Much of the convergence of the Latvian economy needs to come from productivity increases. To achieve this, policy makers should do more to facilitate the integration of the economy into global trade and promote competitive business environment.

Successful implementation of economic reforms has boosted the Latvian economy, leading to strong growth, rising wages and solid public finances. Further policy action is now needed to accelerate productivity growth, create jobs, drive down poverty, improve living standards and ensure that everyone benefits from more inclusive growth, according to a new report from the OECD.

Latvia’s economy is growing strongly. Driven by the recovery of exports and investment as well as strong private consumption, real GDP growth is expected to strengthen from 2% in 2016 to around 4% this year and next.

Unemployment is still above 8% in Latvia and contributes to poverty, in part because many unemployed have been without a job for an extended period of time.

Stronger integration in global value chains would speed up economic convergence to advanced OECD economies and raise living standards.

This paper investigates the effect of export entry on productivity, employment and wages of Latvian and Estonian firms in the context of global value chain (GVC).

This working paper explores avenues to improve public sector efficiency in Latvia, a catching-up and ageing economy where spending needs are large.

OECD Secretary-General Angel Gurría today welcomed the passage into law of Latvia's “Public Persons Enterprises and Capital Shares Governance Law”.

Household Saving Rate in Latvia increased to 6.34 percent in 2018 from 4.42 percent in 2017. Personal Savings in Latvia averaged -0.91 percent from 1995 until 2018, reaching an all time high of 13.28 percent in 2009 and a record low of -20.51 percent in 1995. This page provides - Latvia Personal Savings - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Latvia 10Y Bond Yield was 0.55 percent on Thursday April 30, according to over-the-counter interbank yield quotes for this government bond maturity. Historically, the Latvia Government Bond 10y reached an all time high of 17 in August of 2009. Generally, a government bond is issued by a national government and is denominated in the country`s own currency. Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds. The yield required by investors to loan funds to governments reflects inflation expectations and the likelihood that the debt will be repaid.

Households Debt in Latvia decreased to 33.47 percent of gross income in 2018 from 35.94 percent in 2017. Households Debt To Income in Latvia averaged 44.13 percent from 2000 until 2018, reaching an all time high of 74.05 percent in 2010 and a record low of 8.55 percent in 2000. This page provides - Latvia Households Debt To Income- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Minimum Wages in Latvia remained unchanged at 430 EUR/Month in the fourth quarter of 2019 from 430 EUR/Month in the second quarter of 2019. Minimum Wages in Latvia averaged 233.15 EUR/Month from 1999 until 2019, reaching an all time high of 430 EUR/Month in the second quarter of 2018 and a record low of 75.18 EUR/Month in the second quarter of 1999. This page provides - Latvia Minimum Wages - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Home Ownership Rate in Latvia increased to 81.60 percent in 2018 from 81.50 percent in 2017. Home Ownership Rate in Latvia averaged 82.84 percent from 2007 until 2018, reaching an all time high of 87.20 percent in 2009 and a record low of 80.20 percent in 2015. This page provides the latest reported value for - Latvia Home Ownership Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Latvia scored 66.98 points out of 100 on the 2018 Global Competitiveness Report published by the World Economic Forum. Competitiveness Index in Latvia averaged 18.56 Points from 2007 until 2019, reaching an all time high of 66.98 Points in 2019 and a record low of 4.05 Points in 2010. The most recent 2018 edition of Global Competitiveness Report assesses 140 economies. The report is made up of 98 variables, from a combination of data from international organizations as well as from the World Economic Forum’s Executive Opinion Survey. The variables are organized into twelve pillars with the most important including: institutions; infrastructure; ICT adoption; macroeconomic stability; health; skills; product market; labour market; financial system; market size; business dynamism; and innovation capability. The GCI varies between 1 and 100, higher average score means higher degree of competitiveness. With the 2018 edition, the World Economic Forum introduced a new methodology, aiming to integrate the notion of the 4th Industrial Revolution into the definition of competitiveness. It emphasizes the role of human capital, innovation, resilience and agility, as not only drivers but also defining features of economic success in the 4th Industrial Revolution. This page provides the latest reported value for - Latvia Competitiveness Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Social Security Rate For Employees in Latvia stands at 11 percent. Social Security Rate For Employees in Latvia averaged 9.91 percent from 2004 until 2019, reaching an all time high of 11 percent in 2012 and a record low of 9 percent in 2005. In Latvia, the Social Security Rate is a tax related with labor income charged to both companies and employees. Revenues from the Social Security Rate are an important source of income for the government of Latvia because they help to pay for many social programs including welfare, health care and many other benefits. This page provides - Latvia Social Security Rate For Employees - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Gold Reserves in Latvia remained unchanged at 6.62 Tonnes in the fourth quarter of 2019 from 6.62 Tonnes in the third quarter of 2019. Gold Reserves in Latvia averaged 7.40 Tonnes from 2000 until 2019, reaching an all time high of 7.75 Tonnes in the first quarter of 2000 and a record low of 6.60 Tonnes in the first quarter of 2018. Gold Reserves are country’s gold assets held or controlled by the central bank. This page provides - Latvia Gold Reserves - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Latvia is the 44 least corrupt nation out of 175 countries, according to the 2019 Corruption Perceptions Index reported by Transparency International. Corruption Rank in Latvia averaged 52.05 from 1998 until 2019, reaching an all time high of 71 in 1998 and a record low of 40 in 2015. The Corruption Perceptions Index ranks countries and territories based on how corrupt their public sector is perceived to be. A country or territory's rank indicates its position relative to the other countries and territories in the index. This page provides the latest reported value for - Latvia Corruption Rank - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Sales Tax Rate in Latvia stands at 21 percent. Sales Tax Rate in Latvia averaged 19.76 percent from 2000 until 2020, reaching an all time high of 22 percent in 2011 and a record low of 18 percent in 2001. In Latvia, the sales tax rate is a tax charged to consumers based on the purchase price of certain goods and services. The benchmark we use for the sales tax rate refers to the highest rate. Revenues from the Sales Tax Rate are an important source of income for the government of Latvia. This page provides - Latvia Sales Tax Rate | VAT - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Electricity Production in Latvia decreased to 581 Gigawatt-hour in December from 607 Gigawatt-hour in November of 2019. Electricity Production in Latvia averaged 506.82 Gigawatt-hour from 2008 until 2019, reaching an all time high of 995 Gigawatt-hour in April of 2010 and a record low of 159 Gigawatt-hour in August of 2008. This page has Electricity Production values for Latvia.

Unemployment Rate in Latvia remained unchanged at 6 percent in the fourth quarter of 2019 from 6 percent in the third quarter of 2019. Unemployment Rate in Latvia averaged 11.10 percent from 2002 until 2019, reaching an all time high of 21.30 percent in the first quarter of 2010 and a record low of 5.30 percent in the fourth quarter of 2007. In Latvia, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. This page provides the latest reported value for - Latvia Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The number of employed persons in Latvia increased to 917.80 Thousand in the third quarter of 2019 from 905.60 Thousand in the second quarter of 2019. Employed Persons in Latvia averaged 1001.15 Thousand from 1991 until 2019, reaching an all time high of 1404 Thousand in the first quarter of 1991 and a record low of 830 Thousand in the first quarter of 2010. In Latvia, employed persons are individuals with a minimum required age who work during a certain time for a business. This page provides - Latvia Employed Persons - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Employment Rate in Latvia decreased to 65.40 percent in the fourth quarter of 2019 from 65.60 percent in the third quarter of 2019. Employment Rate in Latvia averaged 58.39 percent from 2002 until 2019, reaching an all time high of 65.60 percent in the third quarter of 2019 and a record low of 50.80 percent in the first quarter of 2010. In Latvia, the employment rate measures the number of people who have a job as a percentage of the working age population. This page provides - Latvia Employment Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP Constant Prices in Latvia increased to 7326935 EUR Thousand in the fourth quarter of 2019 from 7200620 EUR Thousand in the third quarter of 2019. GDP Constant Prices in Latvia averaged 5012377.46 EUR Thousand from 1995 until 2019, reaching an all time high of 7326935 EUR Thousand in the fourth quarter of 2019 and a record low of 2504788 EUR Thousand in the first quarter of 1996. This page provides - Latvia GDP Constant Prices - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP From Mining in Latvia increased to 215494 EUR Thousand in the fourth quarter of 2019 from 178897 EUR Thousand in the third quarter of 2019. GDP From Mining in Latvia averaged 202497.61 EUR Thousand from 1995 until 2019, reaching an all time high of 297376 EUR Thousand in the fourth quarter of 1999 and a record low of 111912 EUR Thousand in the third quarter of 1995. This page provides - Latvia Gdp From Mining- actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP From Services in Latvia decreased to 951880 EUR Thousand in the fourth quarter of 2019 from 978914 EUR Thousand in the third quarter of 2019. GDP From Services in Latvia averaged 595212.83 EUR Thousand from 1995 until 2019, reaching an all time high of 978914 EUR Thousand in the third quarter of 2019 and a record low of 187991 EUR Thousand in the first quarter of 1996. This page provides - Latvia Gdp From Wholesale and Retail Trade- actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP From Transport in Latvia decreased to 548677 EUR Thousand in the fourth quarter of 2019 from 603889 EUR Thousand in the third quarter of 2019. GDP From Transport in Latvia averaged 434744.61 EUR Thousand from 1995 until 2019, reaching an all time high of 639412 EUR Thousand in the third quarter of 2018 and a record low of 233137 EUR Thousand in the first quarter of 1996. This page provides - Latvia Gdp From Transportation and Storage- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Gross National Product in Latvia increased to 7868 EUR Million in the fourth quarter of 2019 from 7818 EUR Million in the third quarter of 2019. Gross National Product in Latvia averaged 4069.34 EUR Million from 1995 until 2019, reaching an all time high of 7868 EUR Million in the fourth quarter of 2019 and a record low of 936 EUR Million in the first quarter of 1995. This page provides - Latvia Gross National Product - actual values, historical data, forecast, chart, statistics, economic calendar and news.

External Debt in Latvia decreased to 35398 EUR Million in the fourth quarter of 2019 from 35936 EUR Million in the third quarter of 2019. External Debt in Latvia averaged 19327.61 EUR Million from 1995 until 2019, reaching an all time high of 37824 EUR Million in the fourth quarter of 2017 and a record low of 825.57 EUR Million in the fourth quarter of 1995. In Latvia, external debt is a part of the total debt that is owed to creditors outside the country. This page provides - Latvia External Debt - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The total population in Latvia was estimated at 1.9 million people in 2019, according to the latest census figures and projections from Trading Economics. Looking back, in the year of 1960, Latvia had a population of 2.1 million people. The population of Latvia represents 0.03 percent of the world´s total population which arguably means that one person in every 3142 people on the planet is a resident of Latvia. This page provides - Latvia Population - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Core Consumer Prices in Latvia increased to 106.89 points in February from 106.52 points in January of 2020. Core Consumer Prices in Latvia averaged 86.03 points from 1996 until 2020, reaching an all time high of 108.50 points in June of 2019 and a record low of 50.26 points in January of 1996. This page provides - Latvia Core Consumer Prices- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Hospital Beds in Latvia decreased to 5.57 per 1000 people in 2017 from 5.72 per 1000 people in 2016. Hospital Beds in Latvia averaged 9.55 per 1000 people from 1970 until 2017, reaching an all time high of 14.24 per 1000 people in 1987 and a record low of 5.57 per 1000 people in 2017. This page includes a chart with historical data for Latvia Hospital Beds.

Hospitals in Latvia decreased to 32.44 per one million people in 2017 from 33.17 per one million people in 2016. Hospitals in Latvia averaged 54.34 per one million people from 1980 until 2017, reaching an all time high of 73.66 per one million people in 1980 and a record low of 31.94 per one million people in 2010. This page includes a chart with historical data for Latvia Hospitals.

Medical Doctors in Latvia increased to 3.44 per 1000 people in 2017 from 3.37 per 1000 people in 2016. Medical Doctors in Latvia averaged 3.26 per 1000 people from 1989 until 2017, reaching an all time high of 3.76 per 1000 people in 1991 and a record low of 2.98 per 1000 people in 1995. This page includes a chart with historical data for Latvia Medical Doctors.

Nurses in Latvia decreased to 4.59 per 1000 people in 2017 from 4.66 per 1000 people in 2016. Nurses in Latvia averaged 5.31 per 1000 people from 2000 until 2017, reaching an all time high of 6.01 per 1000 people in 2008 and a record low of 4.59 per 1000 people in 2017. This page includes a chart with historical data for Latvia Nurses.

Business Confidence in Latvia increased to 3.80 points in February from -0.20 points in January of 2020. Business Confidence in Latvia averaged -6.98 points from 1993 until 2020, reaching an all time high of 12.50 points in March of 2007 and a record low of -44.70 points in July of 1993. In Latvia, Industrial confidence indicator measures the level of optimism that people who run companies have about the performance of the economy and how they feel about their organizations’ prospects. Business confidence surveys can provide useful signs about the current condition of the economy, because companies often have information about consumer demand sooner than government statisticians do. This page provides the latest reported value for - Latvia Business Confidence - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

ICU Beds in Latvia averaged 728.20 per 100K people from 1980 until 2014, reaching an all time high of 1215.65 per 100K people in December of 1987 and a record low of 339.21 per 100K people in December of 2014. This page includes a chart with historical data for Latvia ICU Beds.

The Consumer Price Index in Latvia increased 0.30 percent in March of 2020 over the previous month. Inflation Rate Mom in Latvia averaged 0.39 percent from 1995 until 2020, reaching an all time high of 3.50 percent in January of 1995 and a record low of -1.10 percent in August of 2003. Inflation Rate MoM measures month over month change in the price of goods and services. This page provides - Latvia Inflation Rate MoM - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The inflation rate in Latvia was recorded at 1.40 percent in March of 2020. Inflation Rate in Latvia averaged 3.59 percent from 1998 until 2020, reaching an all time high of 17.70 percent in May of 2008 and a record low of -4.30 percent in February of 2010. In Latvia, the most important category in the consumer price index is Food and Non-Alcoholic Beverages (23.7 percent of total weight). Housing and Utilities accounts for 16.2 percent; Transport for 13.6 percent; Alcoholic beverages and Tobacco for 8.2 percent; Recreation and Culture for 8 percent and Clothing and Footwear for 5.8 percent. Health; Miscellaneous Goods and Services; Furniture, Household Goods and Maintenance; Restaurants and Hotels; Communication and Education account for the remaining 24.5 percent of total weight. This page provides - Latvia Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

CPI Housing Utilities in Latvia decreased to 107.60 points in March from 107.90 points in February of 2020. CPI Housing Utilities in Latvia averaged 72.95 points from 1999 until 2020, reaching an all time high of 108.60 points in October of 2019 and a record low of 35.10 points in January of 1999. This page provides - Latvia Cpi Housing & Utilities- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Consumer Price Index CPI in Latvia increased to 109.70 points in March from 109.40 points in February of 2020. Consumer Price Index CPI in Latvia averaged 78.59 points from 1993 until 2020, reaching an all time high of 109.70 points in June of 2019 and a record low of 22.60 points in January of 1993. In Latvia, the Consumer Price Index or CPI measures changes in the prices paid by consumers for a basket of goods and services. This page provides - Latvia Consumer Price Index (CPI) - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The transportation sub-index of the CPI basket in Latvia decreased to 104.10 points in March of 2020 from 106.90 points in February of 2020. CPI Transportation in Latvia averaged 88.09 points from 1999 until 2020, reaching an all time high of 111.60 points in April of 2012 and a record low of 55.30 points in February of 1999. This page provides - Latvia Cpi Transportation- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Cost of food in Latvia increased 3.50 percent in March of 2020 over the same month in the previous year. Food Inflation in Latvia averaged 4.05 percent from 1998 until 2020, reaching an all time high of 21.60 percent in May of 2008 and a record low of -7.80 percent in January of 2010. This page provides - Latvia Food Inflation - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Latvia recorded a trade deficit of 93.60 EUR Million in February of 2020. Balance of Trade in Latvia averaged -170.38 EUR Million from 1993 until 2020, reaching an all time high of 40.10 EUR Million in February of 1993 and a record low of -557.20 EUR Million in July of 2007. Latvia exports mainly wood and wood products, machinery and equipment, iron and steel, textiles and foodstuffs. Latvia's main export partners are Lithuania, Russia, Estonia, Germany and Sweden. Latvia imports machinery and equipment, chemicals, fuels and vehicles. Main import partners are Lithuania, Germany, Russia, Poland and Estonia. This page provides - Latvia Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Housing Index in Latvia decreased to 145.37 points in the fourth quarter of 2019 from 145.68 points in the third quarter of 2019. Housing Index in Latvia averaged 109.98 points from 2006 until 2019, reaching an all time high of 157.05 points in the first quarter of 2008 and a record low of 78.52 points in the first quarter of 2010. In Latvia, the House Price Index measures residential property market prices. The HPI captures price changes of all kinds of residential property purchased by households (flats, detached houses, terraced houses, etc.), both new and existing. Only market prices are considered, self-build dwellings are therefore excluded. The land component of the residential property is included. This page provides - Latvia House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Exports in Latvia decreased to 1061.80 EUR Million in February from 1073.40 EUR Million in January of 2020. Exports in Latvia averaged 460.91 EUR Million from 1993 until 2020, reaching an all time high of 1213.62 EUR Million in November of 2018 and a record low of 53.10 EUR Million in January of 1994. Latvia exports mainly wood and wood products, machinery and equipment, iron and steel, textiles and foodstuffs. Latvia's main export partners are Lithuania, Russia, Estonia, Germany and Sweden. This page provides - Latvia Exports - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Imports in Latvia decreased to 1155.40 EUR Million in February from 1166.40 EUR Million in January of 2020. Imports in Latvia averaged 630.74 EUR Million from 1993 until 2020, reaching an all time high of 1547.79 EUR Million in October of 2018 and a record low of 52.50 EUR Million in September of 1993. Latvia imports machinery and equipment, chemicals, fuels and vehicles. Main import partners are Lithuania, Germany, Russia, Poland and Estonia. This page provides - Latvia Imports - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The number of unemployed persons in Latvia increased to 61926 in March of 2020 from 58247 in February of 2020. Unemployed Persons in Latvia averaged 91115.58 from 1993 until 2020, reaching an all time high of 194253 in March of 2010 and a record low of 36690 in January of 1993. In Latvia, unemployed persons are individuals who are without a job and actively seeking to work. This page provides - Latvia Unemployed Persons - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Money Supply M0 in Latvia decreased to 10165.40 EUR Million in March from 10189 EUR Million in February of 2020. Money Supply M0 in Latvia averaged 3026.63 EUR Million from 1992 until 2020, reaching an all time high of 10433.60 EUR Million in December of 2019 and a record low of 154.20 EUR Million in December of 1992. Latvia Money Supply M0 is the most liquid measure of the money supply including coins and notes in circulation and other assets that are easily convertible into cash. Money Supply M0 and M1, are also known as narrow money. This page provides - Latvia Money Supply M0 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Government Budget Value in Latvia decreased to -127807870 EUR Million in March from 36911844 EUR Million in February of 2020. Government Budget Value in Latvia averaged -2018241.84 EUR Million from 2003 until 2020, reaching an all time high of 265296344 EUR Million in May of 2018 and a record low of -424470810 EUR Million in December of 2018. The government budget balance is the difference between government revenues and expenses. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues. This page provides - Latvia Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Harmonised Consumer Prices in Latvia increased to 109.37 points in March from 109.04 points in February of 2020. Harmonised Consumer Prices in Latvia averaged 79.65 points from 1996 until 2020, reaching an all time high of 109.85 points in June of 2019 and a record low of 44.44 points in January of 1996. The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods. The ECB aims to maintain annual inflation rates as measured by the HICP below, but close to, 2% over the medium term. This page provides - Latvia Harmonised Consumer Prices - actual values, historical data, forecast, chart, statistics, economic calendar and news.