Latvia - Country Code 371
IDD Code: 00
Country Code: 371
ISO: LV
ISO3: LVA
Helpful Information About Latvia
Time
Thursday, November 21, 2024
Capital: Riga
Time Zone
UTC+03:00
Time Difference
Riga, Latvia is ()
Daylight Savings Time
Latvia does not follow DST
Weather
Country Map
Country Flag
About Latvia Country NameLatvia
ContinentEurope
Lat/Long56.87963500, 24.60318900
BackgroundSeveral eastern Baltic tribes merged in medieval times to form the ethnic core of the Latvian people (ca. 8th-12th centuries A.D.). The region subsequently came under the control of Germans, Poles, Swedes, and finally, Russians. A Latvian republic emerged following World War I, but it was annexed by the USSR in 1940 - an action never recognized by the US and many other countries. Latvia reestablished its independence in 1991 following the breakup of the Soviet Union. Although the last Russian troops left in 1994, the status of the Russian minority (some 26% of the population) remains of concern to Moscow. Latvia acceded to both NATO and the EU in the spring of 2004; it joined the euro zone in 2014 and the OECD in 2016. A dual citizenship law was adopted in 2013, easing naturalization for non-citizen children.
Population1,965,686 (July 2016 est.)
LanguagesLatvian (official) 56.3%, Russian 33.8%, other 0.6% (includes Polish, Ukrainian, and Belarusian), unspecified 9.4%
ReligionsLutheran 19.6%, Orthodox 15.3%, other Christian 1%, other 0.4%, unspecified 63.7% (2006)
Ethnic GroupsLatvian 61.8%, Russian 25.6%, Belarusian 3.4%, Ukrainian 2.3%, Polish 2.1%, Lithuanian 1.2%, other 3.6% (2016 est.)
Economy
EconomyLatvia is a small, open economy with exports contributing more than half of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality.
Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the slowing world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has yet to return to pre-crisis levels in real terms despite strong growth, especially in the export sector. Continued gains in competitiveness and investment will be key to maintaining economic growth, especially in light of unfavorable demographic trends.
The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011, although, the austerity measures have imposed large social costs. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 80% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia also joined the euro zone in 2014 and the OECD in 2016.
Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the slowing world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has yet to return to pre-crisis levels in real terms despite strong growth, especially in the export sector. Continued gains in competitiveness and investment will be key to maintaining economic growth, especially in light of unfavorable demographic trends.
The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011, although, the austerity measures have imposed large social costs. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 80% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia also joined the euro zone in 2014 and the OECD in 2016.
GDP$25.02 billion (2016 est.)
CurrencyEuro
Communications
Internet TLD.lv
Internet Users1.573 million
Land Lines395,602
Mobile Phones2.579 million
Broadcast MediaSeveral national and regional commercial TV stations are foreign-owned, 2 national TV stations are publicly owned; system supplemented by privately owned regional and local TV stations; cable and satellite multi-channel TV services with domestic and foreign broadcasts available; publicly owned broadcaster operates 4 radio networks with dozens of stations throughout the country; dozens of private broadcasters also operate radio stations (2007)