Economic Situation of Latvia

At the current time, Latvia is on the up and up when it comes to the topic of the economy. Latvia has the fastest growing economy in all of Europe; and that is saying a lot about what they are doing.

Since the year 2000, Latvia’s gross domestic product (GDP) has been steadily increasing, and it seems like there is no end in sight. For example, in a survey taken in 2003 Latvia had a GDP growth rate of 7.5 percent. 

Latvia has also seen its unemployment rate level out over the past couple of years. Currently, the unemployment rate is sitting between 8 and 9 percent.

Latvia has undergone a privatization of businesses across the country. This has converted almost every politically owned business over to the private sector. At this point about two thirds of the employment in Latvia is in the private business sector. This privatization has been the main reason that the economy in Latvia has improved in the past, and is still continuing along this path.

Latvia also helped its current economic by joining the European Union on May 1, 2004. This has allowed them to open up new importing and exporting avenues that were not available to them in the past. 

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