.com
www.standardandpoors.com 
www.r-i.co.jp

Last update 18.04.2013