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Latvia's economy experienced GDP growth of more than 10% per year during 2006-07; but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. GDP plunged nearly 18% in 2009 - the three former Soviet Baltic republics had the world's worst declines last year. The IMF, EU, and other donors provided assistance to Latvia as part of an agreement to defend the currency's peg to the euro and reduce the fiscal deficit to about 5% of GDP. The majority of companies, banks, and real estate have been privatized, although the state sti...  More..

Economy of Latvia
SOURCE: CIA - The World Factbook
Currency Lats
Fiscal Year 01 January - 31 December
GDP (PPP) $32.4 billion (2009 est.)
GDP (per capita) $14,500 (2009 est.)
Exports $6.721 billion (2009 est.)
Imports $8.849 billion (2009 est.)
Main 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
Exports - Commodities Wood and Wood Products, Machinery and Equipment, Metals, Textiles, Foodstuffs
Imports - Commodities Machinery and Equipment, Chemicals, Fuels, Vehicles
Exports Partners Lithuania 15.4%, Russia 14.7%, Estonia 13.1%, Germany 7.6%, Sweden 6.2%, Denmark 4.3% (2008)
Imports Partners Lithuania 16%, Germany 12.8%, Russia 10.6%, Poland 7%, Estonia 7%, Sweden 4.3%, Finland 4.3% (2008)

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