This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member countries. The economic situation and policies of Latvia were reviewed by the Committee on 22 May 2017. The draft was revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 14 June 2017.

The Secretariat’s draft report was prepared for the Committee by Andrés Fuentes Hutfilter and Naomitsu Yashiro under the supervision of Asa Johansson, and the general supervision of Alvaro Pereira and Robert Ford. Statistical research assistance was provided by Eun Jung Kim and administrative support by Dacil Kurzweg.

The Survey also benefitted from contributions by Raimonds Aronietis, Koen de Backer, Caroline Berchet, Konstantīns Beņkovskis, Thiago Chagas, Mátyás Viktor Farkas, Daniela Glocker, Marco Kools, Alain Lumbroso, Jaan Masso, Olaf Merk, Leo Mongendre, Oļegs Tkačevs, Zuzana Smidova, Priit Vahter, Gert Wehinger.

The previous Survey of Latvia was issued in February 2015.

  
BASIC STATISTICS OF LATVIA, 2016
(Numbers in parentheses refer to the OECD average)a

LAND, PEOPLE AND ELECTORAL CYCLE

Population (million)

2.0

Population density per km2

31.7

(37.2)

 Under 15 (%)

15.8

(17.9)

Life expectancy (years, 2014)

74.3

(80.6)

 Over 65 (%)

18.7

(16.6)

 Men

69.1

(77.9)

 Foreign-born (%, 2014)

13.0

 Women

79.4

(83.3)

Latest 5-year average growth (%)

-0.4

(0.6)

Latest general election

October 2014

ECONOMY

Gross domestic product (GDP)

Value added shares (%)

 In current prices (billion USD)

27.7

 Primary sector

3.2

(2.5)

 In current prices (billion EUR)

25.0

 Industry including construction

21.9

(26.7)

 Latest 5-year average real growth (%)

2.7

(1.8)

 Services

74.9

(70.8)

 Per capita (000 USD PPP)

25.9

(41.9)

GENERAL GOVERNMENT

Per cent of GDP

Expenditure

36.3

(40.9)

Gross financial debt

45.8

(109.0)

Revenue

36.4

(38.0)

Net financial debt

17.5

(70.0)

EXTERNAL ACCOUNTS

Exchange rate (EUR per USD)

0.904

Main exports (% of total merchandise exports)

PPP exchange rate (USA = 1)

0.495

 Machinery and transport equipment

22.3

In per cent of GDP

 Manufactured goods

17.9

 Exports of goods and services

58.0

(53.9)

 Crude materials, inedible, except fuels

13.0

 Imports of goods and services

57.4

(49.4)

Main imports (% of total merchandise imports)

 Current account balance

1.5

(0.3)

 Machinery and transport equipment

27.9

 Net international investment position (2014)

-56.7

 Manufactured goods

13.8

 Chemicals and related products, n.e.s.

12.0

LABOUR MARKET, SKILLS AND INNOVATION

Employment rate for 15-64 year-olds (%)

68.7

(67.0)

Unemployment rate, Labour Force Survey (age 15 and over) (%)

9.6

(6.3)

 Men

70.0

(74.7)

 Youth (age 15-24, %)

17.3

(13.0)

 Women

67.6

(59.3)

 Long-term unemployed (1 year and over, %)

4.0

(2.0)

Participation rate for 15-64 year-olds (%, 2015)

75.7

(71.3)

Tertiary educational attainment 25-64 year-olds (%, 2015)

31.6

(35.0)

Average hours worked per year (2015)

1 903

(1 766)

Gross domestic expenditure on R&D (% of GDP, 2015)

0.6

(2.4)

ENVIRONMENT

Total primary energy supply per capita (toe, 2015)

0.0

(4.1)

CO2 emissions from fuel combustion per capita (tonnes, 2014)

3.3

(9.4)

 Renewables (%, 2014)b

37.2

(9.6)

Water abstractions per capita (1 000 m3, 2014)

0.1

Exposure to air pollution (more than 10 µg/m3 of PM2.5, % of population, 2015)

50.2

(75.2)

Municipal waste per capita (tonnes, 2015)c

0.4

(0.5)

SOCIETY

Income inequality (Gini coefficient, 2013)

0.352

(0.311)

Education outcomes (PISA score, 2015)

Relative poverty rate (%, 2013)

14.1

(11.1)

 Reading

488

(493)

Median disposable household income (000 USD PPP, 2013)

10.4

(22.0)

 Mathematics

482

(490)

Public and private spending (% of GDP)

 Science

490

(493)

 Health care (2015)

5.6

(9.0)

Share of women in parliament (%, 2015)

18.0

(28.3)

 Pensions (2013)

7.7

(9.1)

Net official development assistance (% of GNI)

0.10

(0.39)

 Education (primary, secondary, post sec. non tertiary, 2013)

3.1

(3.7)

Better life index: www.oecdbetterlifeindex.org

a. Where the OECD aggregate is not provided in the source database, a simple OECD average of latest available data is calculated where data exist for at least 29 member countries.

b. 2015 for the OECD aggregate.

c. 2014 for the OECD aggregate.

Source: Calculations based on data extracted from the databases of the following organisations: OECD, International Energy Agency, World Bank, International Monetary Fund, Inter-Parliamentary Union and United Nations.