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GDP
2022
Industry's share of GDP is less than 15%
Up 2 %
In 2022 GDP Latvia , it grew by 2%. This was announced at the end of February 2023 by the Central Statistical Office of Latvia.
According to the agency's report, in 2022, compared with the year before last, the total added value of agriculture, forestry and fisheries increased by 7%; at the same time, livestock and crop production increased by 2.5%, fish output decreased by 2.6%, and in forestry the growth was 13.6%.
Manufacturing rose 2.7%; The Central Statistical Office (CSO) of Latvia reports that 14 out of 22 sub-sectors finished the year with a plus. Including manufacturers of electrical equipment, an increase of 8.6%, non-metallic mineral products, an increase of 5.3%, metal products, in the pharmaceutical industry, etc.
The added value of construction products decreased by 11.3%, and here the decline was in all major sub-industries - in the construction of buildings by 9.8%, in engineering construction by 13.1%. Retail grew 4.3%, transport and storage 2.3%, information and communication technology rose 14.4%. According to the CSO, 57.5% of the hospitality and catering industry became the leader in terms of growth.
The CSO also reports that in 2022, total household spending increased by 8%. Food costs almost did not increase 0.2%, and housing-related goods and services decreased by 6.9%. The agency notes that the high cost of energy resources prompted the population to save, and a relatively warm winter helped them in this.
According to the ministry, the future potential of the Latvian economy will increase new markets for the supply of raw materials, strengthening the country's energy independence and reorienting from the Russian market to the Western ones. In connection with the start of a special military operation of the Russian Federation in Ukraine at the end of 2022. The ministry notes that in an open labor market, wage convergence will continue, which will negatively affect the competitiveness of companies in low value-added segments. A shrinking population and slowing income growth will affect private consumption growth in 2023.[1]
2021: Agriculture's share of GDP - less than 6%
National debt
2023: State debt - 42% of GDP
Inflation
2022
Inflation in October - 21.8%
The consumer price indicator showed that price growth in October 2022 slowed down to 21.8% in Latvia, 22% in Lithuania and 22.4% in Estonia.
Inflation in August - 21.4%
Annual inflation in the eurozone in August 2022 accelerated to a record 9.1%. The highest price growth was noted in Estonia (25.2%), Latvia (21.4%) and Lithuania (21.1%).
Inflation in July - 21.5%
July
Inflation growth in May to 16.8%
Annual inflation in Latvia in May 2022 rose to 16.8%.
Energy carriers
Oil supplies
Gas supplies
2022: Record decline in gas consumption as its price rises
Total gas consumption for all YeS-27 countries in the first eleven months of 2022 decreased by 11% compared to the level of 2019-2021. The leaders in the decline in gas demand are Finland (minus 53% in January-November) and the Baltic countries (Latvia, Lithuania and Estonia), which reduced consumption by 27-30%, and by November reached a demand compression of half of the average level 2019-2021.
Latvia is a member of the Three Seas Initiative aimed at countering Russia.
Latvia on August 5, 2022 resumed the import of Russian gas, stopped at the end of July due to a violation of the selection conditions, the operator of the European GTS said.
Russian gas is supplied to Latvian consumers via the Valdai - Pskov - Riga main gas pipeline, which enters Latvia from Russia through Estonia at the Luhamaa point.
2020: High dependence on gas supplies from Russia
Power
2023: Government contributions to pay for energy by citizens and companies reached 3% of GDP
2022: Rise in electricity prices due to pressure on Russia
from
2020: Energy consumption per capita
and
Foreign trade
2024: Ban on imports of agricultural products from Russia and Belarus
In February 2024, Latvia legally banned the import of agricultural products from Russia and Belarus.
2023
Decline in exports to China
Continued trade with Russia through Central Asian countries
2022: China trade deficit
Largest companies
Tourism
Labour market and unemployment
2023: Youth unemployment - 11%
2022
The proportion of employees aged 65 or more - above 10%
Unemployment rate - 5.8%
2020: Unemployment rate - 9%
Salaries
2023: Minimum wage - $555
2018: Salaries of top officials in government management
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2017: Average monthly salary
Agriculture
2019: Low use of pesticides in agriculture
Consumption
Meat
2023: Pork is the most consumed type of meat
2019: Pork is the most consumed type of meat
Beer
2019: Beer consumption in litres per year per person
Milk
2018: Milk consumption in litres per year per person
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