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.