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In 2018 Latvia was the number 99 economy in the world in terms of GDP (current US$), the number 78 in total exports, the number 74 in total imports, and the number 36 most complex economy according to the Economic Complexity Index (ECI). Currency: EURO GDP Per Capita: 17,836.4 USD (2019) GDP Growth Rate: 2.2% annual change (2019) Gross Domestic Product: 31,939.15 million (2019) GNI Per Capita: 30,220 PPP dollars (2018)


Foreign Trade

The top exports of Latvia are Sawn Wood ($867M), Broadcasting Equipment ($703M), Hard Liquor ($561M), Packaged Medicaments ($501M), and Refined Petroleum ($495M). The top imports of Latvia are Refined Petroleum ($2.83B), Cars ($718M), Broadcasting Equipment ($689M), Packaged Medicaments ($597M), and Planes, Helicopters, and/or Spacecraft ($549M). The top export destinations of Latvia are Lithuania, Russia, Estonia, Belarus and Germany. The top import origins are Lithuania, Russia, Poland, Germany, and Estonia. In 2018, Latvia exported $15.8B and imported $22B, resulting in a negative trade balance of -$6.23B. In 2018, Latvia’s exports per capita were $8.2k and its imports per capita were $11.4k.

Finances with European Union

Breakdown of Latvia’s finances with the EU: Total EU spending in Latvia: 1.212 billion Total EU spending as %of Latvian gross national income (GNI) : 4.14% Total Latvian contribution to the EU budget : 0.234 billion Latvian contribution to the EU budget as % of its GNI: 0.80%