Location
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 Finland, Poland, and Germany. Latvia'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 OECD since 2016 |
|
Capital |
Rīga |
|
Other major cities |
Daugavpils, Liepāja, Jelgava, Jūrmala, Ventspils, Rēzekne |
|
Population (01.01.2022) |
1.87 million |
|
Area |
64 594 km2 |
|
Language |
Latvian (official); Russian, English and German are also widely spoken |
|
Legal system |
Based on civil law |
|
Currency |
1 'euro' (EUR) = 100 'cents' |
|
|
|
|
GDP (2022) |
EUR 39.1 billion |
|
GDP growth (2022) |
4.8 % |
|
GDP per capita (2022) |
EUR 20,719 |
|
Inflation rate (2022) |
2.0 % |
|
Accumulated FDI (2022) |
EUR 22.6 billion |
|
Accumulated FDI per capita (2022) |
EUR 11,952 |
Source: Central Statistical Bureau of Latvia, Central Bank of Latvia
Additional information at
www.csb.lv – Central Statistical Bureau of Latvia
www.bank.lv – Central Bank of Latvia
www.liaa.gov.lv – Investment and Development Agency of Latvia
Credit Ratings*
|
Agency |
Rating |
|
A- (Outlook: Stable) |
|
|
A3 (Outlook: Stable) |
|
|
S&P Global |
A+ (Outlook: Negative) |
|
A (Outlook: Stable) |
* As of March 2023
Additional information on rating
www.fitchratings.com
www.moodys.com
www.standardandpoors.com
www.r-i.co.jp
Last update 22.03.2021.