– Economy

Latvia: basic indexes of the economic development

2002
2003
2004
2005
2006 p
(growth to the previous year, percentage)
Gross domestic product
6,5
7,2
8,6
10,2
11,0
– Private consumption
7,4
8,2
9,5
11,4
11,0
– National consumption
2,2
1,9
2,1
2,7
3,0
– Equity capital total
13,0
12,3
23,8
18,6
18,0
– Export
5,4
5,2
9,4
20,7
7,6
– Import
4,7
13,1
16,6
13,5
8,4
Consumer prices
1,9
2,9
6,2
6,7
6,5
(percentage to gross domestic product, if not indicated differently)
Fiscal balance of combined budget
-2,3
-1,6
-1,1
-1,2
-1,5
Public debt
13,1
13,2
13,2
10,7
10,5
Current account of the balance of payments
-6,6
-8,1
-12,9
-12,4
-12,5
Foreign direct investments received within a year
2,8
2,6
5,1
4,0
6,0
Unemployment rate
(specific weight of people looking for a job
% of economically active inhabitants, 15-74
years of age)
12,0
10,6
10,4
8,7
8,0

GDP dynamics in Latvia and EU
(2000.y. = 100%)
Source: Eurostat

Investment increment rate in EU member states 2000 – 2005
(Annual average, percentage)
Source: Eurostat, Annual Macroeconomic data base, ec.europa.eu/economy_finance

Investments in manufacturing industry*
(2000=100)
• According to non-financial investment statistics

Investment dynamics and structure of manufacturing industry
(%)

Increment rateStructure
Average
2001-2005		 2005*2006*.y.
1.quarter		Average
2001-2005		 2005*2006*.y.
1.quarter
Food industry
18,3
22,1
17,1
28,7
20,0
27,4
Light industry
-11,0
-40,3
22,2
6,8
3,7
7,5
Woodworking
20,8
77,0
58,6
28,4
42,0
18,2
Paper manufacture
and publishing
2,7
-16,9
24,1
6,9
4,3
11,3
Chemical industry
and the related industries
20,7
-14,8
35,5
6,2
2,8
8,6
Manufacture of other non-
metallic mineral articles
62,8
146,0
71,1
5,2
10,1
3,4
Metals and metalworking
40,7
83,3
-8,5
6,7
9,0
8,6
Machine and equipment manufacture
33,8
83,1
-17,4
6,8
5,1
7,2
Other industries
21,7
-14,6
-38,8
4,2
3,0
7,8

* estimated according to the quarterly data

Area of the territories of statistical regions of Latvia, number of inhabitants and
density of population in the beginning of the year 2006

Area (% of national territory)Number of inhabitants (% of total)Number of inhabitants
per 1 km2
Riga
0,5
31,7
2 368,4
Riga area
15,7
16,1
36,4
Vidzeme
23,6
10,6
15,9
Kurzeme
21,1
13,4
22,7
Zemgale
16,6
12,5
26,7
Latgale
22,5
15,7
24,7

Gross domestic product* in statistical regions in 2003

TerritoryGDP, actual pricesGDP per 1 person
total,
thousands of lats		% of total
amount		lats%, to normal
value in the
Latvia6 392 7781002 749100
int.al.:
Riga3 589 53556,14 869177
Riga area645 36210,11 78665
Vidzeme410 7606,41 64660
Kurzeme758 42911,92 41288
Zemgale457 5377,21 57457
Latgale527 4898,31 41852
Produced outside Latvia3 6670,1xx

* Total value added (KPV) and gross domestic product (GDP) data of the year 2003 calculated according to the requirements of European Commission Regulation No 1889/2002 regarding the implicitly estimated services of financial mediation (FISIM), not comparable to the data published in previous reports.

Specific weight of the most significant industries in total value added * in 2003

A+B – agriculture, forestry and fishery; C+D+E – industry; F – construction;
G – trade; I – transport and communications; K – commercial services.

Employee gross wage in 2004
(Euro)

Information source – “Report on the development of national economy of Latvia”, published by the Ministry of Economics of the Republic of Latvia in 2006.