Economy of Latvia
|GDP by sector||agriculture: 3.9% industry: 22.4% services: 73.7% (2017 est.)|
|Inflation (CPI)||2.6% (2020 est.) 3.0% (2019 est.) 2.6% (2018)|
|Population below poverty line||25.5% in poverty (2015) 27.3% at risk of poverty or social exclusion (2019)|
|Gini coefficient||35.2 medium (2019, Eurostat)|
Regarding this, how is the economy of Latvia?
Economy - overview: Latvia 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.
Secondly, what is the main industry in Latvia?
Similar to Germany, Latvia was among the first countries to be industrialized. Its major industries are textiles, processed wood products, processed foods, chemicals, metalwork, and machine building. Latvia builds both small and big machines such as railway cars, buses, washing machines, and radios.
Is Latvia developed or developing?
Latvia is a democratic sovereign state, parliamentary republic and a very highly developed country according to the United Nations Human Development Index. Its capital Riga served as the European Capital of Culture in 2014.
What type of economy is Latvia?
The economy of Latvia is an open economy in Northern Europe and is part of the European Union's (EU) single market. Latvia is a member of the World Trade Organization (WTO) since 1999, a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016.