1. Business Environment in Latvia
H.E. Mr. Alberts Sarkanis, Ambassador to the Czech Republic
Business Environment in Latvia
Prague

2. Latvia in facts Capital: Riga Area: 64 589 km2
Population: 1,95 million (2017)
Official language: Latvian
Dominant foreign languages: Russian, English and German
Currency: Euro (€)
Total national border length: 1862 km
Length of Latvia’s coastline: 494 km
Agricultural land: km2 (2015)
Forest land: km2 (2014)
Major ports: Riga, Ventspils, Liepaja
Business Environment in Latvia
Source: Central Statistical Bureau of Latvia

3. Latvian Euros (€)
Business Environment in Latvia

4. International memberships
European Union (2004)
Eurozone (2014)
United Nations (1991)
North Atlantic Treaty Organization (2004)
Organization for Security and Co-operation in Europe (1991)
World Trade Organization (1999)
Organisation for Economic Co-operation and Development (2016)
Business Environment in Latvia

5. Macroeconomic indicators
Business Environment in Latvia

6. Gross domestic product (GDP)
* Forecast of the Ministry of Finance
Business Environment in Latvia
Source: Central Statistical Bureau of Latvia

7. Monthly wage and employment
2013
2014
2015
2016
2017 *
2018 *
Monthly wage
Average monthly wage of the employed in the economy, EUR
716
765
818
859
910
1013
Growth at current prices, %
4.5
6.8
5.0
5.5
Employment
Employment, thousands
894
885
896
893.3
900
901
Growth, %
2.1
-1.0
1.3
- 0.3
0.2
0.1
Unemployment rate, % 
11.9
10.8
9.9
9.6
8.4
8.0
* Forecast
Business Environment in Latvia
Source: Ministry of Finance Republic of Latvia

8. Foreign direct investments
Business Environment in Latvia

9. Foreign direct investments in Latvia (FDI)
FDI (billion EUR)
Top 5 countries by FDI in Latvia (million EUR, 2016 Q4)
Sweden
2120
Cyprus
1310
The Netherlands
982
Russia
1320
Estonia
937
Data provided by Lursoft.lv shows that top 5 countries by FDI in Latvia are:
Sweden
The Netherlands
Cyprus
Norway
Russia
Business Environment in Latvia
Source: Bank of Latvia

10. Foreign trade
Business Environment in Latvia

11. Exports and imports of goods (billion EUR)
Business Environment in Latvia
Source: Central Statistical Bureau of Latvia

12. The main export and import partners of goods (million EUR, % 2015)
Lithuania
(18.97%)
Estonia
(11.61%)
Russia
(8.04%)
Germany
(6.50%)
Poland
(6.03%)
Import
Lithuania
(17.31%)
Germany
(11.26%)
Poland
(11.09%)
Russia
(8.58%)
Estonia
(7.57%)
Business Environment in Latvia
Source: Central Statistical Bureau of Latvia

13. Exports and imports of services (billion EUR)
Business Environment in Latvia
Source: Bank of Latvia

14. The main export and import partners of services (million EUR, % 2015)
The United Kingdom
(9.61 %)
Switzerland
(9.07%)
Russia
(8.65%)
Lithuania
(6.50%)
Sweden
(5.21%)
Import
Lithuania
(10.80%)
Germany
(6.29%)
The United Kingdom
(6.00%)
Estonia
99.59 (4.37%)
Ireland
93.29 (4.10%)
Business Environment in Latvia

15. Latvia’s credit ratings 2017
The Fitch Ratings
Moody’s
Standard & Poor’s
R&I
Rating
A - A3
BBB +
Outlook
Stable
Business Environment in Latvia
Source: Public Finance Management

16. Investment environment in Latvia
Business Environment in Latvia

17. Infrastructure
An extensive and functional road network, connecting both European and CIS road networks, as well as Latvia’s ports;
Free ports in Ventspils, Riga and Liepaja;
The shortest route between the EU and the CIS;
Riga International Airport as a fast-growing airport provides a competitive international passenger hub, and a high-speed cargo distribution centre;
Business Environment in Latvia
Source: Investment and Development Agency of Latvia

18. Skilled and motivated workforce
The labour force in Latvia is well educated, with one of the highest rates of university attendance in the world;
36 institutions of higher education, 3 of which are branches of foreign universities;
There are more than 5700 students studying in higher education programs for engineering, electronics and metalworking;
Latvia’s history has prepared its workforce with knowledge of business and cultural norms that enable partnership particularly with Russia and other CIS partners, as well as with western European countries;
Business Environment in Latvia
Source: Investment and Development Agency of Latvia

19. Tax system in Latvia
Latvia’s total tax rate of 35,9% for businesses is the lowest of the Baltic States and the 12th lowest of the EU and EFTA region.2
Source:
1. Ministry of Finance Republic of Latvia
2. PricewaterhouseCoopers - PwC
Business Environment in Latvia

20. Special economic zones in Latvia
Business Environment in Latvia
Source: Investment and Development Agency of Latvia

21. Transport infrastructure in Latvia
Business Environment in Latvia

22. Key elements of transport infrastructure
Business Environment in Latvia
Source: Ministry of Transport of Republic of Latvia

23. Cargoes loaded and unloaded at Latvia’s ports
Business Environment in Latvia
Source: Central Statistical Bureau of Latvia

24. Latvian railway infrastructure
Total length of lines – 1859 km
Total length of 1520 mm gauge lines – 1826 km
Length of electrified lines – 248 km
152 stations
Business Environment in Latvia
Source: Latvijas dzelzceļš (Latvian Railways)

25. Rail freight transportation in the Baltic States (million t)
Business Environment in Latvia
Source: Latvijas dzelzceļš (Latvian Railways)

26. Rail Baltica – Railway line from Tallinn to Berlin
Business Environment in Latvia
Source: Ministry of Transport of Republic of Latvia

27. Embassy of the Republic of Latvia Detailed information online:
Contact information:
Embassy of the Republic of Latvia
Hradešínská 3 , Praha 10 T
Detailed information online:
Ministry of Economics
Ministry of Finance
Bank of Latvia
Investment and Development Agency of Latvia
Business Environment in Latvia