Mechanical Engineering and Metalworking Industry in Latvia

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Latvia in facts

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

Capital

Rīga

Other major cities

Daugavpils, Liepāja, Jelgava, Jūrmala, Ventspils, Rēzekne

Population (01.01.2017)

1.95 million

Area

64 573 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 (2016)

EUR 24.9 billion

GDP growth (2016)

2.2 %

GDP per capita (2016)

EUR 12,691

Inflation rate (2016)

0.1 %

Accumulated FDI (2016)

EUR 13.5 billion

Accumulated FDI per capita (2016)

EUR 6,900

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.li.lv – Latvian Institute
www.liaa.gov.lv – Investment and Development Agency of Latvia

 

Investment Ratings (long term)*

Agency

Foreign Currency

Fitch Ratings

A- (Outlook: Stable) 

Moody’s

A3 (Outlook: Stable) 

Standard&Poor’s

A- (Outlook: Stable) 

R&I

BBB+ (Outlook: Stable)

As at October 2017

 

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 11.10.2017.