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.
Kommentare