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PROFILE: Latvia



Practical Tips

  • Punctuality is important.

  • Latvians are generally straightforward and trustworthy.

  • They are well educated.

  • Their business style follows a clearly hierarchical approach with significant business decisions made by top management.

  • For meetings, men wear suits and a tie and women jackets and skirts or trouser suits.

  • Small gifts to business associates are generally accepted.

  • The official language is Latvian, although English is widely spoken in city centers such as Riga.

Brief History

  • 8th-12th Centuries AD - Baltic tribes merged to form the ethnic core of Latvian people

  • Later they came under the control of Germans, Poles, Swedes and Russians                     

  • After WWI - annexed by Russia

  • 1991- Became independent after breakup of Soviet Union

  • 2004 - Became part of EU and NATO


 General Information

  • Location: Eastern Europe, borders Baltic Sea, between Estonia and Lithuania

  • Government Type: Parliamentary Republic

  • Capital City: Riga 

  • Literacy Rate: 99.89%

  • Size: Slightly larger than West Virginia

  • Population: 1.82M (2023 est.) Note: 25% are of Russian descent

  • Population Growth Rate: - 1.13% (2023 est.)

National Holidays

  • January 1- New Year’s Day

  • March 29 - Good Friday

  • April 1- Easter Monday

  • May 1- Labor Day

  • June 23 – Midsummer’s Eve 

  • June 24 - St. John’s Day

  • November 18 - Independence Day

  • December 24 - Christmas Eve

  • December 25 - Christmas Day - December 26 - 2nd Day of Christmas

  • December 31- New Year’s Eve


Economy

  • Unemployment Rate: 6.5% (2023)

  • GDP - $41.167 million (2023)

  • GDP Growth Rate – 0.3 % (2023)

  • Labor Force – 886,200 (2023)

  • Labor Force Breakdown- Agriculture - 3.9%, Industry - 22.4%, Services - 73.7% (2021 est.)

  • Major Industries: Processed foods, processed wood products, textiles, processed metals, pharmaceuticals, synthetic fibers, electronics

  • Agricultural Products: Wheat, milk, rapeseed, barley, oats, potatoes, rye, beans, pork, poultry

International Trade

Total Product Exports: $25.2 B (2021 est.)

Major Product Exports (2022)

  • Lumber - $1.25B

  • Wheat - $1.22B

  • Petroleum Gas - $1.17B

  • Electricity - $843M

  • Fuel Wood - $712M


Major Export Partners (2022)

  • Lithuania - $4.09B  

  • Estonia - $2.26B

  • Germany - $1.44B

  • Russia - $1.26B

  • Sweden - $1.19B


Total Product Imports: $28 B (2022)

  • Petroleum Gas - $2.46B    

  • Refined Petroleum - $1.57B

  • Electricity - $1.47B

  • Cars - $788M

Major Import Partners (2021)

  • Lithuania - $6.18B

  • Estonia - $2.77B

  • Russia - $1.77B

  • Poland - $2.4B 

  • Germany - $2.48B  

                     

English Language Online News

The Baltic Times - news from Latvia, Estonia and Lithuania - www.baltictimes.com

Sampling of Latvian Companies

  • Aerodium Latvia - wind tunnels - Sigulda

  • Sereal - trading cards and stickers - Riga

  • Cesu Alus – brewery - Cesis

  • SAF Tehnika - telecommunication equipment - Riga

  • Dartz - armored vehicles - Riga

  • Olain Farm – pharmaceuticals - Olaine

  • Elko Grupa - computers and electronics - Riga

  • Latvijas Batzams - soft drinks - Riga

  • Grindeks – pharmaceuticals - Riga

  • Lattelecom - telecom and ISP - Riga

  • Just5 - mobile phones - Riga

  • Laima - confectionery products – Riga


By Paul Mastilak

InterMark3, Inc.

Yorumlar


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