| Economy - overview: | Latvia's transitional economy recovered from the 1998 Russian financial crisis, largely due to the government's budget stringency and a gradual reorientation of exports toward EU countries, lessening Latvia's trade dependency on Russia. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises. Latvia officially joined the World Trade Organization in February 1999. EU membership, a top foreign policy goal, came in May 2004. The current account and internal government deficits remain major concerns, but the government's efforts to increase efficiency in revenue collection may lessen the budget deficit. A growing perception that many of Latvia's banks facilitate illicit activity could damage the country's vibrant financial sector. |
| GDP - per capita | $12,800 (2005 est.) |
| GDP - real growth rate (%) | 7.8% (2005 est.) |
| Agriculture - products | grain, sugar beets, potatoes, vegetables; beef, pork, milk, eggs; fish |
| GDP - composition by sector (%) | agriculture: 4.1%, industry: 26%, services: 69.9% (2005 est.) |
| 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 and raw materials |
| Economic aid - recipient | $96.2 million (1995) |
| Debt - external | $13.2 billion (30 June 2005 est.) |
| Population below poverty line (%) | NA |
| Labor force - by occupation (%) | agriculture 15%, industry 25%, services 60% (2000 est.) |
Environment, Land use / Resources, Economy, Population / Demographics, Infrastructure, Health -- CIA World Factbook, 2005
