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Country Commercial Guides
FY 2000: Latvia

Report prepared by U.S. Embassy Riga,
released July 1999
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CHAPTER 10: APPENDICES A-C: Country Data, Key Economic Indicators, Trade

A. COUNTRY DATA

1. Country Profile

Population: 2,4 million

Population growth rate in 1998: -0.8 percent

Religions: Evangelical Lutheran (19 percent of population) and Roman Catholic (19 percent of population), Orthodox (5.8 percent of population), Oldbelievers (3.1 percent of population); also Baptist, Pentecostal, Adventist, Methodist, Judaism.

Government system: Parliamentary Democracy. Latvia re-adopted its 1922 Constitution (Satversme) on December 10, 1991. According to the Latvian constitution the Saeima (Parliament) approves all Latvian laws and is responsible for making strategic decisions on political and economic development of the Latvian state.

Languages: Latvian is the official language and most Latvian residents also speak Russian. English and German are the most popular West European languages.

Work week: 40 hours.

B. Key Economic Indicators 

Economic Indicator 		1996	1997	1998	1999 
				
GDP (current prices		5,120	5,633	6,376	4,819
USD million)						I-IX    				
Real GDP Growth (pct.) 		3.3	8.6	3.6	1.0E
		
GDP per capita in USD		2,048	2,347	2,656	NA 				
Inflation (pct)			13.1	7.0	2.8	2.9
							I-IX			
Unemployment (pct)		7.2	7.0	9.2	9.5
Registered						I-IX

Foreign Exchange				
Reserves  (USD million)		738	946	723	1,502
							I-IV
				
Average Exchange Rate		0.55	0.58	0.59	0.58        
							 (Lat/USD) 
Foreign Debt			408	370	392	546
(USD million)    

C.  Trade
				
Foreign Trade (1)		1996		1997		1998 	
(US$ million)				
				
Total Latvian Exports		1,488		1,839		2,012				
				
Total Latvian Imports 		2,286		2,689		3,138				
				
U.S. Exports to Latvia		49		64		65	
U.S. Imports from Latvia 	 9		22		52	
				
U.S. share of Latvian        				
Imports (percent)		2.1		2.4		2.1 
				
Foreign Trade Balance		-876		-1,049		-1,377	 
				
Trade Balance with U.S.		-39		-42		-13
Sources: Latvian Bureau of Statistics, Bank of Latvia

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